Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2013 | Oct. 18, 2013 | |
Nonprinting Document and Entity Information [Abstract] | ||
Entity Registrant Name | Life Time Fitness, Inc. | |
Entity Central Index Key | 1076195 | |
Trading Symbol | LTM | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 42,639,353 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $19,719 | $16,499 |
Accounts receivable, net | 9,834 | 9,272 |
Center operating supplies and inventories | 30,691 | 27,240 |
Prepaid expenses and other current assets | 25,545 | 26,826 |
Deferred membership origination costs | 10,747 | 11,664 |
Deferred income taxes | 4,037 | 8,813 |
Total current assets | 100,573 | 100,314 |
PROPERTY AND EQUIPMENT, net | 2,024,070 | 1,858,666 |
RESTRICTED CASH | 734 | 2,087 |
DEFERRED MEMBERSHIP ORIGINATION COSTS | 6,019 | 6,820 |
Goodwill | 49,256 | 37,176 |
OTHER ASSETS | 73,138 | 67,111 |
TOTAL ASSETS | 2,253,790 | 2,072,174 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 14,469 | 12,603 |
Accounts payable | 28,890 | 32,140 |
Construction accounts payable | 51,820 | 25,208 |
Accrued expenses | 66,528 | 63,333 |
Deferred revenue | 33,362 | 34,753 |
Total current liabilities | 195,069 | 168,037 |
LONG-TERM DEBT, net of current portion | 774,323 | 691,867 |
DEFERRED RENT LIABILITY | 24,858 | 22,490 |
DEFERRED INCOME TAXES | 91,232 | 95,509 |
DEFERRED REVENUE | 6,057 | 6,840 |
OTHER LIABILITIES | 21,216 | 14,514 |
Total liabilities | 1,112,755 | 999,257 |
COMMITMENTS AND CONTINGENCIES (Note 6) | ||
SHAREHOLDERS' EQUITY: | ||
Undesignated preferred stock, 10,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, $.02 par value, 75,000,000 shares authorized; 42,654,601 and 43,149,434 shares issued and outstanding, respectively | 854 | 864 |
Additional paid-in capital | 420,557 | 447,912 |
Retained earnings | 724,616 | 628,942 |
Accumulated other comprehensive loss | -4,992 | -4,801 |
Total shareholders' equity | 1,141,035 | 1,072,917 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $2,253,790 | $2,072,174 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
SHAREHOLDERS' EQUITY: | ||
Undesignated preferred stock, shares authorized (shares) | 10,000,000 | 10,000,000 |
Undesignated preferred stock issued (shares) | 0 | 0 |
Undesignated preferred stock outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $0.02 | $0.02 |
Common stock, shares authorized (shares) | 75,000,000 | 75,000,000 |
Common Stock, Shares, Issued (shares) | 42,654,601 | 43,149,434 |
Common Stock, Shares, Outstanding (shares) | 42,654,601 | 43,149,434 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUE: | ||||
Membership dues | $195,657 | $187,568 | $576,847 | $547,933 |
Enrollment fees | 3,598 | 3,859 | 10,567 | 11,742 |
In-center revenue | 97,234 | 90,543 | 286,480 | 265,277 |
Total center revenue | 296,489 | 281,970 | 873,894 | 824,952 |
Other revenue | 19,522 | 12,903 | 40,972 | 26,672 |
Total revenue | 316,011 | 294,873 | 914,866 | 851,624 |
OPERATING EXPENSES: | ||||
Center operations | 180,431 | 169,521 | 527,191 | 496,790 |
Advertising and marketing | 9,758 | 8,826 | 30,346 | 28,871 |
General and administrative | 14,531 | 13,631 | 45,600 | 41,190 |
Other operating | 18,479 | 14,091 | 46,538 | 35,243 |
Depreciation and amortization | 29,956 | 29,396 | 89,235 | 85,217 |
Total operating expenses | 253,155 | 235,465 | 738,910 | 687,311 |
Income from operations | 62,856 | 59,408 | 175,956 | 164,313 |
OTHER INCOME (EXPENSE): | ||||
Interest expense, net of interest income | -6,436 | -6,510 | -18,999 | -19,332 |
Equity in earnings of affiliate | 379 | 375 | 1,103 | 1,143 |
Total other income (expense) | -6,057 | -6,135 | -17,896 | -18,189 |
INCOME BEFORE INCOME TAXES | 56,799 | 53,273 | 158,060 | 146,124 |
PROVISION FOR INCOME TAXES | 22,413 | 21,129 | 62,386 | 58,016 |
NET INCOME | $34,386 | $32,144 | $95,674 | $88,108 |
BASIC EARNINGS PER COMMON SHARE (in dollars per share) | $0.83 | $0.77 | $2.31 | $2.13 |
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) | $0.83 | $0.77 | $2.30 | $2.10 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares) | 41,307 | 41,484 | 41,353 | 41,370 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED (in shares) | 41,613 | 41,881 | 41,606 | 41,885 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $34,386 | $32,144 | $95,674 | $88,108 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments, net of taxes of $(251), $81, $872 and $69, respectively | 349 | -108 | -1,357 | -72 |
Unrealized gains (losses) on cash flow hedges, net of taxes of $147, $434, $(778) and $1,416, respectively | -221 | -650 | 1,167 | -2,125 |
Other comprehensive income (loss), net of tax: | 128 | -758 | -190 | -2,197 |
COMPREHENSIVE INCOME | $34,514 | $31,386 | $95,484 | $85,911 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax | ($251) | $81 | $872 | $69 |
Unrealized gains (losses) on cash flow hedges, tax | $147 | $434 | ($778) | $1,416 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $95,674 | $88,108 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 89,235 | 85,217 |
Deferred income taxes | -583 | -4,387 |
(Gain) loss on disposal of property and equipment, net | -100 | 1,231 |
Gain on land held for sale | 0 | -196 |
Amortization of deferred financing costs | 1,635 | 1,504 |
Share-based compensation | 9,410 | 10,862 |
Excess tax benefit related to share-based compensation | -6,575 | -9,138 |
Changes in operating assets and liabilities | 2,726 | 30,429 |
Other | -659 | -769 |
Net cash provided by operating activities | 190,763 | 202,861 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | -224,542 | -164,556 |
Acquisitions, net of cash acquired | -13,102 | -28,984 |
Proceeds from sale of property and equipment | 1,116 | 673 |
Proceeds from sale of land held for sale | 0 | 1,758 |
Proceeds from property insurance settlements | 177 | 901 |
Increase in other assets | -1,022 | -94 |
Decrease in restricted cash | 1,353 | 376 |
Net cash used in investing activities | -236,020 | -189,926 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from long-term borrowings | 125,000 | 0 |
Repayments of long-term borrowings | -31,773 | -5,094 |
Repayments of revolving credit facility, net | -7,150 | -16,000 |
Increase in deferred financing costs | -4,213 | -306 |
Excess tax benefit related to share-based compensation | 6,575 | 9,138 |
Proceeds from stock option exercises | 1,563 | 2,088 |
Proceeds from employee stock purchase plan | 1,074 | 999 |
Stock purchased for employee stock purchase plan | -1,309 | -1,290 |
Repurchases of common stock | -40,272 | 0 |
Net cash provided by (used in) financing activities | 49,495 | -10,465 |
Effect of exchange rates on cash and cash equivalents | -1,018 | -1,332 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 3,220 | 1,138 |
CASH AND CASH EQUIVALENTS - Beginning of period | 16,499 | 7,487 |
CASH AND CASH EQUIVALENTS - End of period | $19,719 | $8,625 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present financial position, results of operations and cash flows for the periods have been included. | |
These interim consolidated financial statements and the related notes should be read in conjunction with the annual consolidated financial statements and notes included in the latest Form 10-K, as filed with the Securities and Exchange Commission (“SEC”), which includes audited consolidated financial statements for the three fiscal years ended December 31, 2012. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||
Share-Based Compensation | Share-Based Compensation | |||||||||||||||
Stock Option and Incentive Plans | ||||||||||||||||
We have four share-based compensation plans: the Life Time Fitness, Inc. 1998 Stock Option Plan (the “1998 Plan”); the Amended and Restated Life Time Fitness, Inc. 2004 Long-Term Incentive Plan (the “2004 Plan”); the Life Time Fitness, Inc. 2011 Long-Term Incentive Plan (the “2011 Plan”) and an Employee Stock Purchase Plan (the “ESPP”), collectively, the share-based compensation plans. We no longer make grants under the 1998 Plan and the 2004 Plan. There are 2,500,000 shares of common stock reserved for grant under the 2011 Plan and, as of September 30, 2013, there were 1,149,485 shares available for grant. The types of awards that may be granted under the 2011 Plan include incentive and non-qualified options to purchase shares of common stock, stock appreciation rights, restricted shares, restricted share units, performance awards and other types of share-based awards. | ||||||||||||||||
