Lifetime Fitness 2012 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,
2012 2011
(In thousands, except share
and per share data)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 16,499 $ 7,487
Accounts receivable, net 9,272 6,156
Center operating supplies and inventories 27,240 21,600
Prepaid expenses and other current assets 26,826 22,905
Deferred membership origination costs 11,664 12,525
Deferred income taxes 8,813 9,850
Income tax receivable — 5,022
Total current assets 100,314 85,545
PROPERTY AND EQUIPMENT, net 1,858,666 1,740,434
RESTRICTED CASH 2,087 1,088
DEFERRED MEMBERSHIP ORIGINATION COSTS 6,820 8,131
GOODWILL 37,176 25,550
OTHER ASSETS 67,111 55,080
TOTAL ASSETS $ 2,072,174 $ 1,915,828
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 12,603 $ 6,849
Accounts payable 32,140 22,035
Construction accounts payable 25,208 21,892
Accrued expenses 63,333 56,284
Deferred revenue 34,753 33,898
Total current liabilities 168,037 140,958
LONG-TERM DEBT, net of current portion 691,867 679,449
DEFERRED RENT LIABILITY 22,490 19,370
DEFERRED INCOME TAXES 95,509 100,582
DEFERRED REVENUE 6,840 8,203
OTHER LIABILITIES 14,514 9,793
Total liabilities 999,257 958,355
COMMITMENTS AND CONTINGENCIES (Note 9)
SHAREHOLDERS’ EQUITY:
Undesignated preferred stock, 10,000,000 shares authorized; none issued or
outstanding — —
Common stock, $.02 par value, 75,000,000 shares authorized; 43,149,434 and
42,428,265 shares issued and outstanding, respectively 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 LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,072,174 $ 1,915,828
See notes to consolidated financial statements.