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How Can I Get the name of the Lead Owner in a Lead custom formula field?

I've got an application that reads Lead records from Salesforce via the API and I want to link the Lead Owner field to an attribute in the application.  The Lead Owner field doesn't up in the list of available fields but all the custom fields do. 


So, my first attempt at a solution was to create a custom field that displayed the Lead Owner name.  In the SF formula editor, as far as I can tell, it doesn't display the actual data field but instead displays the ID string.  Which is pretty meaningless in the context that I need it for. 



Is there a way that we can get at the data in the object that the ID string references?



I have the RED BOX but need the GREEN BOX.




If you're querying data via the API, then you can use SOQL-R to query the owners name at the same time, e.g.


select name, company, email,  owner.name from lead

Seems it is not working for me