Just type "make; make install"

There are a few things you can tweak in the Makefile:

See the lines:
DEFS+=-DUSE_OPENPTY #-DSETLOGIN_HOST
#DEFS+=-DVERBOSE_DEBUG -DNO_FORK


-DVERBOSE_DEBUG enables lots of messages onto stderr. If you're not helping me 
test it or not wanting to try to fix it then you can remove this.

-DUSE_OPENPTY
This is the default. It causes latd to use the openpty call in libutil 
to generate the pairs of pseudo-terminals. Without this it will use old-style
code. If you have a RedHat 5.2 (or similar vintage) distribution you might
need to remove this to get latd to work. Any system with glibc 2.1.3 will be 
fine with it though.

-DSETLOGIN_HOST
This depends on your login command. It works fine on RedHat 6.0+ and Debian
2.1+ but not on SuSE 6.4 or Redhat 5.x so I've left it commented out by
default. If you define it then the "who" command will show the name of the 
terminal server/host you came from.

-DNO_FORK prevent the daemon from forking into the background when run. Without
this and without the -d flag, latd wil detach itself from the current process
and run independantly. If you want to see the debug messges from 
-DVERBOSE_DEBUG then leave this option on or specify -d when you run latd.