As of September 30, 2013, we had granted a total of 5,587,165 options to purchase common stock under all of the share-based compensation plans, of which options to purchase 221,668 shares were outstanding and vested, and a total of 4,740,571 restricted shares were granted, of which 1,517,185 restricted shares were outstanding and unvested. We use the term “restricted shares” to define unvested shares granted to employees and non-employee directors. We use the term "vest" to define the lapse of vesting restrictions on restricted shares. | ||||||||||||||||
Total share-based compensation expense included in our consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012, was as follows: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Share-based compensation expense related to restricted shares | $ | 3,094 | $ | 3,520 | $ | 9,320 | $ | 10,772 | ||||||||
Share-based compensation expense related to ESPP | 30 | 30 | 90 | 90 | ||||||||||||
Total share-based compensation expense | $ | 3,124 | $ | 3,550 | $ | 9,410 | $ | 10,862 | ||||||||
Summary of Restricted Stock Activity | ||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | |||||||||||||||
Outstanding at December 31, 2012 | 2,069,168 | $36.55 | ||||||||||||||
Granted | 328,550 | $41.94 | ||||||||||||||
Canceled | (10,995 | ) | $34.63 | |||||||||||||
Vested | (817,688 | ) | $24.55 | |||||||||||||
Outstanding at March 31, 2013 | 1,569,035 | $43.95 | ||||||||||||||
Granted | 25,406 | $47.58 | ||||||||||||||
Canceled | (39,476 | ) | $43.40 | |||||||||||||
Vested | (31,809 | ) | $39.54 | |||||||||||||
Outstanding at June 30, 2013 | 1,523,156 | $44.11 | ||||||||||||||
Granted | 9,150 | $48.77 | ||||||||||||||
Canceled | (6,375 | ) | $42.70 | |||||||||||||
Vested | (8,746 | ) | $41.99 | |||||||||||||
Outstanding at September 30, 2013 | 1,517,185 | $44.16 | ||||||||||||||
During the nine months ended September 30, 2013 and 2012, we issued 363,106 and 1,039,526 shares of restricted stock, respectively, with an aggregate grant date fair value of $15.4 million and $49.2 million, respectively. The grant date fair value of restricted shares that vested during the nine months ended September 30, 2013 and 2012 was $21.7 million and $19.1 million, respectively. The total value of each restricted stock grant, based on the fair value of the stock on the date of grant, is amortized to compensation expense on a straight-line basis over the related vesting period. As of September 30, 2013, there was $29.4 million of unrecognized compensation expense related to restricted stock that is expected to vest. We plan to recognize this amount over a weighted average period of 2.4 years. | ||||||||||||||||
Special 2012 Long-Term Performance-Based Restricted Stock Grant | ||||||||||||||||
In May 2012, the Compensation Committee of our Board of Directors approved the grant of 598,000 shares of long-term performance-based restricted stock to serve as an incentive to our senior management team to achieve certain cumulative diluted earnings per share ("EPS") and return on invested capital (“ROIC”) targets during performance periods that end on December 31, 2015 and December 31, 2016. In July and August 2012, an additional 40,500 and 20,000 shares, respectively, of long-term performance-based restricted stock were granted to members of management using the same cumulative diluted EPS and ROIC targets and vesting schedule. These shares are included in the overall number of restricted shares granted in 2012. | ||||||||||||||||
The cumulative diluted EPS target measures cumulative diluted EPS for each quarter during the period from April 1, 2012 to the end of the applicable performance period. The ROIC target is measured in the last year of the applicable performance period. If the specified cumulative diluted EPS and ROIC targets are both met or exceeded for the performance period ending December 31, 2015, 50% of the restricted shares will vest. If the specified cumulative diluted EPS and ROIC targets are both met or exceeded for the performance period ending December 31, 2016, then all of the restricted shares will vest. For example, if the 2015 performance targets were satisfied and 50% of the shares vested, the remaining 50% of the restricted shares will vest if the 2016 performance targets were satisfied. If the 2015 performance targets were not satisfied, but the 2016 performance targets are both met, 100% of the restricted shares will vest. In the event that we do not achieve both of the specified cumulative diluted EPS and ROIC targets for the performance period ending December 31, 2016, the restricted shares will be forfeited. As of September 30, 2013, 651,500 shares were still outstanding and unvested. A maximum of $29.9 million of compensation expense could be recognized under this grant if all cumulative diluted EPS and ROIC targets are met. | ||||||||||||||||
We consider the specific cumulative diluted EPS and ROIC targets to be competitively sensitive information during the performance period. However, 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 our then-current long range plan. We do not believe that achievement of the cumulative diluted EPS and the ROIC targets are currently probable, and, therefore, we did not recognize any compensation expense associated with the grant during the nine months ended September 30, 2013. If all of the targets had been considered probable at September 30, 2013, we would have recognized $10.2 million of non-cash performance share-based compensation expense during the nine months ended September 30, 2013. If it becomes probable that the cumulative diluted EPS and ROIC performance targets will be achieved, a cumulative adjustment would be recorded and the remaining compensation expense would be recognized over the remaining performance period. The probability of reaching the targets is evaluated each reporting period. If we later determine that it is no longer probable that the minimum cumulative diluted EPS and ROIC performance targets for the grants would be met, no further compensation expense would be recognized and any previously recognized compensation expense would be reversed. In accordance with the related accounting guidance, none of the unvested restricted shares were included in our share count since the date of grant. | ||||||||||||||||
Summary of Stock Option Activity | ||||||||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at December 31, 2012 | 291,510 | $24.96 | 2 | $7,073 | ||||||||||||
Exercised | (40,675 | ) | $21.44 | |||||||||||||
Canceled | — | $— | ||||||||||||||
Outstanding at March 31, 2013 | 250,835 | $25.53 | 1.8 | $4,441 | ||||||||||||
Exercised | (8,967 | ) | $26.33 | |||||||||||||
Canceled | (1,600 | ) | $8.00 | |||||||||||||
Outstanding at June 30, 2013 | 240,268 | $25.62 | 1.6 | $5,886 | ||||||||||||
Exercised | (18,600 | ) | $24.47 | |||||||||||||
Canceled | — | $— | ||||||||||||||
Outstanding at September 30, 2013 | 221,668 | $25.72 | 1.3 | $5,709 | ||||||||||||
Vested at September 30, 2013 | 221,668 | $25.72 | 1.3 | $5,709 | ||||||||||||
No stock options have been granted since 2007. As of September 30, 2013, there was no unrecognized compensation expense related to stock options. | ||||||||||||||||
The aggregate intrinsic values in the table above represent the total pretax intrinsic values (the differences between our closing stock price and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on that date. This amount changes based on the fair market value of our stock. Total intrinsic value of options exercised during the nine months ended September 30, 2013 and 2012 was $1.6 million and $3.1 million, respectively. | ||||||||||||||||
Our net cash proceeds from the exercise of stock options were $1.6 million and $2.1 million for the nine months ended September 30, 2013 and 2012, respectively. The excess income tax benefit realized from stock option exercises and restricted stock vesting was $6.6 million and $9.1 million, respectively, for those same periods. In accordance with the related accounting guidance, this tax benefit is presented as a financing cash inflow. There is a corresponding cash outflow included in cash 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 purchase period, as defined. The current purchase period for employees under the ESPP began July 1, 2013 and ends December 31, 2013. Compensation expense under the ESPP is estimated based on the discount of 10% at the end of the purchase period. During the nine months ended September 30, 2013, $1.1 million was withheld from employees for the purpose of purchasing shares under the ESPP. There were 1,260,727 shares of common stock available for purchase under the ESPP as of September 30, 2013. | ||||||||||||||||
