Lifetime Fitness 2010 Annual Report Download - page 45

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The following table summarizes our capital structure as of December 31, 2010 and 2009.
December 31,
2010 2009
Debt (In thousands)
Long-term ................................................................................................................. $ 605,279 $ 643,630
Current maturities of long-term ................................................................................ 7,265 16,716
Total debt .................................................................................................................. 612,544 660,346
Shareholders’ Equity
Common stock .......................................................................................................... 839 829
Additional paid-in capital ......................................................................................... 414,922 395,121
Retained earnings ...................................................................................................... 424,787 344,095
Accumulated other comprehensive loss .................................................................... 30 (2,614)
Total shareholders’ equity ......................................................................................... 840,578 737,431
Total capitalization ...................................................................................................... $1,453,122 $1,397,777
Operating Activities
As of December 31, 2010, we had total cash and cash equivalents of $12.2 million. We also had $103.8 million
available under the terms of our revolving credit facility as of December 31, 2010.
Net cash provided by operating activities was $192.3 million for 2010 compared to $186.2 million for 2009, driven
primarily by an $8.3 million, or 11.5% improvement in net income.
Net cash provided by operating activities was $186.2 million for 2009 compared to $183.1 million for 2008, driven
primarily by a $0.6 million, or 0.8% improvement in net income, a $17.8 million increase in depreciation expense,
offset by $11.0 million of cash used in changes in operating assets and liabilities.
Investing Activities
Investing activities consist primarily of purchasing real property, constructing new centers and purchasing new
fitness equipment. In addition, we invest in capital expenditures to maintain and update our existing centers. We
finance the purchase of our property and equipment by cash payments or by financing through notes payable or
capital lease obligations.
Our total capital expenditures were as follows:
For the Year Ended December 31,
2010 2009 2008
(In thousands)
Purchases of property and equipment .......................................................... $131,671 $146,632 $463,337
Non-cash property and equipment financed through capital lease
obligations ................................................................................................ – 31 9,910
Non-cash property purchases in construction accounts payable .................. 14,327 (53,789) 3,963
Non-cash share-based compensation capitalized to projects under
development ............................................................................................. 319 385 641
Total capital expenditures ............................................................................ $146,317 $ 93,259 $477,851