Lifetime Fitness 2013 Annual Report Download

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LIFE TIME FITNESS, INC.
2013 ANNUAL REPORT

Table of contents

  • Page 1
    LIFE TIME FITNESS, INC. 2013 ANNUAL REPORT

  • Page 2
    ...family recreation and spa destinations. The Company's Healthy Way of Life approach enables our customers to achieve success by providing the best places, people and programs of exceptional quality and value. As of February 28, 2014, we operated 109 centers under the LIFE TIME FITNESS® and LIFE TIME...

  • Page 3
    ... five years. These locations represent high demographic geographies within the New York, Tampa, Orange County, Des Moines, Detroit and Las Vegas market areas. Because of this, we are able to offer our top-tier membership levels, which we expect to provide increased average monthly dues and in-center...

  • Page 4
    ..., cycling events and triathlons for everyone - from beginners to ultra-endurance athletes. We believe these events serve as very powerful branding and new customer acquisition opportunities for our destinations, programs and services. Total Health. Our emerging health and weight loss business is...

  • Page 5
    ... on the closing sale price for the registrant's common stock on that date. The number of shares outstanding of the registrant's common stock as of February 17, 2014 was 42,117,174. DOCUMENTS INCORPORATED BY REFERENCE Document Proxy Statement for the 2014 Annual Meeting of Shareholders Incorporated...

  • Page 6
    ... Issuer Purchases of Equity Securities Item 6. Selected Financial Data Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Item 7A. Quantitative and Qualitative Disclosures About Market Risk Item 8. Financial Statements and Supplementary Data Item 9. Changes...

  • Page 7
    ... TIME FITNESS® and LIFE TIME ATHLETIC® brands primarily in suburban locations in 29 major markets in the United States and Canada. We believe our centers provide a desirable and unique experience for our members, resulting in a high number of memberships per center. We directly operate and manage...

  • Page 8
    ... magazine, Experience Life®. We also operate an Athletic Events division, which offers more than 100 events each year, including running, cycling and triathlon events from entry-level to ultra-endurance. Additionally, we offer a portfolio of health programs and assessments to members at our centers...

  • Page 9
    ... per child monthly cost. In addition, we have added a new offering also for children under the age of 12 -Life Time Kids Academy -- which includes more in-depth, skills-based programming focused on activity, learning and fitness. This program was added in five clubs in 2013, and offers monthly dues...

  • Page 10
    ... new products and services and by expanding our marketing and affinity programs to introduce more members to our products and services. Grow membership dues. Of our 108 open centers at December 31, 2013, 89 had reached maturity, which we define as the 37th month of operations. We had 19 centers...

  • Page 11
    ... our current product and service portfolio, continually introducing new products and services and by marketing our in-center businesses. Grow ancillary businesses revenue. Our ancillary businesses include athletic events, media and health programs. These businesses help build the LIFE TIME FITNESS...

  • Page 12
    ...'s and Family Locker Rooms Services 24-Hour Availability Towel Service Locker Service Experience Life® Magazine Massage Therapy Health and Fitness Assessments Metabolic Testing Personal Training T.E.A.M. Programs Weight Loss Programs Nutritional Products Nutrition Coaching Endurance Coaching Member...

  • Page 13
    ... Programs and Classes. Our centers offer fitness programs, including group fitness classes and health and fitness training seminars on subjects ranging from metabolism to personal nutrition. Each current model center has at least two group fitness studios and makes use of the indoor and outdoor pool...

  • Page 14
    ... focused on activity, learning, and fitness. This program was added in five clubs in 2013 and is priced between $20 and $90 per month. We do not count junior memberships or Life Time Kids Academy memberships as incremental reported memberships since they are already part of the Access membership. We...

  • Page 15
    ...11 $0-165 $130-160 $285-340 All centers (108) Number of centers Enrollment fee Individual dues Family dues (1) Center access (1) Does not include the cost of junior memberships or Life Time Kids Academy memberships. From time to time we change a club's designation, for example, from Bronze to Gold...

