Lifetime Fitness 2012 Annual Report Download - page 60

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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)
54
Other intangible assets consisted of the following:
December 31,
2012 2011
Gross Accumulated
Amortization Net Gross Accumulated
Amortization Net
Leasehold rights $ 6,392 $ 993 $ 5,399 $ 2,392 $ 551 $1,841
Trade/brand names 10,132 503 9,629 4,566 195 4,371
Curriculum- and technology-
based intangibles 6,595 751 5,844 2,630 289 2,341
Customer relationships 5,412 406 5,006 893 30 863
Total intangible assets $28,531 $ 2,653 $25,878 $ 10,481 $ 1,065 $9,416
The leasehold rights acquired during the year ended December 31, 2012 are related to our acquisition of Racquet
Club of the South, which we rebranded Life Time Tennis Atlanta. The trade/brand names acquired during the year
ended December 31, 2012 are related to the acquisition of race registration and timing businesses and certain athletic
events. The curriculum-and technology-based intangibles and the customer relationship intangible acquired during
the year ended December 31, 2012 are related to the race registration and timing business acquisition.
Leasehold rights have useful lives ranging from six to 24 years. Approximately $4.2 million of our trade/brand
names have indefinite useful lives. The remaining $5.5 million of our trade/brand names have a weighted-average
useful life of approximately 13 years. Curriculum- and technology-based intangibles have useful lives ranging from
10 to 15 years. The customer relationship intangible has a useful life of 10 years. Amortization expense for
intangible assets was $1.7 million, $0.5 million and $0.5 million for the years ended December 31, 2012, 2011 and
2010, respectively. As of December 31, 2012, expected amortization expense for intangible assets for each of the
next five years and thereafter was as follows:
2013 $ 2,004
2014 1,991
2015 1,991
2016 1,914
2017 1,455
Thereafter 11,727
Total expected amortization expense for intangible assets $ 21,082