Lifetime Fitness 2012 Annual Report Download - page 45

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39
The following table summarizes our capital structure as of December 31, 2012 and 2011.
December 31,
2012 2011
(In thousands)
Debt
Long-term debt $ 691,867 $ 679,449
Current maturities of long-term debt 12,603 6,849
Total debt 704,470 686,298
Shareholders’ Equity
Common stock 864 849
Additional paid-in capital 447,912 441,813
Retained earnings 628,942 517,404
Accumulated other comprehensive loss (4,801)(2,593)
Total shareholders’ equity 1,072,917 957,473
Total capitalization $ 1,777,387 $ 1,643,771
Operating Activities
As of December 31, 2012, we had total cash and cash equivalents of $16.5 million. We also had $195.6 million
available under the terms of our revolving credit facility as of December 31, 2012.
Net cash provided by operating activities was $255.7 million for 2012, compared to $227.9 million for 2011, driven
primarily by an $18.9 million, or 20.4%, improvement in net income.
Net cash provided by operating activities was $227.9 million for 2011, compared to $192.3 million for 2010, driven
primarily by an $11.9 million, or 14.8%, improvement in net income and $11.5 million of cash provided by changes
in operating assets and liabilities.
Investing Activities
Investing activities consist primarily of purchasing real property, constructing new centers, acquisitions and
purchasing new fitness equipment. In addition, we invest in capital expenditures to maintain and update our existing
centers. We finance the purchase of our property and equipment by cash payments or by financing through notes
payable or capital lease obligations.
Net cash used in investing activities was $251.4 million for 2012, compared to $232.9 million for 2011. The increase
of $18.5 million was primarily due to a $58.9 million increase in capital expenditures, partially offset by a decrease
of $39.7 million in acquisitions.
Net cash used in investing activities was $232.9 million for 2011, compared to $149.0 million for 2010. The increase
of $83.9 million was primarily due to increased construction activity on new centers.
Our total capital expenditures were as follows:
For the Year Ended December 31,
2012 2011 2010
(In thousands)
Cash purchases of property and equipment $ 224,194 $ 165,335 $ 131,671
Non-cash change in construction accounts payable 3,316 (2,450) 14,327
Other non-cash changes to property and equipment 5,604 839 319
Total capital expenditures $ 233,114 $ 163,724 $ 146,317