  • Page 16
    ... membership usage and increased member satisfaction. The following table reports our usage statistics: For the Year Ended December 31, 2012 2011 2010 68.4 64,263 100 63.8 63,496 99 60.1 62,229 98 2013 Total number of visits (in millions) Average number of visits to large format centers per month...

  • Page 17
    ... new members during this period, we occasionally offer lower pre-opening enrollment fees. Grand Opening Phase. We deploy a marketing program during the first month of a center's operation that builds on our pre-opening efforts. The campaign culminates with households in a strategically designated...

  • Page 18
    ... products and services in the area of athletic events and media and by offering comprehensive health programs that focus on the Healthy Way of Life. Centers. As of February 28, 2014, we operated 109 centers in 29 major markets in the United States and Canada under the LIFE TIME FITNESS® and LIFE...

  • Page 19
    ... athletic clubs; amenity and condominium clubs; country clubs; online personal training and fitness coaching; the home-use fitness equipment industry; athletic event operators and related suppliers; and providers of wellness and other healthy way of life orientated products and services. The health...

  • Page 20
    ...of the year. We also experience increased membership in certain centers during the summer pool season. During the summer months, we also experience a slight increase in in-center business activity with summer programming and operating expenses due to our outdoor aquatics operations. We experience an...

  • Page 21
    ... levels, we may from time to time offer lower membership rates and enrollment fees. In addition, we anticipate that most of our future centers will target higher income members than we have historically targeted. We may not be successful in optimizing price and mix or in adding new memberships...

  • Page 22
    ...and other athletic clubs; amenity and condominium clubs; country clubs; online personal training and fitness coaching; the home-use fitness equipment industry; athletic event operators and related suppliers; and providers of wellness and other healthy way of life orientated products and services. We...

  • Page 23
    ...increased construction costs, and amenities and features within the new centers that represent the Life Time Athletic center, which include the Onyx and Diamond membership plans. The higher gross invested capital at these centers will require higher operating margins and higher net income per center...

  • Page 24
    ... developing and building the new center. We may incur rising costs related to construction of new centers and maintenance of our existing centers. If we are not able to pass these cost increases through to our members, our financial results may be adversely affected. Our centers require significant...

  • Page 25
    ... our financial conditions and results of operations. Use of our centers and participation in off-premises activities and events pose potential health or safety risks to members or guests through exertion and use of our equipment, swimming pools, rock climbing walls, waterslides, endurance events and...

  • Page 26
    ... that use LIFE TIME FITNESS, LIFE TIME or other similar marks in connection with goods and services related to health and fitness. The rights of these entities in such marks may predate our rights. Accordingly, if we open any centers in the areas in which these parties operate, we may be required to...

  • Page 27
    ...on sites we own or lease in various markets, one of which is open and five of which are currently under construction. The table below contains information about our open centers as of February 28, 2014: Number of Centers United States: Alabama Arizona Colorado Florida Georgia Illinois Indiana Kansas...

  • Page 28
    ...generally include an outdoor aquatics park, larger indoor aquatics area, larger gymnasium, up to three additional studios and enhanced LifeSpa and LifeCafe spaces. We believe that all of our large format centers serve as all-in-one sports and athletic, professional fitness, family recreation and spa...

  • Page 29
    ... and Issuer Purchaser of Equity Securities. Market Information Our common stock is listed on the New York Stock Exchange ("NYSE") under the symbol LTM. The following table sets forth, for the periods indicated, the high and low sales prices as reported by the NYSE. High Fiscal Year Ended December 31...

  • Page 30
    ... In June 2006, our Board of Directors authorized the repurchase of 500,000 shares of our common stock from time to time in the open market or otherwise for the primary purpose of offsetting the dilutive effect of shares issued under our employee stock purchase plan ("ESPP") (the "ESPP Authorization...

  • Page 31
    ... new share repurchase program. A total of 1,107,665 shares were repurchased under this program for $50.1 million. On August 15, 2013, our Board of Directors authorized the repurchase of up to $200.0 million of our outstanding common stock from time to time through open market or privately negotiated...