Share Repurchase Plans | ||||||||||||||||
In June 2006, our Board of Directors authorized the repurchase of up to 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 ESPP. During the nine months ended September 30, 2013, we repurchased 27,093 shares for approximately $1.3 million. As of September 30, 2013, there were 260,727 remaining shares authorized to be repurchased for this purpose. | ||||||||||||||||
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. During the nine months ended September 30, 2013, we repurchased 682,634 shares under this program for approximately $31.0 million. This authorization terminated in August 2013 with the authorization of a new share repurchase program. | ||||||||||||||||
In August 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 transactions. The authorization to repurchase shares terminates when the aggregate repurchase amount totals $200.0 million or at the close of business on August 16, 2015, whichever occurs first. The share repurchase program does not obligate us to repurchase any dollar amount or number of shares of our common stock and the program may be extended, modified, suspended or discontinued at any time. During the nine months ended September 30, 2013, we repurchased 186,701 shares under this program for approximately $9.3 million. As of September 30, 2013, there was $190.7 million remaining authorized under this program. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings per Share | Earnings per Share | |||||||||||||||
Basic EPS is computed by dividing net income applicable to common shareholders by the weighted average number of shares of common stock outstanding for each period. Diluted EPS is computed similarly to basic EPS, except that the denominator is increased for the conversion of any dilutive common stock equivalents, the assumed exercise of dilutive stock options using the treasury stock method and unvested restricted stock awards using the treasury stock method. Stock options excluded from the calculation of diluted EPS because the option exercise price was greater than the average market price of the common share were 0 and 15,540 for the three months ended September 30, 2013 and 2012, respectively, and 2,477 for both the nine months ended September 30, 2013 and 2012. | ||||||||||||||||
The basic and diluted EPS calculations are shown below: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income | $ | 34,386 | $ | 32,144 | $ | 95,674 | $ | 88,108 | ||||||||
Weighted average number of common shares outstanding – basic | 41,307 | 41,484 | 41,353 | 41,370 | ||||||||||||
Effect of dilutive stock options | 95 | 122 | 87 | 122 | ||||||||||||
Effect of dilutive restricted stock awards | 211 | 275 | 166 | 393 | ||||||||||||
Weighted average number of common shares outstanding – diluted | 41,613 | 41,881 | 41,606 | 41,885 | ||||||||||||
Basic earnings per common share | $ | 0.83 | $ | 0.77 | $ | 2.31 | $ | 2.13 | ||||||||
Diluted earnings per common share | $ | 0.83 | $ | 0.77 | $ | 2.3 | $ | 2.1 | ||||||||
Operating_Segment
Operating Segment | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Reportable Segment | ||||||||||||||||
Operating Segment | ||||||||||||||||
Our operations are conducted mainly through our distinctive and large, multi-use sports and athletic, professional fitness, family recreation and spa centers in a resort-like environment. We aggregate the activities of our centers and other ancillary products and services into one reportable segment. Each of the centers has similar economic characteristics, services, product offerings and customers, and in-center revenues are derived primarily from services to our members. Each of the other ancillary products and services either directly or indirectly, through advertising or branding, complement the operations of the centers. Our chief operating decision maker, our Chief Executive Officer, uses EBITDA (net income plus interest expense, net, provision for income taxes and depreciation and amortization) as the primary measure of operating segment performance. | ||||||||||||||||
The following table presents revenue for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Membership dues | $ | 195,657 | $ | 187,568 | $ | 576,847 | $ | 547,933 | ||||||||
Enrollment fees | 3,598 | 3,859 | 10,567 | 11,742 | ||||||||||||
Personal training | 46,095 | 42,138 | 138,903 | 126,675 | ||||||||||||
Other in-center revenue | 51,139 | 48,405 | 147,577 | 138,602 | ||||||||||||
Total center revenue | 296,489 | 281,970 | 873,894 | 824,952 | ||||||||||||
Other revenue | 19,522 | 12,903 | 40,972 | 26,672 | ||||||||||||
Total revenue | $ | 316,011 | $ | 294,873 | $ | 914,866 | $ | 851,624 | ||||||||
Supplementary_Cash_Flow_Inform
Supplementary Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplementary Cash Flow Information | Supplemental Cash Flow Information | |||||||
Decreases (increases) in operating assets and increases (decreases) in operating liabilities are as follows: | ||||||||
For the Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Accounts receivable, net | $ | (657 | ) | $ | (2,566 | ) | ||
Income tax receivable | — | 5,022 | ||||||
Center operating supplies and inventories | (3,458 | ) | (5,008 | ) | ||||
Prepaid expenses and other current assets | 4,180 | (443 | ) | |||||
Deferred membership origination costs | 1,718 | 340 | ||||||
Accounts payable | (3,585 | ) | 4,036 | |||||
Accrued expenses | 8,604 | 25,618 | ||||||
Deferred revenue | (6,762 | ) | 547 | |||||
Deferred rent liability | 2,384 | 2,382 | ||||||
Other liabilities | 302 | 501 | ||||||
Changes in operating assets and liabilities | $ | 2,726 | $ | 30,429 | ||||
We made cash payments for income taxes of $54.3 million and $45.0 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||
We made cash payments for interest, net of capitalized interest, of $16.9 million and $17.8 million for the nine months ended September 30, 2013 and 2012, respectively. Capitalized interest was $2.0 million and $0.7 million for the same periods. | ||||||||
Construction accounts payable was $51.8 million and $17.2 million at September 30, 2013 and 2012, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Litigation — We are engaged in proceedings incidental to the normal course of business. Due to their nature, such legal proceedings involve inherent uncertainties, including but not limited to court rulings, negotiations between affected parties and governmental intervention. We have established reserves for matters that are probable and estimable in amounts we believe are adequate to cover reasonable adverse judgments not covered by insurance. These reserves are not material to our consolidated financial statements. Based upon the information available to us and discussions with legal counsel, it is our opinion that the outcome of the various legal actions and claims that are incidental to our business will not have a material adverse impact on our consolidated financial position, results of operations or cash flows. Such matters are subject to many uncertainties, and the outcome of individual matters are not predictable with assurance. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncement or Change in Accounting Principle, Current Period Disclosures [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In July 2012, the Financial Accounting Standards Board ("FASB") updated guidance on intangible asset impairment testing. The guidance became effective for us in 2013. The amendments in this update allow companies to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. Under the update, a company will not be required to calculate the fair value of an indefinite-lived intangible asset unless the company determines, based on qualitative assessment, that it is not more likely than not, the indefinite-lived intangible asset is impaired. The amendments include a number of events and circumstances for an entity to consider in conducting the qualitative assessment. The implementation of the guidance did not have a material impact on our consolidated financial statements. | |
In February 2013, the FASB issued guidance adding new disclosure requirements for items reclassified out of accumulated other comprehensive income ("AOCI"), which became effective for us in 2013. The guidance is intended to help entities improve the transparency of changes in other comprehensive income ("OCI") and items reclassified out of AOCI in financial statements. It does not amend any existing requirements for reporting net income or OCI in financial statements. The implementation of the guidance did not have an impact on our consolidated financial statements. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments |
