Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 17, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Registrant Name | 'Life Time Fitness, Inc. | ' | ' |
Entity Central Index Key | '0001076195 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 42,117,174 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,984,624,790 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
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 | 0 |
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 |
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 | 0 | 0 |
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 |
Consolidated_Balance_Sheets_pa
Consolidated Balance Sheets (parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.02 | $0.02 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Issued | 42,115,549 | 43,149,434 |
Common Stock, Shares, Outstanding | 42,115,549 | 43,149,434 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUE: | ' | ' | ' |
Membership dues | $766,846 | $727,596 | $663,439 |
Enrollment fees | 13,941 | 15,346 | 18,447 |
In-center revenue | 375,517 | 348,265 | 308,474 |
Total center revenue | 1,156,304 | 1,091,207 | 990,360 |
Other revenue | 49,600 | 35,740 | 23,314 |
Total revenue | 1,205,904 | 1,126,947 | 1,013,674 |
OPERATING EXPENSES: | ' | ' | ' |
Center operations | 696,209 | 655,887 | 614,949 |
Advertising and marketing | 42,712 | 39,931 | 36,318 |
General and administrative | 58,986 | 55,715 | 54,736 |
Other operating | 64,401 | 52,170 | 35,562 |
Depreciation and amortization | 118,972 | 115,016 | 98,843 |
Total operating expenses | 981,280 | 918,719 | 840,408 |
Income from operations | 224,624 | 208,228 | 173,266 |
OTHER INCOME (EXPENSE): | ' | ' | ' |
Interest expense, net of interest income | -25,656 | -25,475 | -20,138 |
Equity in earnings of affiliate | 1,399 | 1,482 | 1,299 |
Total other income (expense) | -24,257 | -23,993 | -18,839 |
INCOME BEFORE INCOME TAXES | 200,367 | 184,235 | 154,427 |
PROVISION FOR INCOME TAXES | 78,655 | 72,697 | 61,810 |
NET INCOME | $121,712 | $111,538 | $92,617 |
BASIC EARNINGS PER COMMON SHARE | $2.95 | $2.70 | $2.29 |
DILUTED EARNINGS PER COMMON SHARE | $2.93 | $2.66 | $2.26 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC | 41,263 | 41,345 | 40,358 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED | 41,482 | 41,972 | 40,930 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehenseive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income | $121,712 | $111,538 | $92,617 |
Foreign currency translation adjustments, net of income taxes of $1,585, $271 and $320, respectively | -2,188 | -365 | -835 |
Unrealized gains (losses) on cash flow hedges, net of taxes of $(916), $1,229 and $1,192, respectively | 1,374 | -1,843 | -1,788 |
Other comprehensive loss, net of tax | -814 | -2,208 | -2,623 |
Comprehensive Income | $120,898 | $109,330 | $89,994 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Tax on foreign currency translation adjustment | $1,585 | $271 | $320 |
Taxes on unrealized gains (losses) on cash flow hedges | ($916) | $1,229 | $1,192 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
In Thousands, except Share data, unless otherwise specified | |||||
Beginning Balance at Dec. 31, 2010 | $840,578 | $839 | $414,922 | $424,787 | $30 |
Shares, Beginning Balance at Dec. 31, 2010 | ' | 41,924,985 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 92,617 | ' | ' | 92,617 | ' |
Other comprehensive income | -2,623 | ' | ' | ' | -2,623 |
Common stock issued upon exercise of stock options, Shares | ' | 142,384 | ' | ' | ' |
Common stock issued upon exercise of stock options | 3,162 | 3 | 3,159 | ' | ' |
Grant of restricted stock, net of forfeitures, Shares | ' | 360,896 | ' | ' | ' |
Grant of restricted stock, net of forfeitures | 0 | 7 | -7 | ' | ' |
Compensation related to stock options and restricted stock grants | 20,358 | ' | 20,358 | ' | ' |
Tax benefit related to share-based compensation | 3,381 | ' | 3,381 | ' | ' |
Ending Balance at Dec. 31, 2011 | 957,473 | 849 | 441,813 | 517,404 | -2,593 |
Shares, Ending Balance at Dec. 31, 2011 | ' | 42,428,265 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 111,538 | ' | ' | 111,538 | ' |
Other comprehensive income | -2,208 | ' | ' | ' | -2,208 |
Common stock issued upon exercise of stock options, Shares | ' | 115,690 | ' | ' | ' |
Common stock issued upon exercise of stock options | 2,342 | 3 | 2,339 | ' | ' |
Grant of restricted stock, net of forfeitures, Shares | ' | 1,030,510 | ' | ' | ' |
Grant of restricted stock, net of forfeitures | 0 | 21 | -21 | ' | ' |
Share repurchases | ' | -425,031 | ' | ' | ' |