  • Page 32
    ... share Weighted average number of common shares outstanding - diluted (4) Balance Sheet Data (end of period): Cash and cash equivalents Working capital Total assets Long-term debt, net of current portion Total debt Total shareholders' equity Cash Flow Data: Net cash provided by operating activities...

  • Page 33
    ... Non-Access memberships Total memberships Margins: Center operations EBITDA (14) EBITDAR (15) Operating income Net Income Stock Information: Total common shares outstanding Market price per share - high Market price per share - close Market price per share - low Price/earnings ratio at year-end...

  • Page 34
    ... center commenced operations in February 2001. The terms of the relationship among the members are governed by an operating agreement. Bloomingdale LLC is accounted for using the equity method. The diluted weighted average number of common shares outstanding is the weighted average number of common...

  • Page 35
    ... accounts payable at year-end, property and equipment purchases financed through notes payable and capital lease obligations, and non-cash share-based compensation capitalized to projects under development. Free cash flow is a non-GAAP measure consisting of net cash provided by operating activities...

  • Page 36
    ...-end total common shares outstanding by the year-end stock price. (14) (15) (16) Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Overview We operate distinctive and large, multi-use sports and athletic, professional fitness, family recreation and spa...

  • Page 37
    ... total revenue for the years ended December 31, 2013, 2012 and 2011, respectively), including fees for personal training, registered dietitians, group fitness training and other member activities, sales of products at our cafés, sales of products and services offered at our spas and tennis programs...

  • Page 38
    ... real estate and development and member relations. Other operating expenses (5.3%, 4.6% and 3.5% of total revenue for the years ended December 31, 2013, 2012 and 2011, respectively) include the costs associated with our health and our events and media businesses and other corporate expenses, as well...

  • Page 39
    ... of reaching the targets is evaluated each reporting period. Our ESPP provides for the sale of shares of our common stock to our employees at discounted purchase prices. The cost per share under this plan is 90% of the fair market value of our common stock on the last day of the purchase period, as...

  • Page 40
    ...percentage of total revenue for the periods indicated: For the Year Ended December 31, 2013 2012 2011 REVENUE: Membership dues Enrollment fees In-center revenue Total center revenue Other revenue Total revenue OPERATING EXPENSES: Center operations Advertising and marketing General and administrative...

  • Page 41
    ...a result of a $15.4 million increase in personal training revenue, a $6.6 million increase in sales of our spa and café products and services and a $4.7 million increase in our member activities revenue. Average in-center revenue per Access membership increased from $507 for the year ended December...

  • Page 42
    ... as a result of increased personal training revenue, which increased $22.0 million, or 15.0%, and increased sales of our LifeSpa and LifeCafe products and services, which increased $10.5 million, or 9.1%. Average in-center revenue per Access membership increased from $481 for the year ended December...

  • Page 43
    ...Bloomingdale LIFE TIME FITNESS, L.L.C. ("Bloomingdale LLC") with two unrelated organizations for the purpose of constructing, owning and operating a center in Bloomingdale, Illinois, which opened in February 2001. The terms of the relationship among the members are governed by an operating agreement...

  • Page 44
    ... members of senior and center-level management. We have provided reconciliations of EBITDA and EBITDAR to net income in the "Selected Financial Data" section. Free cash flow is a non-GAAP measure consisting of net cash provided by operating activities, less purchases of property and equipment...

  • Page 45
    ... carry minimal accounts receivable due to our members' monthly membership dues paid by electronic draft. Second, we fund the construction of our new centers under standard arrangements with our vendors that are paid with cash flows from operations or the revolving credit facility. Credit Rating. We...

  • Page 46
    ... in business acquisition related costs, including costs related to a race timing company that developed a radio frequency identification timing system for athletic and endurance events including run, bike and multi-sport races. We also acquired a tennis center in the Atlanta, Georgia market which...

  • Page 47
    ... back of share-based compensation expense to EBITDAR. See footnote 4, "Long-Term Debt," to our consolidated financial statements for more information on our revolving credit facility. The formula for this covenant is specifically defined in our Senior Housing Properties Trust agreement. See footnote...