As part of our financial risk management program, we may periodically use interest rate swaps to manage known market exposures. Terms of derivative instruments are structured to match the terms of the risk being managed and are generally held to maturity. | |
In August 2011, we entered into an interest rate swap contract that effectively fixed the rates paid on a total of $200.0 million of variable rate borrowings at 1.32% plus the applicable spread (which depends on our EBITDAR leverage ratio) until June 2016. EBITDAR is a non-GAAP, non-cash measure which consists of net income plus interest expense, net, provision for income taxes, depreciation and amortization and rent expense. We pay 1.32% and receive LIBOR on the notional amount of $200.0 million. The contract has been designated a cash flow hedge against interest rate volatility. In accordance with applicable accounting guidance, changes in the fair value of the swap contract are recorded in accumulated other comprehensive (loss) income, net of tax. As of September 30, 2013, the $2.5 million fair value loss, net of tax, of the swap contract was recorded as accumulated other comprehensive loss in the shareholders' equity section of our consolidated balance sheets and the $4.1 million gross fair value of the swap contract was included in long-term debt. | |
On an ongoing basis, we assess whether the interest rate swap used in this hedging transaction is “highly effective” in offsetting changes in the fair value or cash flow of the hedged item by comparing the current terms of the swap and the debt to assure they continue to coincide and through an evaluation of the continued ability of the counterparty to the swap to honor its obligations under the swap. No ineffectiveness was experienced in the interest rate swap during the nine months ended September 30, 2013. The amendment of our credit facility (see Note 11) did not impact our interest rate swap or the effectiveness of the hedge. If it is determined that the derivative is not highly effective as a hedge or hedge accounting is discontinued, any change in fair value of the derivative since the last date at which it was determined to be effective would be recognized in earnings. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
The accounting guidance establishes a framework for measuring fair value and expanded disclosures about fair value measurements. The guidance applies to all assets and liabilities that are measured and reported on a fair value basis. This enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires that each asset and liability carried at fair value be classified into one of the following categories: | ||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | ||||||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | ||||||||||||||||
Fair Value Measurements on a Recurring Basis | ||||||||||||||||
The fair value of the interest rate swap is determined using observable current market information such as the prevailing LIBOR interest rates, LIBOR yield curve rates and current fair values as quoted by recognized dealers, and also includes consideration of counterparty credit risk. The following table presents the fair value of our derivative financial instrument as of September 30, 2013 and December 31, 2012: | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||
Total | Active Markets for | Other Observable | Unobservable | |||||||||||||
Fair | Identical Assets | Inputs | Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Interest rate swap liability as of | ||||||||||||||||
30-Sep-13 | $4,108 | $— | $4,108 | $— | ||||||||||||
Interest rate swap liability as of | ||||||||||||||||
December 31, 2012 | $6,052 | $— | $6,052 | $— | ||||||||||||
Fair Value Measurements on a Nonrecurring Basis | ||||||||||||||||
Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to our tangible fixed assets, goodwill and other intangible assets, which are remeasured when the derived fair value is below carrying value on our consolidated balance sheets. For these assets, we do not periodically adjust carrying value to fair value except in the event of impairment. If we determine that impairment has occurred, the carrying value of the asset would be reduced to fair value and the difference would be recorded as a loss within operating income in our consolidated statements of operations. | ||||||||||||||||
We had no remeasurements of such assets or liabilities to fair value during the nine months ended September 30, 2013 or September 30, 2012. | ||||||||||||||||
Financial Assets and Liabilities Not Measured at Fair Value | ||||||||||||||||
The carrying amounts related to cash and cash equivalents (Level 1), accounts receivable, income tax receivable, accounts payable and accrued liabilities approximate fair value due to the relatively short maturities of such instruments. | ||||||||||||||||
The fair value of our long-term debt and capital leases are estimated based on estimated current rates for debt with similar terms, credit worthiness and the same remaining maturities. For variable rate loans that re-price frequently, fair values are based on carrying values. The fair value of fixed rate loans is estimated based on the discounted cash flows of the loans using current market rates, which are estimated based on recent financing transactions (Level 3). The fair value estimates presented are based on information available to us as of September 30, 2013. These fair value estimates have not been comprehensively revalued for purposes of these consolidated financial statements since that date, and current estimates of fair values may differ significantly. | ||||||||||||||||
The following table presents the carrying value and the estimated fair value of long-term debt: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||
Fixed-rate debt | $ | 490,936 | $ | 492,192 | $ | 396,591 | $ | 403,659 | ||||||||
Obligations under capital leases | 15,083 | 15,251 | 15,441 | 15,582 | ||||||||||||
Floating-rate debt | 282,773 | 282,773 | 292,437 | 292,437 | ||||||||||||
Total | $ | 788,792 | $ | 790,216 | $ | 704,469 | $ | 711,678 | ||||||||
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income by Component | 3 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Equity [Abstract] | ||||||||||||
Changes in Accumulated Other Comprehensive Income by Component | Changes in Accumulated Other Comprehensive Income by Component | |||||||||||
The following table presents information about accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2013 (net of tax): | ||||||||||||
Gains (Losses) on Cash Flows Hedge | Foreign Currency Translation Adjustments | Accumulated Other Comprehensive Loss | ||||||||||
Balance at December 31, 2012 | $ | (3,631 | ) | $ | (1,170 | ) | $ | (4,801 | ) | |||
Other comprehensive income | 321 | (584 | ) | (263 | ) | |||||||
Balance at March 31, 2013 | (3,310 | ) | (1,754 | ) | (5,064 | ) | ||||||
Other comprehensive income | 1,067 | (1,123 | ) | (56 | ) | |||||||
Balance at June 30, 2013 | (2,243 | ) | (2,877 | ) | (5,120 | ) | ||||||
Other comprehensive income | (221 | ) | 349 | 128 | ||||||||
Balance at September 30, 2013 | $ | (2,464 | ) | $ | (2,528 | ) | $ | (4,992 | ) |
LongTerm_Debt_LongTerm_Debt_No
Long-Term Debt Long-Term Debt (Notes) | 3 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-Term Debt |
Effective July 31, 2013, we entered into the 2nd Amendment to the Third Amended and Restated Credit Agreement (the “Credit Agreement”) with U.S. Bank National Association, as administrative agent and lender, and other lenders from time to time a party thereto. The material amendments to the Credit Agreement were (i) an increase to the amount of the revolving credit facility from $660.0 million to $760.0 million and a new $100.0 million term loan and (ii) an extension of the term of the facility to July 31, 2018. The revolving credit facility may be increased by an additional $240.0 million upon the exercise of an accordion feature if one or more lenders commit the additional $240.0 million. The term loan dated July 31, 2013 amortizes at the rate of 5.0% of the original term loan amount on an annual basis. The facility remains floating rate with a spread over LIBOR or Prime. The spreads under the leverage-based pricing grid in the facility remain unchanged, as do the financial covenant ratio thresholds. | |