Stock Repurchased During Period, Value | -19,099 | -9 | -19,090 | ' | ' |
Compensation related to stock options and restricted stock grants | 15,148 | ' | 15,148 | ' | ' |
Tax benefit related to share-based compensation | 8,478 | ' | 8,478 | ' | ' |
Other | -755 | ' | -755 | ' | ' |
Ending Balance at Dec. 31, 2012 | 1,072,917 | 864 | 447,912 | 628,942 | -4,801 |
Shares, Ending Balance at Dec. 31, 2012 | ' | 43,149,434 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 121,712 | ' | ' | 121,712 | ' |
Other comprehensive income | -814 | ' | ' | ' | -814 |
Common stock issued upon exercise of stock options, Shares | ' | 74,242 | ' | ' | ' |
Common stock issued upon exercise of stock options | 1,734 | 2 | 1,732 | ' | ' |
Grant of restricted stock, net of forfeitures, Shares | ' | 221,208 | ' | ' | ' |
Grant of restricted stock, net of forfeitures | 0 | 4 | -4 | ' | ' |
Share repurchases | ' | -1,329,335 | ' | ' | ' |
Stock Repurchased During Period, Value | -61,959 | -27 | -61,932 | ' | ' |
Compensation related to stock options and restricted stock grants | 12,838 | ' | 12,838 | ' | ' |
Tax benefit related to share-based compensation | 6,211 | ' | 6,211 | ' | ' |
Other | -4,610 | ' | -4,610 | ' | ' |
Ending Balance at Dec. 31, 2013 | $1,148,029 | $843 | $402,147 | $750,654 | ($5,615) |
Shares, Ending Balance at Dec. 31, 2013 | ' | 42,115,549 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
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: | ' | ' | ' |
Depreciation and amortization | 118,972 | 115,016 | 98,843 |
Deferred income taxes | 6,327 | -2,832 | 5,557 |
Loss on disposal of property and equipment, net | 251 | 1,086 | 1,779 |
Gain on sale of land held for sale | -74 | -196 | 0 |
Amortization of deferred financing costs | 2,197 | 2,003 | 2,269 |
Share-based compensation | 12,469 | 14,686 | 19,767 |
Excess tax benefit related to share-based compensation | -5,895 | -8,502 | -3,537 |
Changes in operating assets and liabilities | 2,633 | 22,999 | 10,277 |
Other | -175 | -53 | 371 |
Net cash provided by operating activities | 258,417 | 255,745 | 227,943 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property and equipment | -348,948 | -224,194 | -165,335 |
Acquisitions, net of cash acquired | -13,238 | -30,614 | -70,264 |
Proceeds from sale of property and equipment | 1,445 | 969 | 794 |
Proceeds from sale of land held for sale | 678 | 1,758 | 0 |
Proceeds from property insurance settlements | 177 | 909 | 464 |
Increase in other assets | -1,187 | -333 | -92 |
Decrease in restricted cash | 1,237 | 102 | 1,484 |
Net cash used in investing activities | -359,836 | -251,403 | -232,949 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from long-term borrowings | 125,000 | 0 | 0 |
Repayments of long-term borrowings | -35,276 | -6,929 | -79,192 |
Proceeds from revolving credit facility, net | 56,500 | 22,000 | 77,800 |
Increase in deferred financing costs | -4,631 | -914 | -4,989 |
Excess tax benefit related to share-based compensation | 5,895 | 8,502 | 3,537 |
Proceeds from stock option exercises | 1,734 | 2,342 | 3,162 |
Proceeds from employee stock purchase plan | 1,367 | 1,206 | 1,061 |
Stock purchased for employee stock purchase plan | -1,309 | -1,290 | -1,113 |
Repurchases of common stock | -61,959 | -19,099 | 0 |
Net cash provided by financing activities | 87,321 | 5,818 | 266 |
Effect of exchange rate on cash and cash equivalents | 5,933 | -1,148 | 0 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -8,165 | 9,012 | -4,740 |
CASH AND CASH EQUIVALENTS - Beginning of period | 16,499 | 7,487 | 12,227 |
CASH AND CASH EQUIVALENTS - End of period | $8,334 | $16,499 | $7,487 |
Nature_of_Business
Nature of Business | 12 Months Ended |
Dec. 31, 2013 | |
Nature of Business [Abstract] | ' |
Nature of Business | ' |
Nature of Business | |
Life Time Fitness, Inc., a Minnesota corporation, and our subsidiaries are primarily engaged in designing, building and operating distinctive and large, multi-use sports and athletic, professional fitness, family recreation and spa centers in a resort-like environment, principally in residential locations of major metropolitan areas in the United States and Canada. As of December 31, 2013, we operated 108 centers, including 24 in Minnesota, 18 in Texas, nine in Illinois, six in Georgia, Michigan, North Carolina and Ohio, five in Arizona, four in Colorado and Virginia, three in Indiana and New Jersey, two in Kansas and Maryland and and one each in Alabama, Florida, Missouri, Nebraska, Nevada, New York, Oklahoma, Tennessee and Utah, and one in Ontario, Canada. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Significant Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Significant Accounting Policies | ' | |||||||||||||||||||||||
