Lifetime Fitness 2013 Annual Report Download - page 30

Download and view the complete annual report

Please find page 30 of the 2013 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

24
12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Life Time Fitness $100 $193 $317 $361 $380 $363
NYSE Composite Index 100 125 138 130 147 181
Russell 2000 Index (1) 100 125 157 148 170 233
(1) We have provided a comparison against the Russell 2000 because there is no published industry or line-of-
business index for our industry and we do not have a readily definable peer group that is publicly traded.
Dividends
We have never declared or paid any cash dividends on our common stock. We currently intend to utilize all future
earnings for the operation and expansion of our business or for share repurchases and do not anticipate declaring or
paying any cash dividends on our common stock in the foreseeable future. In addition, the terms of our revolving
credit facility limit the amount of dividends we may pay without the consent of the lenders. The payment of any
dividends in the future will be at the discretion of our Board of Directors and will depend upon our results of
operations, earnings, capital requirements, contractual restrictions, outstanding indebtedness and other factors
deemed relevant by our board.
Issuer Purchases of Equity Securities in Fourth Quarter 2013
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"). From June 2006 through December 31,
2013, we repurchased 239,273 shares pursuant to the ESPP Authorization, of which 27,093 shares were repurchased
during 2013. There were no shares repurchased in fourth quarter of 2013. As of December 31, 2013, there were
260,727 remaining shares authorized to be repurchased for this purpose. The shares repurchased to date have been
purchased in the open market and, upon repurchase, became unissued shares of our common stock.
In August 2011, our Board of Directors authorized the repurchase of up to $60.0 million of our outstanding common
stock from time to time through open market or privately negotiated transactions (the "Stock Repurchase