On February 12, 2013, a wholly owned subsidiary obtained a mortgage loan in the original principal amount of $75.0 million from ING Life Insurance and Annuity Company pursuant to a promissory note and related agreements. The mortgage financing is secured by five properties and matures in March 2023. Interest on the amounts borrowed is 4.45% per annum, with a constant monthly debt service payment of $0.8 million. | |
On August 23, 2013, a wholly owned subsidiary obtained a mortgage loan in the original principal amount of $50.0 million from ING Life Insurance and Annuity Company pursuant to a promissory note and related agreements. The mortgage financing is secured by three properties and matures in September 2026. Interest on the amounts borrowed is 4.48% per annum, with a constant monthly debt service payment of $0.4 million. |
Intangible_Assets_Intangible_A
Intangible Assets Intangible Assets (Notes) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | |||||||||||
The change in the carrying amount of goodwill is as follows: | ||||||||||||
Balance at December 31, 2012 | $ | 37,176 | ||||||||||
Goodwill acquired | 12,080 | |||||||||||
Balance at September 30, 2013 | $ | 49,256 | ||||||||||
The goodwill acquired during the nine months ended September 30, 2013 is primarily related to the acquisition of certain athletic events. We are currently in the process of finalizing the valuation of the assets acquired and liabilities assumed. | ||||||||||||
The following table summarizes the changes in our gross intangible balance during the nine months ended September 30, 2013: | ||||||||||||
Balance at December 31, 2012 | $ | 28,531 | ||||||||||
Trade/brand names acquired | 5,347 | |||||||||||
Balance at September 30, 2013 | $ | 33,878 | ||||||||||
The trade/brand names acquired during the nine months ended September 30, 2013 are primarily related to the acquisition of certain athletic events. At September 30, 2013, intangible assets consisted of the following: | ||||||||||||
Gross | Accumulated Amortization | Net | ||||||||||
Leasehold rights | $ | 6,392 | $ | 1,324 | $ | 5,068 | ||||||
Trade/brand names | 15,479 | 885 | 14,594 | |||||||||
Curriculum- and technology-based intangibles | 6,595 | 1,146 | 5,449 | |||||||||
Customer relationships | 5,412 | 812 | 4,600 | |||||||||
Total intangible assets | $ | 33,878 | $ | 4,167 | $ | 29,711 | ||||||
Of the trade/brand names acquired during the nine months ended September 30, 2013, approximately $5.1 million have indefinite useful lives. The remaining $0.2 million of the acquired trade/brand names have a useful life of 10 years. Amortization expense for intangible assets was $1.5 million and $1.0 million for the nine months ended September 30, 2013 and 2012, respectively. |
Sharebased_Compensation_Polici
Share-based Compensation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation [Abstract] | |
Stock Option and Incentive Plans | The types of awards that may be granted under the 2011 Plan include incentive and non-qualified options to purchase shares of common stock, stock appreciation rights, restricted shares, restricted share units, performance awards and other types of share-based awards. |
We use the term “restricted shares” to define unvested shares granted to employees and non-employee directors. We use the term "vest" to define the lapse of vesting restrictions on restricted shares. | |
If it becomes probable that the cumulative diluted EPS and ROIC performance targets will be achieved, a cumulative adjustment would be recorded and the remaining compensation expense would be recognized over the remaining performance period. The probability of reaching the targets is evaluated each reporting period. If we later determine that it is no longer probable that the minimum cumulative diluted EPS and ROIC performance targets for the grants would be met, no further compensation expense would be recognized and any previously recognized compensation expense would be reversed. | |
The total value of each restricted stock grant, based on the fair value of the stock on the date of grant, is amortized to compensation expense on a straight-line basis over the related vesting period. |
Earnings_per_Share_Earnings_pe
Earnings per Share Earnings per Share Policy (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Basic EPS is computed by dividing net income applicable to common shareholders by the weighted average number of shares of common stock outstanding for each period. Diluted EPS is computed similarly to basic EPS, except that the denominator is increased for the conversion of any dilutive common stock equivalents, the assumed exercise of dilutive stock options using the treasury stock method and unvested restricted stock awards using the treasury stock method. |
Operating_Segment_Operating_Se
Operating Segment Operating Segment (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Segment Reporting [Abstract] | |
Operating Segment | Our operations are conducted mainly through our distinctive and large, multi-use sports and athletic, professional fitness, family recreation and spa centers in a resort-like environment. We aggregate the activities of our centers and other ancillary products and services into one reportable segment. Each of the centers has similar economic characteristics, services, product offerings and customers, and in-center revenues are derived primarily from services to our members. Each of the other ancillary products and services either directly or indirectly, through advertising or branding, complement the operations of the centers. Our chief operating decision maker, our Chief Executive Officer, uses EBITDA (net income plus interest expense, net, provision for income taxes and depreciation and amortization) as the primary measure of operating segment performance. |
Commitments_and_Contingencies_
Commitments and Contingencies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Litigation — We are engaged in proceedings incidental to the normal course of business. Due to their nature, such legal proceedings involve inherent uncertainties, including but not limited to court rulings, negotiations between affected parties and governmental intervention. We have established reserves for matters that are probable and estimable in amounts we believe are adequate to cover reasonable adverse judgments not covered by insurance. |
Derivative_Instruments_Policie
Derivative Instruments (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Derivative Instruments [Abstract] | |
Derivatives | As part of our financial risk management program, we may periodically use interest rate swaps to manage known market exposures. Terms of derivative instruments are structured to match the terms of the risk being managed and are generally held to maturity. |
On an ongoing basis, we assess whether the interest rate swap used in this hedging transaction is “highly effective” in offsetting changes in the fair value or cash flow of the hedged item by comparing the current terms of the swap and the debt to assure they continue to coincide and through an evaluation of the continued ability of the counterparty to the swap to honor its obligations under the swap. No ineffectiveness was experienced in the interest rate swap during the nine months ended September 30, 2013. The amendment of our credit facility (see Note 11) did not impact our interest rate swap or the effectiveness of the hedge. If it is determined that the derivative is not highly effective as a hedge or hedge accounting is discontinued, any change in fair value of the derivative since the last date at which it was determined to be effective would be recognized in earnings. | |
In accordance with applicable accounting guidance, changes in the fair value of the swap contract are recorded in accumulated other comprehensive (loss) income, net of tax. |
Fair_Value_Measurements_Polici
Fair Value Measurements (Policies) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Fair Value Disclosures [Abstract] | ||||||||
Fair Value Measurements | The accounting guidance establishes a framework for measuring fair value and expanded disclosures about fair value measurements. The guidance applies to all assets and liabilities that are measured and reported on a fair value basis. This enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires that each asset and liability carried at fair value be classified into one of the following categories: | |||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | ||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | ||||||||
Fair Value Measurements on a Recurring Basis | ||||||||
