Lifetime Fitness 2010 Annual Report Download - page 52

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46
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 31,
2010 2009 2008
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ........................................................................................................... $ 80,692 $ 72,384 $ 71,821
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization .......................................................................... 92,313 90,770 72,947
Deferred income taxes ....................................................................................... 6,162 23,270 14,815
Loss on disposal of property and equipment, net .............................................. 2,001 1,229 985
Gain on sale of land held for sale ...................................................................... (527) (1,132) –
Amortization of deferred financing costs .......................................................... 2,706 2,544 1,663
Share-based compensation ................................................................................ 12,835 8,082 7,456
Excess tax benefit related to share-based payment arrangements ..................... (2,453) (507) (103)
Changes in operating assets and liabilities ........................................................ (1,207) (10,951) 13,543
Other.................................................................................................................. (257) 514 (61)
Net cash provided by operating activities ....................................................... 192,265 186,203 183,066
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment .................................................................. (131,671) (146,632) (463,337)
Acquisitions, net of cash acquired........................................................................ (16,659) – –
Proceeds from sale of property and equipment .................................................... 851 8 161,888
Proceeds from sale of land held for sale .............................................................. 1,019 1,954 –
Proceeds from property insurance settlement ...................................................... – – 318
Decrease (increase) in other assets ....................................................................... (2,943) 390 (7,695)
Decrease in restricted cash ................................................................................... 369 995 2,831
Net cash used in investing activities ............................................................... (149,034) (143,285) (305,995)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings ................................................................... – 18,151 43,272
Repayments of long-term borrowings .................................................................. (40,394) (11,001) (13,143)
Proceeds from (repayments of) revolving credit facility, net ............................... (3,900) (56,500) 101,800
Increase in deferred financing costs ..................................................................... (499) (1,092) (6,664)
Excess tax benefit related to share-based payment arrangements ........................ 2,453 507 103
Proceeds from stock option exercises .................................................................. 5,142 2,470 3,036
Proceeds from employee stock purchase plan ...................................................... 907 – –
Stock purchased for employee stock purchase plan ............................................. (995) – –
Net cash provided by (used in) financing activities .......................................... (37,286) (47,465) 128,404
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS .................. 5,945 (4,547) 5,475
CASH AND CASH EQUIVALENTS – Beginning of period ................................ 6,282 10,829 5,354
CASH AND CASH EQUIVALENTS – End of period .......................................... $ 12,227 $ 6,282 $ 10,829
See notes to consolidated financial statements.