  • Page 48
    ... by 100 basis points during the year ended December 31, 2013, our interest costs would have increased by approximately $2.6 million. If short-term interest rates were to have increased by 100 basis points during the year ended December 31, 2013, our interest income from cash equivalents would have...

  • Page 49
    ... Accounts receivable, net Center operating supplies and inventories Prepaid expenses and other current assets Deferred membership origination costs Deferred income taxes Income tax receivable Total current assets PROPERTY AND EQUIPMENT, net RESTRICTED CASH DEFERRED MEMBERSHIP ORIGINATION COSTS...

  • Page 50
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Year Ended December 31, 2013 2012 2011 (In thousands, except per share data) REVENUE: Membership dues Enrollment fees In-center revenue Total center revenue Other revenue Total revenue OPERATING EXPENSES: Center ...

  • Page 51
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended December 31, 2013 NET INCOME Other comprehensive income (loss), net of tax: Foreign currency translation adjustments, net of income taxes of $1,585, $271 and $320, respectively Unrealized ...

  • Page 52
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Common Stock Accumulated Other Retained Comprehensive Amount Earnings (Loss) Income (In thousands, except share data) Shares Balance at December 31, 2010 Net income Other comprehensive loss, net of tax Common ...

  • Page 53
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2013 2012 2011 (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 121,712 $ 111,538 $ 92,617 Adjustments to reconcile net income to net cash provided by operating activities:...

  • Page 54
    ... average membership life. The amount of direct expenses in excess of enrollment fees totaled $26.2 million, $20.7 million and $14.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. We provide a wide range of services at each of our centers, including personal training, spa...

  • Page 55
    ... such as towels, pool chemicals and materials for our child centers and other activities. Our inventories primarily consist of spa, café and nutritional products as well as personal training products including heart rate monitors. Inventories are stated at the lower-of-cost-or-market value and...

  • Page 56
    ... costs associated with personal training deferred revenue Prepaid lease obligations Prepaid marketing and media expenses Prepaid maintenance agreements Prepaid licenses and subscriptions Other prepaid expenses Land held for sale - short-term Canadian sales tax receivable Other current assets Total...

  • Page 57
    ... accounting. In 2013, we spent approximately $13.2 million in business acquisition related costs, including several major-market athletic events. We are currently in the process of finalizing the valuation of the assets acquired and liabilities assumed. Our preliminary purchase price allocations...

  • Page 58
    ... on operating assets were deemed to have occurred during the years ended December 31, 2013, 2012 or 2011. Derivative Instruments and Hedging Activities - As part of our risk management program, we may periodically use interest rate swaps to manage known market exposures. Terms of derivative...

  • Page 59
    ... during the year ended December 31, 2013 are primarily related to the acquisition of certain athletic events. The curriculum-and technology-based intangible acquired during the year ended December 31, 2013 is related to a patent purchased for use in our race registration and timing business. 53

  • Page 60
    ...purchased as part of our original center site acquisitions. All land held for sale is currently being marketed for sale. If the excess land is currently under contract for sale, the cost is reflected as current and listed within prepaid expenses and other current assets. Land held for sale is stated...

  • Page 61
    ... FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Accrued Expenses - Accrued expenses consist of the following: December 31, 2013 2012 Payroll related Real estate taxes Center operating costs Insurance Interest Income taxes Marketing and information technology...

  • Page 62
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) The basic and diluted earnings per share calculations are shown below: For the Year Ended December 31, 2013 2012 2011 Net income Weighted average number ...

  • Page 63
    ... the targets is evaluated each reporting period. Our employee stock purchase plan ("ESPP") provides for the sale of shares of our common stock to our employees at discounted purchase prices. The cost per share under this plan is 90% of the fair market value of our common stock on the last day of...

  • Page 64
    ... statements of operations and comprehensive income is a loss of $5.6 million. This difference is related to the interest rate swap contract and foreign currency translation due to expenditures for initial construction costs for the construction and operations of one open center and one center...