Significant Accounting Policies | ||||||||||||||||||||||||
Principles of Consolidation — The consolidated financial statements include the accounts of Life Time Fitness, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||||||||||||
Revenue Recognition — We receive monthly membership dues for usage from our members. We offer members month-to-month memberships and recognize as revenue the monthly membership dues in the month to which they pertain. | ||||||||||||||||||||||||
Generally we also receive a one-time enrollment fee (including an administrative fee) at the time a member joins. The enrollment fees are nonrefundable after 14 days. Enrollment fees and related direct expenses, primarily sales commissions, are deferred and recognized on a straight-line basis over an estimated average membership life of 33 months, which is based on historical membership experience. During the years ended December 31, 2011, 2012 and 2013, our annual attrition rate fluctuated between 31.3% and 35.8%, resulting in the estimated average membership life remaining at 33 months during those periods. At December 31, 2013, our annual attrition rate was 35.8%, and the increase was was driven primarily by growth in Non-Access membership terminations and membership pricing adjustments. | ||||||||||||||||||||||||
If the direct expenses related to the enrollment fees exceed the enrollment fees for any center, the amount of direct expenses in excess of the enrollment fees are expensed in the current period instead of deferred over the estimated 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, café and other member offerings. Revenue from spa and café services and products is recognized at the point of sale to the customer. Personal training revenue received in advance of training sessions and the related commissions are deferred and recognized based on historical member usage. | ||||||||||||||||||||||||
Other revenue includes revenue from our media, athletic events and related services, which includes our race registration and timing businesses, our health promotion programs and training and certification programs. Media advertising revenue is recognized over the duration of the advertising placement. For athletic events, revenue is generated primarily through sponsorship sales and race registration fees. Athletic event revenue and race registration revenue is recognized upon the completion of the event. Race timing revenue is recognized at the time of delivery to customer. Health revenue is recognized primarily at the time the service is performed. | ||||||||||||||||||||||||
Pre-Opening Operations — We generally operate a preview center up to five months prior to the planned opening of a center during which time memberships are sold as center construction is being completed. The revenue and direct membership acquisition costs, primarily sales commissions, incurred during the period prior to a center opening are deferred until the center opens and are then recognized on a straight-line basis over the estimated average membership life, beginning when the center opens. If the direct expenses related to the enrollment fees exceed the enrollment fees for any center, the amount of direct expenses in excess of the enrollment fees are expensed in the current period instead of deferred over the estimated average membership life. The related advertising, office, rent, labor and other expenses incurred during this period are expensed as incurred. | ||||||||||||||||||||||||
Cash and Cash Equivalents — We classify all unrestricted cash accounts and highly liquid debt instruments purchased with original maturities of three months or less as cash and cash equivalents. | ||||||||||||||||||||||||
Restricted Cash — We are required to keep funds in escrow accounts or on deposit at certain financial institutions related to certain of our lease and acquisition agreements. We or third parties may access the restricted cash after the occurrence of a specified event, as provided for under the respective agreements. | ||||||||||||||||||||||||
Accounts Receivable — Accounts receivable is presented net of allowance for doubtful accounts. The rollforward of these allowances is as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Allowance for doubtful accounts — beginning of period | $ | 213 | $ | 167 | $ | 150 | ||||||||||||||||||
Provisions | 334 | 675 | 216 | |||||||||||||||||||||
Write-offs against allowance | (367 | ) | (629 | ) | (199 | ) | ||||||||||||||||||
