Lifetime Fitness 2012 Annual Report Download - page 73

Download and view the complete annual report

Please find page 73 of the 2012 Lifetime Fitness annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 96

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands, except share and per share data)
67
The reconciliation between our effective tax rate on income before income taxes and the statutory tax rate is as
follows:
For the Year Ended December 31,
2012 2011 2010
Income tax provision at federal statutory rate $ 64,482 $ 54,049 $ 46,949
State and local income taxes, net of federal tax benefit 8,070 6,536 5,978
Other, net 145 1,225 521
Income tax provision $ 72,697 $ 61,810 $ 53,448
Deferred income taxes are the result of provisions of the tax laws that either require or permit certain items of
income or expense to be reported for tax purposes in different periods than they are reported for financial reporting.
The tax effect of temporary differences that gives rise to the net deferred tax liability are as follows:
As of December 31,
2012 2011
Deferred tax assets:
Accrued rent expense $ 8,297 $ 7,221
Other comprehensive income 3,216 1,192
Accrued equity compensation 7,670 9,373
Deferred revenue 4,061 3,995
Foreign net operating loss 1,145 603
Other 1,923 2,676
Total deferred tax assets 26,312 25,060
Deferred tax liabilities:
Property and equipment 97,628 97,758
Partnership interest 5,781 7,692
Costs related to deferred revenue 7,242 8,056
Other 2,357 2,286
Total deferred tax liabilities 113,008 115,792
Current deferred tax assets 14,502 16,569
Current deferred tax liabilities (5,689)(6,719)
Net current deferred tax assets 8,813 9,850
Non-current deferred tax assets 11,810 8,491
Non-current deferred tax liabilities (107,319)(109,073)
Net non-current deferred tax liabilities (95,509)(100,582)
Net deferred tax liability $ 86,696 $ 90,732