  • Page 65
    ... and increases (decreases) in operating liabilities are as follows: For the Year Ended December 31, 2013 2012 2011 Accounts receivable Income tax receivable Center operating supplies and inventories Prepaid expenses and other current assets Deferred membership origination costs Accounts payable...

  • Page 66
    ...233,114 $ 163,724 Cash purchases of property and equipment Non-cash change in construction accounts payable Other non-cash changes to property and equipment Total capital expenditures $ $ We made cash payments for income taxes for each of the three years ended December 31, 2013, 2012 and 2011 of...

  • Page 67
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) In May 2011, Bloomingdale LLC financed the outstanding amount of the taxable bond indebtedness with a mortgage loan from a bank in the amount $7.3 ...

  • Page 68
    ...FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) 4. Long-Term Debt Long-term debt consists of the following: December 31, 2013 2012 Revolving credit facility, interest only due monthly at interest rates ranging...

  • Page 69
    ... plus $9.6 million related to letters of credit. The weighted average interest rate and debt outstanding under the revolving credit facility for the year ended December 31, 2013 was 2.5% and $411.9 million, respectively. The maximum month-end balance during the year ended December 31, 2013 was $510...

  • Page 70
    ... revolving credit facility. Concurrent with the prepayment, the mortgage was released on the related center. In November 2008, we financed one Minnesota center using an obligation bearing interest at a fixed rate of 6.54% amortized over a 20-year period. This obligation was due in full November 2013...

  • Page 71
    ... of the capital lease is in current maturities of long-term debt. At December 31, 2013, the present value of the future minimum lease payments due under the lease amounted to $9.7 million. We have financed the purchase of some equipment through a capital lease agreement with an agent and lender, on...

  • Page 72
    ...above is 5.06% per annum, with a constant monthly debt service payment of $0.5 million. Our subsidiary LTF Real Estate CMBS II, LLC as landlord, and LTF Club Operations Company, Inc., another wholly owned subsidiary as tenant, entered into a lease agreement dated January 28, 2014 with respect to the...

  • Page 73
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) 6. Income Taxes The provision for income taxes is comprised of: For the Year Ended December 31, 2013 2012 2011 Current tax expense Federal State and ...

  • Page 74
    ...NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) As of December 31, 2013 2012 Deferred tax assets: Accrued rent expense Other comprehensive income Accrued equity compensation Deferred revenue Foreign net operating loss Other Total deferred tax...

  • Page 75
    ... Board of Directors or its designees. The restricted shares generally vest over periods ranging from one to four years. During the year ended December 31, 2013, we granted 363,106 restricted shares under the 2011 Plan. The value of the restricted shares was based upon the closing price of our stock...

  • Page 76
    ...follows: For the Year Ended December 31, 2013 2012 2011 Share-based compensation expense related to restricted shares Share-based compensation expense related to employee stock purchase plan Total share-based compensation expense Summary of Restricted Stock Activity Shares Outstanding at December 31...

  • Page 77
    ...in the overall number of 1,052,466 restricted shares granted during the year ended December 31, 2012. The Compensation Committee set the cumulative diluted EPS targets at 1.5 times the compound annual growth rate under our then-current long range plan and the ROIC targets at 1.1 times the ROIC under...

  • Page 78
    ... flows from operating activities. Employee Stock Purchase Plan Our ESPP provides for the sale of up to 1,500,000 shares of our common stock to our employees at discounted purchase prices. The cost per share under this plan is 90% of the fair market value of our common stock on the last day of the...

  • Page 79
    ... operating decision maker is our Chief Executive Officer. The following table presents revenue for the years ended December 31, 2013, 2012 and 2011: For the Year Ended December 31, 2013 2012 2011 Membership dues Enrollment fees Personal training Other in-center Total center revenue Other revenue...

  • Page 80
    ... agreed upon independent third party appraiser. The lease is a "triple net" lease requiring our subsidiary to maintain the Properties and to pay all operating expenses including real estate taxes and insurance for the benefit of Senior Housing. Pursuant to the terms of a Guaranty Agreement, we have...