The fair value of the interest rate swap is determined using observable current market information such as the prevailing LIBOR interest rates, LIBOR yield curve rates and current fair values as quoted by recognized dealers, and also includes consideration of counterparty credit risk. The following table presents the fair value of our derivative financial instrument as of September 30, 2013 and December 31, 2012: | ||||||||
Fair Value Measurements Using: | ||||||||
Quoted Prices in | Significant | Significant | ||||||
Total | Active Markets for | Other Observable | Unobservable | |||||
Fair | Identical Assets | Inputs | Inputs | |||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||
Interest rate swap liability as of | ||||||||
30-Sep-13 | $4,108 | $— | $4,108 | $— | ||||
Interest rate swap liability as of | ||||||||
December 31, 2012 | $6,052 | $— | $6,052 | $— | ||||
Fair Value Measurements on a Nonrecurring Basis | ||||||||
Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to our tangible fixed assets, goodwill and other intangible assets, which are remeasured when the derived fair value is below carrying value on our consolidated balance sheets. For these assets, we do not periodically adjust carrying value to fair value except in the event of impairment. If we determine that impairment has occurred, the carrying value of the asset would be reduced to fair value and the difference would be recorded as a loss within operating income in our consolidated statements of operations. | ||||||||
We had no remeasurements of such assets or liabilities to fair value during the nine months ended September 30, 2013 or September 30, 2012. | ||||||||
Financial Assets and Liabilities Not Measured at Fair Value | ||||||||
The carrying amounts related to cash and cash equivalents (Level 1), accounts receivable, income tax receivable, accounts payable and accrued liabilities approximate fair value due to the relatively short maturities of such instruments. | ||||||||
The fair value of our long-term debt and capital leases are estimated based on estimated current rates for debt with similar terms, credit worthiness and the same remaining maturities. For variable rate loans that re-price frequently, fair values are based on carrying values. The fair value of fixed rate loans is estimated based on the discounted cash flows of the loans using current market rates, which are estimated based on recent financing transactions (Level 3). The fair value estimates presented are based on information available to us as of September 30, 2013. These fair value estimates have not been comprehensively revalued for purposes of these consolidated financial statements since that date, and current estimates of fair values may differ significantly. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||
Total Share-Based Compensation Expense Included in our Consolidated Statements of Operations | Total share-based compensation expense included in our consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012, was as follows: | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Share-based compensation expense related to restricted shares | $ | 3,094 | $ | 3,520 | $ | 9,320 | $ | 10,772 | ||||||||
Share-based compensation expense related to ESPP | 30 | 30 | 90 | 90 | ||||||||||||
Total share-based compensation expense | $ | 3,124 | $ | 3,550 | $ | 9,410 | $ | 10,862 | ||||||||
Summary of Restricted Stock Activity | Summary of Restricted Stock Activity | |||||||||||||||
Shares | Weighted Average Grant Date Fair Value | |||||||||||||||
Outstanding at December 31, 2012 | 2,069,168 | $36.55 | ||||||||||||||
Granted | 328,550 | $41.94 | ||||||||||||||
Canceled | (10,995 | ) | $34.63 | |||||||||||||
Vested | (817,688 | ) | $24.55 | |||||||||||||
Outstanding at March 31, 2013 | 1,569,035 | $43.95 | ||||||||||||||
Granted | 25,406 | $47.58 | ||||||||||||||
Canceled | (39,476 | ) | $43.40 | |||||||||||||
Vested | (31,809 | ) | $39.54 | |||||||||||||
Outstanding at June 30, 2013 | 1,523,156 | $44.11 | ||||||||||||||
Granted | 9,150 | $48.77 | ||||||||||||||
Canceled | (6,375 | ) | $42.70 | |||||||||||||
Vested | (8,746 | ) | $41.99 | |||||||||||||
Outstanding at September 30, 2013 | 1,517,185 | $44.16 | ||||||||||||||
Summary of Stock Option Activity | Summary of Stock Option Activity | |||||||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at December 31, 2012 | 291,510 | $24.96 | 2 | $7,073 | ||||||||||||
Exercised | (40,675 | ) | $21.44 | |||||||||||||
Canceled | — | $— | ||||||||||||||
Outstanding at March 31, 2013 | 250,835 | $25.53 | 1.8 | $4,441 | ||||||||||||
Exercised | (8,967 | ) | $26.33 | |||||||||||||
Canceled | (1,600 | ) | $8.00 | |||||||||||||
Outstanding at June 30, 2013 | 240,268 | $25.62 | 1.6 | $5,886 | ||||||||||||
Exercised | (18,600 | ) | $24.47 | |||||||||||||
Canceled | — | $— | ||||||||||||||
Outstanding at September 30, 2013 | 221,668 | $25.72 | 1.3 | $5,709 | ||||||||||||
Vested at September 30, 2013 | 221,668 | $25.72 | 1.3 | $5,709 | ||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The basic and diluted EPS calculations are shown below: | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income | $ | 34,386 | $ | 32,144 | $ | 95,674 | $ | 88,108 | ||||||||
Weighted average number of common shares outstanding – basic | 41,307 | 41,484 | 41,353 | 41,370 | ||||||||||||
Effect of dilutive stock options | 95 | 122 | 87 | 122 | ||||||||||||
Effect of dilutive restricted stock awards | 211 | 275 | 166 | 393 | ||||||||||||
Weighted average number of common shares outstanding – diluted | 41,613 | 41,881 | 41,606 | 41,885 | ||||||||||||
Basic earnings per common share | $ | 0.83 | $ | 0.77 | $ | 2.31 | $ | 2.13 | ||||||||
Diluted earnings per common share | $ | 0.83 | $ | 0.77 | $ | 2.3 | $ | 2.1 | ||||||||
Operating_Segment_Tables
Operating Segment (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Revenue from External Customers by Products and Services | The following table presents revenue for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Membership dues | $ | 195,657 | $ | 187,568 | $ | 576,847 | $ | 547,933 | ||||||||
Enrollment fees | 3,598 | 3,859 | 10,567 | 11,742 | ||||||||||||
Personal training | 46,095 | 42,138 | 138,903 | 126,675 | ||||||||||||
Other in-center revenue | 51,139 | 48,405 | 147,577 | 138,602 | ||||||||||||
Total center revenue | 296,489 | 281,970 | 873,894 | 824,952 | ||||||||||||
Other revenue | 19,522 | 12,903 | 40,972 | 26,672 | ||||||||||||
Total revenue | $ | 316,011 | $ | 294,873 | $ | 914,866 | $ | 851,624 | ||||||||
Supplementary_Cash_Flow_Inform1
Supplementary Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Decreases (Increases) in Operating Assets and Increases (Decreases) in Operating Liabilities | Decreases (increases) in operating assets and increases (decreases) in operating liabilities are as follows: | |||||||
For the Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Accounts receivable, net | $ | (657 | ) | $ | (2,566 | ) | ||
Income tax receivable | — | 5,022 | ||||||
Center operating supplies and inventories | (3,458 | ) | (5,008 | ) | ||||
Prepaid expenses and other current assets | 4,180 | (443 | ) | |||||
Deferred membership origination costs | 1,718 | 340 | ||||||
Accounts payable | (3,585 | ) | 4,036 | |||||
Accrued expenses | 8,604 | 25,618 | ||||||
Deferred revenue | (6,762 | ) | 547 | |||||
Deferred rent liability | 2,384 | 2,382 | ||||||
Other liabilities | 302 | 501 | ||||||
Changes in operating assets and liabilities | $ | 2,726 | $ | 30,429 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of Fair Value of Derivative Financial Instrument | The following table presents the fair value of our derivative financial instrument as of September 30, 2013 and December 31, 2012: | |||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||
Total | Active Markets for | Other Observable | Unobservable | |||||||||||||
Fair | Identical Assets | Inputs | Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Interest rate swap liability as of | ||||||||||||||||
30-Sep-13 | $4,108 | $— | $4,108 | $— | ||||||||||||
Interest rate swap liability as of | ||||||||||||||||
December 31, 2012 | $6,052 | $— | $6,052 | $— | ||||||||||||
Carrying Value and Estimated Fair Value of Financial Liabilities | The following table presents the carrying value and the estimated fair value of long-term debt: | |||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||
Fixed-rate debt | $ | 490,936 | $ | 492,192 | $ | 396,591 | $ | 403,659 | ||||||||
Obligations under capital leases | 15,083 | 15,251 | 15,441 | 15,582 | ||||||||||||