Allowance for doubtful accounts — end of period | $ | 180 | $ | 213 | $ | 167 | ||||||||||||||||||
Center Operating Supplies and Inventories — Our operating supplies are primarily center supplies 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 are removed from the balance on a first-in-first-out basis. These balances are as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Center operating supplies | $ | 8,658 | $ | 6,616 | ||||||||||||||||||||
In-center businesses inventory and supplies | 21,586 | 18,256 | ||||||||||||||||||||||
Apparel and other | 2,534 | 2,368 | ||||||||||||||||||||||
Total center operating supplies and inventories | $ | 32,778 | $ | 27,240 | ||||||||||||||||||||
Prepaid Expenses and Other Current Assets — Prepaid expenses and other current assets consist of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Deferred costs associated with personal training deferred revenue | $ | 4,691 | $ | 4,375 | ||||||||||||||||||||
Prepaid lease obligations | 3,843 | 3,228 | ||||||||||||||||||||||
Prepaid marketing and media expenses | 3,653 | 6,296 | ||||||||||||||||||||||
Prepaid maintenance agreements | 4,787 | 5,551 | ||||||||||||||||||||||
Prepaid licenses and subscriptions | 2,548 | 1,412 | ||||||||||||||||||||||
Other prepaid expenses | 2,391 | 1,357 | ||||||||||||||||||||||
Land held for sale – short-term | 839 | — | ||||||||||||||||||||||
Canadian sales tax receivable | 944 | 1,406 | ||||||||||||||||||||||
Other current assets | 2,106 | 3,201 | ||||||||||||||||||||||
Total prepaid expenses and other current assets | $ | 25,802 | $ | 26,826 | ||||||||||||||||||||
Property and Equipment — Property, equipment and leasehold improvements are recorded at cost. Improvements are capitalized while repair and maintenance costs are charged to operations when incurred. | ||||||||||||||||||||||||
Depreciation is computed using the straight-line method over estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the improvement. Accelerated depreciation methods are used for tax reporting purposes. | ||||||||||||||||||||||||
Property and equipment consist of the following: | ||||||||||||||||||||||||
Depreciable | December 31, | |||||||||||||||||||||||
Lives | 2013 | 2012 | ||||||||||||||||||||||
Land | $ | 330,800 | $ | 300,887 | ||||||||||||||||||||
Buildings and related fixtures | 3-39 years | 1,721,635 | 1,589,960 | |||||||||||||||||||||
Leasehold improvements | 1-20 years | 115,443 | 87,951 | |||||||||||||||||||||
Construction in progress | 160,560 | 68,358 | ||||||||||||||||||||||
Total land, buildings, leaseholds and construction in process | 2,328,438 | 2,047,156 | ||||||||||||||||||||||
Equipment: | ||||||||||||||||||||||||
Fitness | 3-7 years | 126,692 | 113,521 | |||||||||||||||||||||
Other equipment | 3-7 years | 101,450 | 88,290 | |||||||||||||||||||||
Computer and telephone | 3-7 years | 71,623 | 65,947 | |||||||||||||||||||||
Capitalized software | 3-5 years | 87,707 | 68,319 | |||||||||||||||||||||
Decor and signage | 5 years | 20,134 | 18,553 | |||||||||||||||||||||
Audio/visual | 5 years | 35,064 | 32,223 | |||||||||||||||||||||
Furniture and fixtures | 5-7 years | 19,946 | 18,197 | |||||||||||||||||||||
Total equipment | 462,616 | 405,050 | ||||||||||||||||||||||
Property and equipment, gross | 2,791,054 | 2,452,206 | ||||||||||||||||||||||
Less accumulated depreciation | 685,977 | 593,540 | ||||||||||||||||||||||
Property and equipment, net | $ | 2,105,077 | $ | 1,858,666 | ||||||||||||||||||||
At December 31, 2013, we had six centers under construction which we plan to open in 2014. Construction in progress, including land for future development, totaled $202.8 million at December 31, 2013 and $100.3 million at December 31, 2012. | ||||||||||||||||||||||||
Included in the construction in progress balances are site development costs which consist of legal, engineering, architectural, environmental, feasibility and other direct expenditures incurred for certain new center projects. Capitalization commences when acquisition of a particular property is deemed probable by management. Should a specific project be deemed not viable for construction, any capitalized costs related to that project are charged to operations at the time of that determination. Costs incurred prior to the point at which the acquisition is deemed probable are expensed as incurred. Upon completion of a project, the site development costs are classified as property and depreciated over the useful life of the asset. Site development costs were $1.5 million and $2.6 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Capitalized software includes our internally developed web-based systems to facilitate member enrollment and management, marketing-based website development, as well as point of sale system enhancements and our payroll, human resources and procure-to-pay software. | ||||||||||||||||||||||||
