Lifetime Fitness 2008 Annual Report Download - page 75

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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)
69
according to their years of service with us. At December 31, 2008, $1.0 million had been deferred and is being held
on behalf of the employees. This amount is reflected as an other liability on the balance sheet.
12. Quarterly Financial Data (Unaudited)
The following is a condensed summary of actual quarterly results of operations for 2008 and 2007:
2007 2008
1st
Quarter
2nd
Quarter
3rd
Quarter
4th
Quarter
1st
Quarter
2nd
Quarter
3rd
Quarter
4th
Quarter
Total revenue ....... $153,101 $162,137 $169,450 $171,098 $184,451 $192,407 $198,809 $193,954
Income from
operations (1) ....... 28,741 33,500 37,543 37,626 36,016 39,878 42,123 29,337
Net income ........... 14,134 16,485 18,350 19,050 17,404 19,828 21,574 13,015
Earnings per
share (2) ..........
Basic (3)............... $0.39 $0.45 $0.49 $0.48 $0.45 $0.51 $0.55 $0.33
Diluted (3) ........... 0.38 0.44 0.48 0.48 0.44 0.50 0.55 0.33
(1) Total operating expenses in the fourth quarter of 2008 include expenses totaling $5.0 million associated
with plans to slow the development of new centers. These expenses include severance costs, lower-of-cost-
or-market adjustments in connection with assets held for sale and write-offs associated with land
development cancelled in the fourth quarter of 2008.
(2) See Note 2 for discussion on the computation of earnings per share.
(3) The basic and diluted earnings per share by quarter include the impact of rounding within each quarter.