Floating-rate debt | 282,773 | 282,773 | 292,437 | 292,437 | ||||||||||||
Total | $ | 788,792 | $ | 790,216 | $ | 704,469 | $ | 711,678 | ||||||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income by Component (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Equity [Abstract] | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents information about accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2013 (net of tax): | |||||||||||
Gains (Losses) on Cash Flows Hedge | Foreign Currency Translation Adjustments | Accumulated Other Comprehensive Loss | ||||||||||
Balance at December 31, 2012 | $ | (3,631 | ) | $ | (1,170 | ) | $ | (4,801 | ) | |||
Other comprehensive income | 321 | (584 | ) | (263 | ) | |||||||
Balance at March 31, 2013 | (3,310 | ) | (1,754 | ) | (5,064 | ) | ||||||
Other comprehensive income | 1,067 | (1,123 | ) | (56 | ) | |||||||
Balance at June 30, 2013 | (2,243 | ) | (2,877 | ) | (5,120 | ) | ||||||
Other comprehensive income | (221 | ) | 349 | 128 | ||||||||
Balance at September 30, 2013 | $ | (2,464 | ) | $ | (2,528 | ) | $ | (4,992 | ) |
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Schedule of Changes In Goodwill | The change in the carrying amount of goodwill is as follows: | |||||||||||
Balance at December 31, 2012 | $ | 37,176 | ||||||||||
Goodwill acquired | 12,080 | |||||||||||
Balance at September 30, 2013 | $ | 49,256 | ||||||||||
Schedule Of Changes In Intangible Assets Excluding Goodwill | The following table summarizes the changes in our gross intangible balance during the nine months ended September 30, 2013: | |||||||||||
Balance at December 31, 2012 | $ | 28,531 | ||||||||||
Trade/brand names acquired | 5,347 | |||||||||||
Balance at September 30, 2013 | $ | 33,878 | ||||||||||
Schedule Of Carrying Value Of Intangible Assets Excluding Goodwill | At September 30, 2013, intangible assets consisted of the following: | |||||||||||
Gross | Accumulated Amortization | Net | ||||||||||
Leasehold rights | $ | 6,392 | $ | 1,324 | $ | 5,068 | ||||||
Trade/brand names | 15,479 | 885 | 14,594 | |||||||||
Curriculum- and technology-based intangibles | 6,595 | 1,146 | 5,449 | |||||||||
Customer relationships | 5,412 | 812 | 4,600 | |||||||||
Total intangible assets | $ | 33,878 | $ | 4,167 | $ | 29,711 | ||||||
ShareBased_Compensation_Detail
Share-Based Compensation (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
share_based_compensation_plan | share_based_compensation_plan | ||||||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |||||||
Number of share-based compensation plans (plans) | 4 | 4 | |||||
Common stock reserved for grant (shares) | 2,500,000 | 2,500,000 | |||||
Common stock available for grant (shares) | 1,149,485 | 1,149,485 | |||||
Options to purchase common stock granted under the share-based compensation plans to date (shares) | 5,587,165 | 5,587,165 | |||||
Options outstanding (shares) | 221,668 | 221,668 | 240,268 | 250,835 | 291,510 | ||
Share-based compensation | $3,124 | $3,550 | $9,410 | $10,862 | |||
Restricted Stock [Member] | |||||||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |||||||
Restricted shares granted (shares) | 4,740,571 | 4,740,571 | |||||
Nonvested stock outstanding (shares) | 1,517,185 | 1,517,185 | 1,523,156 | 1,569,035 | 2,069,168 | ||
Share-based compensation | 3,094 | 3,520 | 9,320 | 10,772 | |||
Employee Stock Purchase Plan [Member] | |||||||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |||||||
Share-based compensation | $30 | $30 | $90 | $90 |
Summary_of_Restricted_Stock_Ac
Summary of Restricted Stock Activity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 31, 2012 | Jul. 31, 2012 | 31-May-12 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Group1 [Member] | Group1 [Member] | Group2 [Member] | |
Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | ||||||||||
Fiscal Year 2015 [Member] | Fiscal Year 2016 [Member] | Fiscal Year 2016 [Member] | ||||||||||
Shares | ||||||||||||
Outstanding at beginning of period (in shares) | 1,523,156 | 1,569,035 | 2,069,168 | 2,069,168 | ||||||||
Granted (in shares) | 9,150 | 25,406 | 328,550 | 363,106 | 1,039,526 | 20,000 | 40,500 | 598,000 | ||||
Canceled (in shares) | -6,375 | -39,476 | -10,995 | |||||||||
Vested (in shares) | -8,746 | -31,809 | -817,688 | |||||||||
Outstanding at end of period (in shares) | 1,517,185 | 1,523,156 | 1,569,035 | 1,517,185 | 651,500 | |||||||
Weighted Average Grant Date Fair Value | ||||||||||||
Outstanding at beginning of period (in dollars per share) | $44.11 | $43.95 | $36.55 | $36.55 | ||||||||
Granted (in dollars per share) | $48.77 | $47.58 | $41.94 | |||||||||
Canceled (in dollars per share) | $42.70 | $43.40 | $34.63 | |||||||||
Vested (in dollars per share) | $41.99 | $39.54 | $24.55 | |||||||||
Outstanding at end of period (in dollars per share) | $44.16 | $44.11 | $43.95 | $44.16 | ||||||||
Equity instruments other than options - aggregate fair value of grant during period | $15.40 | $49.20 | ||||||||||
Equity instruments other than options - vested in period | 21.7 | 19.1 | ||||||||||
Unrecognized compensation expense | 29.4 | 29.4 | 29.9 | |||||||||
Unrecognized compensation, weighted average period of recognition | 2 years 4 months 24 days | |||||||||||
Vesting percentage of the diluted EPS targets (in percent) | 50.00% | 50.00% | 100.00% | |||||||||
The number times the compound annual growth rate under current long rang plan for the earning per share target. | 1.5 | |||||||||||
The number times the return on invested capital for the return on invested capital target | 1.1 | |||||||||||
Additional share based compensation expense recognized at balance sheet date if all performance targets were probable at balance sheet date | $10.20 |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 01, 2006 | Aug. 31, 2011 | Sep. 30, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | 2011 Share Repurchase Program [Member] | 2011 Share Repurchase Program [Member] | 2013 Share Repurchase Program [Member] | 2013 Share Repurchase Program [Member] | 2013 Share Repurchase Program [Member] | |||||||
Shares | |||||||||||||
Outstanding at beginning of period (in shares) | 240,268 | 250,835 | 291,510 | 291,510 | |||||||||
Exercised (in shares) | -18,600 | -8,967 | -40,675 | ||||||||||
Canceled (in shares) | 0 | -1,600 | 0 | ||||||||||
Outstanding at end of period (in shares) | 221,668 | 240,268 | 250,835 | 221,668 | 291,510 | ||||||||
Vested at period end (in shares) | 221,668 | 221,668 | |||||||||||
Weighted Average Exercise Price | |||||||||||||
Outstanding at beginning of period (in dollars per share) | $25.62 | $25.53 | $24.96 | $24.96 | |||||||||
Exercised (in dollars per share) | $24.47 | $26.33 | $21.44 | ||||||||||
Canceled (in dollars per share) | $0 | $8 | $0 | ||||||||||
Outstanding at end of period (in dollars per share) | $25.72 | $25.62 | $25.53 | $25.72 | $24.96 | ||||||||
Vested at end of period (in dollars per share) | $25.72 | $25.72 | |||||||||||
Weighted Average Remaining Contractual Term In Years | |||||||||||||
Weighted average remaining contractual term (in years) | 1 year 3 months 18 days | 1 year 7 months 6 days | 1 year 9 months 18 days | 2 years | |||||||||
Vested at end of period (in years) | 1 year 3 months 18 days | ||||||||||||
Aggregate Intrinsic Value | |||||||||||||
Outstanding at beginning of period (in dollars) | $5,886,000 | $4,441,000 | $7,073,000 | $7,073,000 | |||||||||
Outstanding at end of period (in dollars) | 5,709,000 | 5,886,000 | 4,441,000 | 5,709,000 | 7,073,000 | ||||||||
Vested at end of period (in dollars) | 5,709,000 | 5,709,000 | |||||||||||
Total intrinsic value of options exercised (in dollars) | 1,600,000 | 3,100,000 | |||||||||||
Net cash proceeds from the exercise of stock options (in dollars) | 1,563,000 | 2,088,000 | |||||||||||
Income tax benefit from share-based payment arrangements (in dollars) | 6,575,000 | 9,138,000 | |||||||||||
Employee Stock Purchase Plan [Abstract] | |||||||||||||
Maximum ESPP common stock shares that can be sold to employees (shares) | 1,500,000 | ||||||||||||
Percentage of fair market value cost per share under the plan (percent) | 90.00% | ||||||||||||
Discount percentage under the plan (percent) | 10.00% | ||||||||||||
Employee withholding for the purchase of shares (in dollars) | 1,100,000 | ||||||||||||
ESPP common stock available for purchase (shares) | 1,260,727 | ||||||||||||
Board of Directors authorized the repurchase of common stock (sahres) | 500,000 | ||||||||||||
Share repurchases (shares) | 27,093 | 682,634 | 186,701 | ||||||||||