We capitalize interest during the construction period of our centers and this capitalized interest is included in the cost of the building. We capitalized interest of $3.3 million and $1.1 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Other equipment consists primarily of café, spa, playground and laundry equipment. | ||||||||||||||||||||||||
Acquisitions — We account for business acquisitions in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 805, Business Combinations. This standard requires the acquiring entity in a business combination to recognize all the assets acquired and liabilities assumed in the transaction and establishes the acquisition-date fair value as the measurement objective for all assets acquired and liabilities assumed in a business combination. Certain provisions of this standard prescribe, among other things, the determination of acquisition-date fair value of consideration paid in a business combination (including contingent consideration) and the exclusion of transaction and acquisition-related restructuring costs from acquisition 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 are as follows: $3.2 million of identifiable assets, $4.6 million of deferred revenue, $9.4 million of goodwill and $5.4 million of identifiable intangible assets. Additionally in 2013, we finalized the valuation on our 2012 acquisitions which resulted in an increase of $2.6 million of goodwill. | ||||||||||||||||||||||||
In 2012, we spent approximately $30.6 million in acquisition related costs, including a race timing company that developed a radio frequency identification timing system for athletic and endurance events including run, bike and multi-sport races. Simultaneous with that acquisition, we merged a race registration business, in which we previously owned a majority equity interest, with the race timing business. The fair values assigned to the race timing company were approximately $11.2 million of identifiable intangible assets, $2.3 million of identifiable assets and $5.7 million to goodwill. We also acquired a tennis center in the Atlanta, Georgia market which we rebranded Life Time Athletic Peachtree Corners. The fair value assigned to this acquired business was approximately $4.0 million of identifiable intangible assets. We also acquired certain athletic events which complement our existing portfolio of athletic events. The fair values assigned to the athletic events was approximately $3.9 million aggregate identifiable intangible assets. | ||||||||||||||||||||||||
In December 2011, we acquired nine centers from Lifestyle Family Fitness ("LFF"). The centers are located in or near our existing markets, and while smaller than our typical centers, they complement our current locations in these markets and allow us to reach key demographics in areas we don't cover with our current centers, in addition to taking advantage of our brand in these markets. We lease eight of the centers and acquired the property of one center. The fair values assigned to the acquired entity were approximately $9.2 million of goodwill and the remainder of the purchase price was related to identifiable assets. | ||||||||||||||||||||||||
In December 2011, we purchased the land and building of six of our existing centers we had previously leased. The purchase was financed by borrowings from our credit facility and the assumption of a securitized commercial mortgage-backed loan of approximately $72.1 million (see Note 4), which approximates fair value, based on an independent assessment. Since we previously operated these centers, this was accounted for as a purchase of an asset group. We allocated the purchase price to land and buildings acquired based on relative fair values as determined by independent appraisals. Previously recorded deferred rent related to these properties was treated as a reduction of the purchase price. Additionally, we reclassified unamortized leasehold improvements on these properties to the purchased assets. | ||||||||||||||||||||||||
We do not present pro forma information for these acquisitions given the immateriality of their results individually and in the aggregate to our consolidated financial statements. | ||||||||||||||||||||||||