  • Page 81
    ... to pay all operating expenses including real estate taxes and insurance for the benefit of W.P. Carey. Pursuant to the terms of a Guaranty and Suretyship Agreement, we have guaranteed the subsidiary's obligations under the Lease. At December 31, 2013, the future minimum lease payments due under the...

  • Page 82
    ... terms of the lease were at market rates. 11. Executive Nonqualified Plan During fiscal 2006, we implemented the Executive Nonqualified Excess Plan of Life Time Fitness, a non-qualified deferred compensation plan. This plan was established for the benefit of our highly compensated employees, which...

  • Page 83
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Life Time Fitness, Inc.: We have audited the accompanying consolidated balance sheets of Life Time Fitness, Inc. (a Minnesota corporation) and subsidiaries (the "Company") as of December 31, 2013 ...

  • Page 84
    ... INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Life Time Fitness, Inc.: We have audited the internal control over financial reporting of Life Time Fitness, Inc. (a Minnesota corporation) and subsidiaries (the "Company") as of December 31, 2013, based on...

  • Page 85
    ... internal control system is designed to provide reasonable assurance to our management and board of directors regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal...

  • Page 86
    ... Board of Directors, President and Chief Executive Officer Executive Vice President and Chief Financial Officer Executive Vice President Executive Vice President, Real Estate and Development Executive Vice President and Chief Operating Officer Executive Vice President, Human Resources and Life Time...

  • Page 87
    ...Retail Support/Operations from March 2004 to August 2006 and Senior Vice President, Real Estate and Property Management. Jeffrey G. Zwiefel joined our company in December 1998 as Vice President, Health Enhancement Division and became Vice President of Fitness, Training and New Program Development in...

  • Page 88
    ...of common stock certificate. 10.1 Operating Agreement of Life Time, BSC Land, DuPage Health Services Fitness Center Bloomingdale L.L.C. dated December 1, 1999 by and between the Registrant, Bloomingdale Sports Center Land Company and Central DuPage Health. LIFE TIME FITNESS, Inc. 1998 Stock Option...

  • Page 89
    ... to Exhibit 10.27 to the Employee Director) for 2004 Long-Term Incentive Registrant's Form10-K for the year ended Plan. December 31, 2005 (File No. 001-32230). Amendment No. 1 to Second Amended and Incorporated by reference to Exhibit 10.37 to the Restated Credit Agreement, dated as of January...

  • Page 90
    ... other financial institutions. Form of 2013 Restricted Stock Agreement (NonIncorporated by reference to Exhibit 10.2 to the Employee Director) for 2011 Long-Term Incentive Registrant's Form 10-Q for the quarter ended June Plan. 30, 2013 (File No. 001-32230). Form of Restricted Stock Agreement for...

  • Page 91
    ... Financial Officer. Section 1350 Certifications. The following materials from Life Time Fitness's Annual Report on Form 10-K for the year ended December 31, 2013, formatted in eXtensible Business Reporting Language (XBRL): (i) consolidated balance sheets, (ii) consolidated statements of operations...

  • Page 92
    ... 28, 2014. LIFE TIME FITNESS, INC. By: /s/ Bahram Akradi Bahram Akradi Chairman of the Board of Directors, President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed on February 28, 2014 by the following persons on behalf of...

  • Page 93
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  • Page 95
    ... New York Stock Exchange: LTM Annual Meeting The annual meeting of our shareholders will be Thursday, April 24, 2014, beginning at 11:00 a.m. at our Corporate Headquarters. The Notice of Annual Meeting and Proxy Statement are made available to shareholders with the annual report. Life Time Fitness...

  • Page 96
    ... - 3 TX - 18 FL - 2* OPEN AND PLANNED LOCATIONS (AS OF FEBRUARY 28, 2014) LIFE TIME FITNESS® AND LIFE TIME ATHLETIC® CENTERS ALABAMA Birmingham (1) ARIZONA Phoenix (5) CALIFORNIA Orange ... (1) NEVADA Las Vegas (2)* NEW JERSEY/NEW YORK Greater New York Market (5) NORTH CAROLINA Charlotte (2)...