Value of shares repurchased (in dollars) | 1,300,000 | 31,000,000 | 9,300,000 | ||||||||||
Remaining shares authorized for repurchase (shares) | 260,727 | ||||||||||||
Stock repurchase program, authorized amount (in dollars) | $60,000,000 | $200,000,000 | $190,700,000 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) (Stock Options [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options excluded from the calculation of diluted EPS (shares) | 0 | 15,540 | 2,477 | 2,477 |
Basic_and_Diluted_Earnings_Per
Basic and Diluted Earnings Per Share Calculations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||
Net income | $34,386 | $32,144 | $95,674 | $88,108 |
Weighted average number of common shares outstanding - basic (shares) | 41,307 | 41,484 | 41,353 | 41,370 |
Weighted average number of common shares outstanding - diluted (shares) | 41,613 | 41,881 | 41,606 | 41,885 |
Basic earnings per common share (in dollars per share) | $0.83 | $0.77 | $2.31 | $2.13 |
Diluted earnings per common share (in dollars per share) | $0.83 | $0.77 | $2.30 | $2.10 |
Stock Options [Member] | ||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||
Effect of dilutive share based compensation (shares) | 95 | 122 | 87 | 122 |
Restricted Stock [Member] | ||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||
Effect of dilutive share based compensation (shares) | 211 | 275 | 166 | 393 |
Operating_Segment_Details
Operating Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue from External Customer [Line Items] | ||||
Membership dues | $195,657 | $187,568 | $576,847 | $547,933 |
Enrollment fees | 3,598 | 3,859 | 10,567 | 11,742 |
Other in-center revenue | 97,234 | 90,543 | 286,480 | 265,277 |
Total center revenue | 296,489 | 281,970 | 873,894 | 824,952 |
Other revenue | 19,522 | 12,903 | 40,972 | 26,672 |
Total revenue | 316,011 | 294,873 | 914,866 | 851,624 |
Personal Training | ||||
Revenue from External Customer [Line Items] | ||||
Other in-center revenue | 46,095 | 42,138 | 138,903 | 126,675 |
Other in-center revenue | ||||
Revenue from External Customer [Line Items] | ||||
Other in-center revenue | $51,139 | $48,405 | $147,577 | $138,602 |
Decreases_Increases_in_Operati
Decreases (Increases) in Operating Assets and Increases (Decreases) in Operating Liabilities (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Information [Abstract] | ||
Accounts receivable, net | ($657) | ($2,566) |
Income tax receivable | 0 | 5,022 |
Center operating supplies and inventories | -3,458 | -5,008 |
Prepaid expenses and other current assets | 4,180 | -443 |
Deferred membership origination costs | 1,718 | 340 |
Accounts payable | -3,585 | 4,036 |
Accrued expenses | 8,604 | 25,618 |
Deferred revenue | -6,762 | 547 |
Deferred rent liability | 2,384 | 2,382 |
Other liabilities | 302 | 501 |
Changes in operating assets and liabilities | $2,726 | $30,429 |
Supplementary_Cash_Flow_Inform2
Supplementary Cash Flow Information - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash payments for income taxes | $54,300,000 | $45,000,000 | |
Cash payments for interest, net of capitalized interest | 16,900,000 | 17,800,000 | |
Capitalized interest | 2,000,000 | 700,000 | |
Construction accounts payable | $51,820,000 | $17,200,000 | $25,208,000 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2011 |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||
Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $200,000,000 | |||
Derivative, fixed interest rate (in percent) | 1.32% | |||
Accumulated other comprehensive loss, net of tax | 2,500,000 | |||
Fair market value of swap contract | $4,108,000 | $6,052,000 |
Carrying_Value_and_Estimated_F
Carrying Value and Estimated Fair Value of Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurement Inputs, Disclosure [Line Items] | ||
Fair market value of swap contract | $4,108 | $6,052 |
Carrying Value | ||
Fair Value, Measurement Inputs, Disclosure [Line Items] | ||
Fixed-rate debt | 490,936 | 396,591 |
Obligations under capital leases | 15,083 | 15,441 |
Floating-rate debt | 282,773 | 292,437 |
Total | 788,792 | 704,469 |
Estimated Fair Value | ||
Fair Value, Measurement Inputs, Disclosure [Line Items] | ||
Fixed-rate debt | 492,192 | 403,659 |
Obligations under capital leases | 15,251 | 15,582 |
Floating-rate debt | 282,773 | 292,437 |
Total | 790,216 | 711,678 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Measurement Inputs, Disclosure [Line Items] | ||
Fair market value of swap contract | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Measurement Inputs, Disclosure [Line Items] | ||
Fair market value of swap contract | 4,108 | 6,052 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Measurement Inputs, Disclosure [Line Items] | ||
Fair market value of swap contract | $0 | $0 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income by Component (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Translation Adjustment [Member] | Accumulated Translation Adjustment [Member] | Accumulated Translation Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||||||||||
Beginning balance | ($4,801) | ($2,243) | ($3,310) | ($3,631) | ($2,877) | ($1,754) | ($1,170) | ($5,120) | ($5,064) | ($4,801) | |||
Other comprehensive income | 128 | -758 | -190 | -2,197 | -221 | 1,067 | 321 | 349 | -1,123 | -584 | 128 | -56 | -263 |
Ending balance | ($4,992) | ($4,992) | ($2,464) | ($2,243) | ($3,310) | ($2,528) | ($2,877) | ($1,754) | ($4,992) | ($5,120) | ($5,064) |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt Long-Term Debt (Details) (USD $) | 0 Months Ended | ||||
Aug. 23, 2013 | Feb. 12, 2013 | Jul. 31, 2013 | Feb. 13, 2013 | Jun. 30, 2011 | |
properties | properties | ||||
Long-Term Debt [Line Items] | |||||
Maximum borrowing capacity | $760,000,000 | $660,000,000 | |||
Potential increase to borrowing capacity | 240,000,000 | ||||
Face amount | 50,000,000 | 75,000,000 | |||
Number properties used to secure debt (properties) | 3 | 5 | |||
Stated interest rate (percent) | 4.48% | 4.45% | |||
Periodic payment | 400,000 | 800,000 | |||
Loans [Member] | |||||
Long-Term Debt [Line Items] | |||||
Additional borrowings in the form of a term loan | $100,000,000 | ||||
Stated amortization rate (percent) | 5.00% |
Intangible_Assets_Schedule_of_
Intangible Assets Schedule of Changes in Goodwill (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Roll Forward] | |
Balance at December 31, 2012 | $37,176 |
Goodwill acquired | 12,080 |
Balance at September 30, 2013 | $49,256 |
Intangible_Assets_Schedule_of_1
Intangible Assets Schedule of Changes in Intangible Assets (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Intangible Assets Excluding Goodwill [Roll Forward] | |
Balance at December 31, 2012 | $28,531 |
Trade/brand names acquired | 5,347 |
Balance at September 30, 2013 | $33,878 |
Recovered_Sheet1
Intangible Assets Schedule Of Carrying Value of Intangible Assets, Excluding Goodwill (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Carrying Value Of Intangible Assets Excluding Goodwill [Line Items] | ||
Total Intangible Assets | $33,878 | $28,531 |
Intangible Assets, Accumulated Amortization | 4,167 | |
Intangible Assets, Net (Excluding Goodwill) | 29,711 | |
Leasehold Rights [Member] | ||
Schedule Of Carrying Value Of Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 6,392 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,324 | |
Finite-Lived Intangible Assets, Net | 5,068 | |
Trade Names [Member] | ||
Schedule Of Carrying Value Of Intangible Assets Excluding Goodwill [Line Items] | ||
Trade/Brand Names | 15,479 | |
Trade/Brand Names, Accumulated Amortization | 885 | |
Trade/Brand Names, Net | 14,594 | |
Curriculum and Technology Based Intangibles [Member] | ||
Schedule Of Carrying Value Of Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 6,595 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,146 | |
Finite-Lived Intangible Assets, Net | 5,449 | |
Customer Relationships [Member] | ||
Schedule Of Carrying Value Of Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 5,412 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 812 | |
Finite-Lived Intangible Assets, Net | $4,600 |
Intangible_Assets_Intangible_A1
Intangible Assets Intangible Assets- Text (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule Of Changes In Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Amortization of Intangible Assets | $1.50 | $1 |
Trade Names [Member] | ||
Schedule Of Changes In Intangible Assets Excluding Goodwill [Line Items] | ||
Indefinite-Lived Trade Names | 5.1 | |
Finite Lived Trade Names, Net | $0.20 |