Impairment of Long-lived Assets — The carrying value of long-lived assets is reviewed annually and whenever events or changes in circumstances indicate that such carrying values may not be recoverable. We consider a history of consistent and significant operating losses, or the inability to recover net book value over the remaining useful life, to be our primary indicator of potential impairment. Assets are grouped and evaluated for impairment at the lowest level for which there are identifiable cash flows, which is generally at an individual center level or ancillary business. The determination of whether impairment has occurred is based on an estimate of undiscounted future cash flows directly related to that center or ancillary business, compared to the carrying value of these assets. If an impairment has occurred, the amount of impairment recognized is determined by estimating the fair value of these assets and recording a loss if the carrying value is greater than the fair value. Based upon our review and analysis, no impairments 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 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. 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. Changes in the fair market value of the swap contract are recorded in accumulated other comprehensive (loss) income, net of tax. As of December 31, 2013, the $2.3 million fair market 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 $3.8 million gross fair market value of the swap contract was included in long-term debt. For information regarding the swap contract, see Note 4. | ||||||||||||||||||||||||
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. 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. No amounts related to ineffectiveness have been recognized in earnings for the years ended December 31, 2013, 2012 or 2011. | ||||||||||||||||||||||||
Goodwill — The goodwill acquired during the year ended December 31, 2013 is primarily from the acquisition of certain athletic events as well as other smaller acquisitions. We are currently in the process of finalizing the valuation of the assets acquired and liabilities assumed. The goodwill acquired during the year ended December 31, 2012 is primarily from the acquisition of race registration and timing businesses as well as other smaller acquisitions. The changes in the carrying amount of goodwill are as follows: | ||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 25,550 | ||||||||||||||||||||||
Goodwill acquired | 11,626 | |||||||||||||||||||||||
Balance at December 31, 2012 | 37,176 | |||||||||||||||||||||||
Goodwill acquired | 12,019 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 49,195 | ||||||||||||||||||||||
Goodwill has an indefinite useful life and is not amortized but instead tested for impairment annually at September 30, or more frequently if necessary. We test goodwill at the reporting unit level which is one level below the operating segment. For us, this is generally the individual center or athletic event level. Based upon our review and analysis, no impairments were deemed to have occurred during the years ended December 31, 2013, 2012 or 2011. | ||||||||||||||||||||||||
Intangible Assets — Intangible assets are comprised of trade names, leasehold rights, curriculum- and technology-based intangible assets and customer relationships. Intangible assets determined to have an indefinite useful life are not amortized but instead tested for impairment at least annually. | ||||||||||||||||||||||||
We evaluate our intangible assets for impairment on an annual basis each September 30. We are also required to evaluate these assets for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the intangible asset below its carrying amount. Based upon our review and analysis, no impairments were deemed to have occurred during the years ended December 31, 2013, 2012 or 2011. | ||||||||||||||||||||||||
The following table summarizes the changes in our gross intangible balance: | ||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 10,481 | ||||||||||||||||||||||
Leasehold rights acquired | 4,000 | |||||||||||||||||||||||
Trade/brand names acquired | 5,566 | |||||||||||||||||||||||
Curriculum- and technology-based intangibles acquired | 3,965 | |||||||||||||||||||||||
Customer relationships acquired | 4,519 | |||||||||||||||||||||||
Balance at December 31, 2012 | 28,531 | |||||||||||||||||||||||
Trade/brand names acquired | 5,347 | |||||||||||||||||||||||
Curriculum- and technology-based intangibles acquired | 100 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 33,978 | ||||||||||||||||||||||
