Lifetime Fitness 2013 Annual Report Download - page 49

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43
Item 8. Financial Statements and Supplementary Data.
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2013 2012
(In thousands, except share
ASSETS and per share data)
CURRENT ASSETS:
Cash and cash equivalents $ 8,334 $ 16,499
Accounts receivable, net 8,298 9,272
Center operating supplies and inventories 32,778 27,240
Prepaid expenses and other current assets 25,802 26,826
Deferred membership origination costs 9,945 11,664
Deferred income taxes 6,881 8,813
Income tax receivable 6,698 —
Total current assets 98,736 100,314
PROPERTY AND EQUIPMENT, net 2,105,077 1,858,666
RESTRICTED CASH 850 2,087
DEFERRED MEMBERSHIP ORIGINATION COSTS 5,210 6,820
GOODWILL 49,195 37,176
INTANGIBLE ASSETS, net 29,299 25,878
OTHER ASSETS 42,684 41,233
TOTAL ASSETS $ 2,331,051 $ 2,072,174
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 24,505 $ 12,603
Accounts payable 28,645 32,140
Construction accounts payable 47,342 25,208
Accrued expenses 67,435 63,333
Deferred revenue 35,032 34,753
Total current liabilities 202,959 168,037
LONG-TERM DEBT, net of current portion 824,093 691,867
DEFERRED RENT LIABILITY 28,933 22,490
DEFERRED INCOME TAXES 100,504 95,509
DEFERRED REVENUE 5,246 6,840
OTHER LIABILITIES 21,287 14,514
Total liabilities 1,183,022 999,257
COMMITMENTS AND CONTINGENCIES (Note 9)
SHAREHOLDERS’ EQUITY:
Undesignated preferred stock, 10,000,000 shares authorized; none issued or
outstanding — —
Common stock, $.02 par value, 75,000,000 shares authorized; 42,115,549 and
43,149,434 shares issued and outstanding, respectively 843 864
Additional paid-in capital 402,147 447,912
Retained earnings 750,654 628,942
Accumulated other comprehensive loss (5,615)(4,801)
Total shareholders’ equity 1,148,029 1,072,917
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,331,051 $ 2,072,174
See notes to consolidated financial statements.