Lifetime Fitness 2009 Annual Report Download - page 50

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45
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Year Ended December 31,
2009 2008 2007
(In thousands, except per share data)
REVENUE:
Membership dues ............................................................................................. $564,605 $508,927 $ 434,138
Enrollment fees ................................................................................................ 26,138 26,570 24,741
In-center revenue .............................................................................................. 232,834 218,198 182,215
Total center revenue ...................................................................................... 823,577 753,695 641,094
Other revenue ................................................................................................... 13,424 15,926 14,692
Total revenue ................................................................................................. 837,001 769,621 655,786
OPERATING EXPENSES:
Center operations .............................................................................................. 506,443 454,645 377,235
Advertising and marketing ............................................................................... 26,299 31,500 24,967
General and administrative ............................................................................... 42,776 43,749 40,820
Other operating ................................................................................................. 21,852 19,426 16,340
Depreciation and amortization ......................................................................... 90,770 72,947 59,014
Total operating expenses ............................................................................... 688,140 622,267 518,376
Income from operations ................................................................................. 148,861 147,354 137,410
OTHER INCOME (EXPENSE):
Interest expense, net of interest income of $399, $235 and $438,
respectively ................................................................................................... (30,338) (29,552) (25,443)
Equity in earnings of affiliate ........................................................................... 1,302 1,243 1,272
Total other income (expense) ........................................................................ (29,036) (28,309) (24,171)
INCOME BEFORE INCOME TAXES .............................................................. 119,825 119,045 113,239
PROVISION FOR INCOME TAXES ................................................................ 47,441 47,224 45,220
NET INCOME .................................................................................................... $ 72,384 $ 71,821 $ 68,019
BASIC EARNINGS PER COMMON SHARE .................................................. $ 1.84 $ 1.84 $ 1.81
DILUTED EARNINGS PER COMMON SHARE ............................................. $ 1.82 $ 1.83 $ 1.78
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - BASIC .............................................................................. 39,297 39,002 37,518
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - DILUTED ......................................................................... 39,870 39,342 38,127
See notes to consolidated financial statements.