Lifetime Fitness 2010 Annual Report Download - page 58

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LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands, except share and per share data)
52
The following table summarizes the changes in our net intangible balance during the years ended December 31,
2010 and 2009:
Balance at December 31, 2008 ........................................................................................................... $2,906
Balance at December 31, 2009 ........................................................................................................... 2,906
Leasehold rights ........................................................................................................................... (205)
Trade/brand names acquired ........................................................................................................ 2,880
Curriculum-based intangibles acquired ....................................................................................... 2,383
Balance at December 31, 2010 ........................................................................................................... $7,964
The trade/brand names acquired during the year ended December 31, 2010 are primarily from the purchase of
certain athletic events.
The following table summarizes the carrying amounts of our intangible assets:
December 31,
2010 2009
Leasehold rights .......................................................................................................... $2,113 $2,318
Trade/brand names ...................................................................................................... 3,468 588
Curriculum-based intangibles ..................................................................................... 2,383 –
Total intangible assets ................................................................................................. $7,964 $2,906
Leasehold rights and curriculum-based intangibles have weighted average useful lives ranging from six to ten years.
Approximately $3.2 million of our trade/brand names have indefinite useful lives. The remaining $0.3 million of
our trade/brand names have useful lives of two years. Amortization expense for intangible assets for the year ended
December 31, 2010 was $0.5 million. As of December 31, 2010, expected amortization expense for intangible assets
for each of the next five years and thereafter was as follows:
2011 ........................................................................................................................................................ $ 483
2012 ........................................................................................................................................................ 731
2013 ........................................................................................................................................................ 536
2014 ........................................................................................................................................................ 536
2015 ........................................................................................................................................................ 536
Thereafter ............................................................................................................................................... 2,064
$4,886