Lifetime Fitness 2012 Annual Report Download - page 53

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47
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 31,
2012 2011 2010
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 111,538 $ 92,617 $ 80,692
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 115,016 98,843 92,313
Deferred income taxes (2,832) 5,557 6,162
Loss on disposal of property and equipment, net 1,086 1,779 2,001
Gain on sale of land held for sale (196) — (527)
Amortization of deferred financing costs 2,003 2,269 2,706
Share-based compensation 14,686 19,767 12,835
Excess tax benefit related to share-based compensation (8,502)(3,537)(2,453)
Changes in operating assets and liabilities 22,999 10,277 (1,207)
Other (53) 371 (257)
Net cash provided by operating activities 255,745 227,943 192,265
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (224,194)(165,335)(131,671)
Acquisitions, net of cash acquired (30,614)(70,264)(16,659)
Proceeds from sale of property and equipment 969 794 851
Proceeds from sale of land held for sale 1,758 — 1,019
Proceeds from property insurance settlements 909 464 —
Increase in other assets (333)(92)(2,943)
Decrease in restricted cash 102 1,484 369
Net cash used in investing activities (251,403)(232,949)(149,034)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term borrowings (6,929)(79,192)(40,394)
Proceeds from (repayments of) revolving credit facility, net 22,000 77,800 (3,900)
Increase in deferred financing costs (914)(4,989)(499)
Excess tax benefit related to share-based compensation 8,502 3,537 2,453
Proceeds from stock option exercises 2,342 3,162 5,142
Proceeds from employee stock purchase plan 1,206 1,061 907
Stock purchased for employee stock purchase plan (1,290)(1,113)(995)
Repurchases of common stock (19,099) — —
Net cash provided by (used in) financing activities 5,818 266 (37,286)
Effect of exchange rate on cash and cash equivalents (1,148) — —
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 9,012 (4,740) 5,945
CASH AND CASH EQUIVALENTS – Beginning of period 7,487 12,227 6,282
CASH AND CASH EQUIVALENTS – End of period $ 16,499 $ 7,487 $ 12,227
See notes to consolidated financial statements.