Lifetime Fitness 2010 Annual Report Download - page 50
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44
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Year Ended December 31,
2010 2009 2008
(In thousands, except per share data)
REVENUE:
Membership dues ............................................................................................. $603,231 $564,605 $508,927
Enrollment fees ................................................................................................ 24,426 26,138 26,570
In-center revenue .............................................................................................. 266,426 232,834 218,198
Total center revenue ...................................................................................... 894,083 823,577 753,695
Other revenue ................................................................................................... 18,761 13,424 15,926
Total revenue ................................................................................................. 912,844 837,001 769,621
OPERATING EXPENSES:
Center operations .............................................................................................. 561,070 506,443 454,645
Advertising and marketing ............................................................................... 27,098 26,299 31,500
General and administrative ............................................................................... 48,060 42,776 43,749
Other operating ................................................................................................. 23,544 21,852 19,426
Depreciation and amortization ......................................................................... 92,313 90,770 72,947
Total operating expenses ............................................................................... 752,085 688,140 622,267
Income from operations ................................................................................. 160,759 148,861 147,354
OTHER INCOME (EXPENSE):
Interest expense, net of interest income of $43, $399 and $235, respectively . (27,795) (30,338) (29,552)
Equity in earnings of affiliate ........................................................................... 1,176 1,302 1,243
Total other income (expense) ........................................................................ (26,619) (29,036) (28,309)
INCOME BEFORE INCOME TAXES .............................................................. 134,140 119,825 119,045
PROVISION FOR INCOME TAXES ................................................................ 53,448 47,441 47,224
NET INCOME .................................................................................................... $ 80,692 $ 72,384 $ 71,821
BASIC EARNINGS PER COMMON SHARE .................................................. $ 2.03 $ 1.84 $ 1.84
DILUTED EARNINGS PER COMMON SHARE ............................................. $ 2.00 $ 1.82 $ 1.83
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - BASIC .............................................................................. 39,809 39,297 39,002
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - DILUTED ......................................................................... 40,385 39,870 39,342
See notes to consolidated financial statements.