Lifetime Fitness 2010 Annual Report Download - page 49

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43
Item 8. Financial Statements and Supplementary Data.
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2010 2009
(In thousands, except share
and per share data)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ...........................................................................................
.
$ 12,227 $ 6,282
Accounts receivable, net ..............................................................................................
.
5,806 4,026
Center operating supplies and inventories ...................................................................
.
17,281 14,621
Prepaid expenses and other current assets ...................................................................
.
13,318 12,938
Deferred membership origination costs .......................................................................
.
14,728 20,278
Deferred income taxes .................................................................................................
.
3,628 660
Income tax receivable ..................................................................................................
.
9,916 –
Total current assets ...................................................................................................
.
76,904 58,805
PROPERTY AND EQUIPMENT, net ...........................................................................
.
1,570,234 1,512,993
RESTRICTED CASH ....................................................................................................
.
2,572 2,941
DEFERRED MEMBERSHIP ORIGINATION COSTS ................................................
.
7,251 8,716
GOODWILL ..................................................................................................................
.
13,322 5,690
OTHER ASSETS ...........................................................................................................
.
48,197 42,380
TOTAL ASSETS ......................................................................................................
.
$1,718,480 $1,631,525
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt ...........................................................................
.
$ 7,265 $ 16,716
Accounts payable.........................................................................................................
.
18,913 14,429
Construction accounts payable ....................................................................................
.
24,342 9,882
Accrued expenses ........................................................................................................
.
50,802 48,235
Deferred revenue .........................................................................................................
.
32,095 36,939
Total current liabilities ..............................................................................................
.
133,417 126,201
LONG-TERM DEBT, net of current portion .................................................................
.
605,279 643,630
DEFERRED RENT LIABILITY ...................................................................................
.
32,187 29,048
DEFERRED INCOME TAXES .....................................................................................
.
89,839 77,189
DEFERRED REVENUE ................................................................................................
.
7,279 8,819
OTHER LIABILITIES ...................................................................................................
.
9,901 9,207
Total liabilities ..........................................................................................................
.
877,902 894,094
COMMITMENTS AND CONTINGENCIES (Note 8)
SHAREHOLDERS’ EQUITY:
Undesignated preferred stock, 10,000,000 shares authorized; none issued or
outstanding ...............................................................................................................
.
– –
Common stock, $.02 par value, 75,000,000 shares authorized; 41,924,985 and
41,410,367 shares issued and outstanding, respectively ..........................................
.
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 LIABILITIES AND SHAREHOLDERS’ EQUITY ..................................
.
$1,718,480 $1,631,525
See notes to consolidated financial statements.