Lifetime Fitness 2011 Annual Report Download - page 55

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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)
49
Prepaid Expenses and Other Current Assets — Prepaid expenses and other current assets consist of the following:
Deferred costs associated with personal training deferred revenue
Prepaid lease obligations
Prepaid marketing and media expenses
Prepaid insurance
Other prepaid expenses
Land held-for-sale — short-term
Canadian sales tax receivable
Other current assets
Total prepaid expenses and other current assets
December 31,
2011
$ 3,981
2,301
2,791
4,413
4,416
1,288
2,708
1,007
$ 22,905
2010
$ 3,095
3,100
1,894
—
4,240
—
—
989
$ 13,318
Property and Equipment — Property, equipment and leasehold improvements are recorded at cost. Improvements
are capitalized, while repair and maintenance costs are charged to operations when incurred.
Depreciation is computed primarily using the straight-line method over estimated useful lives of the assets.
Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the
estimated useful life of the improvement. Accelerated depreciation methods are used for tax reporting purposes.
Property and equipment consist of the following:
Land
Buildings and related fixtures
Leasehold improvements
Construction in progress
Equipment:
Fitness
Other equipment
Computer and telephone
Capitalized software
Decor and signage
Audio/visual
Furniture and fixtures
Property and equipment, gross
Less accumulated depreciation
Property and equipment, net
Depreciable
Lives
3-40 years
1-20 years
3-7 years
3-7 years
3-5 years
5 years
5 years
3-5 years
5-7 years
December 31,
2011
$ 261,740
1,473,347
73,158
78,395
1,886,640
106,412
75,353
56,257
51,699
17,145
29,961
16,251
353,078
2,239,718
499,284
$ 1,740,434
2010
$ 232,757
1,220,581
122,887
101,714
1,677,939
99,387
68,897
53,499
43,866
15,888
27,767
13,554
322,858
2,000,797
430,563
$ 1,570,234
At December 31, 2011, we had three large format centers under construction which are planned to open in 2012.
Construction in progress, including land for future development totaled $81.4 million at December 31, 2011 and
$120.3 million at December 31, 2010.