The leasehold rights acquired during the year ended December 31, 2012 are related to our acquisition of Racquet Club of the South, which we rebranded Life Time Athletic Peachtree Corners. The trade/brand names acquired during the year ended December 31, 2012 are related to the acquisition of race registration and timing businesses and certain athletic events. The curriculum-and technology-based intangibles and the customer relationship intangible acquired during the year ended December 31, 2012 are related to the race registration and timing business acquisition. | ||||||||||||||||||||||||
The trade/brand names acquired 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. | ||||||||||||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Leasehold rights | $ | 6,392 | $ | 1,435 | $ | 4,957 | $ | 6,392 | $ | 993 | $ | 5,399 | ||||||||||||
Trade/brand names | 15,479 | 1,011 | 14,468 | 10,132 | 503 | 9,629 | ||||||||||||||||||
Curriculum- and technology-based intangibles | 6,695 | 1,286 | 5,409 | 6,595 | 751 | 5,844 | ||||||||||||||||||
Customer relationships | 5,412 | 947 | 4,465 | 5,412 | 406 | 5,006 | ||||||||||||||||||
Total intangible assets | $ | 33,978 | $ | 4,679 | $ | 29,299 | $ | 28,531 | $ | 2,653 | $ | 25,878 | ||||||||||||
Leasehold rights have useful lives ranging from six to 24 years. Approximately $9.3 million of our trade/brand names have indefinite useful lives. The remaining $6.2 million of our trade/brand names have a weighted-average useful life of approximately 13 years. Curriculum- and technology-based intangibles have useful lives ranging from two to 15 years. The customer relationship intangible has a useful life of 10 years. Amortization expense for intangible assets was $2.0 million, $1.7 million and $0.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, expected amortization expense for intangible assets for each of the next five years and thereafter was as follows: | ||||||||||||||||||||||||
2014 | $ | 2,062 | ||||||||||||||||||||||
2015 | 2,054 | |||||||||||||||||||||||
2016 | 1,935 | |||||||||||||||||||||||
2017 | 1,910 | |||||||||||||||||||||||
2018 | 1,910 | |||||||||||||||||||||||
Thereafter | 10,051 | |||||||||||||||||||||||
Total expected amortization expense for intangible assets | $ | 19,922 | ||||||||||||||||||||||
Other Assets — We record other assets at cost. Amortization of financing costs is computed over the periods of the related debt financing. Other assets consist of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Financing costs, net | $ | 10,393 | $ | 7,960 | ||||||||||||||||||||
Investment in unconsolidated affiliate (see Note 3) | 4,761 | 4,331 | ||||||||||||||||||||||
Land held for sale | 15,787 | 17,229 | ||||||||||||||||||||||
Executive nonqualified plan (see Note 11) | 5,410 | 3,980 | ||||||||||||||||||||||
Other | 6,333 | 7,733 | ||||||||||||||||||||||
Total other assets | $ | 42,684 | $ | 41,233 | ||||||||||||||||||||
Land held for sale consists of excess land 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 at the lower-of-cost or fair market value less estimated costs to sell. | ||||||||||||||||||||||||
Accrued Expenses — Accrued expenses consist of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Payroll related | $ | 14,410 | $ | 12,255 | ||||||||||||||||||||
Real estate taxes | 18,939 | 18,549 | ||||||||||||||||||||||
Center operating costs | 15,868 | 14,239 | ||||||||||||||||||||||
Insurance | 6,495 | 6,911 | ||||||||||||||||||||||
Interest | 1,469 | 888 | ||||||||||||||||||||||
Income taxes | 59 | 137 | ||||||||||||||||||||||
Marketing and information technology accruals | 1,642 | 1,780 | ||||||||||||||||||||||
Other | 8,553 | 8,574 | ||||||||||||||||||||||
Total accrued expenses | $ | 67,435 | $ | 63,333 | ||||||||||||||||||||
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. | ||||||||||||||||||||||||
Income Taxes — We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | ||||||||||||||||||||||||
We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would record a valuation allowance, which would reduce the provision for income taxes. | ||||||||||||||||||||||||
We recognize, measure, present and disclose uncertain tax positions that we have taken or expect to take in our income tax returns. We recognize a tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. | ||||||||||||||||||||||||
We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statement of operations. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheet. | ||||||||||||||||||||||||
Earnings per Common Share — Basic earnings per common share (“EPS”) is computed by dividing net income applicable to common shareholders by the weighted average number of shares of common stock outstanding for each year. 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 2,477 and 15,540 for the years ended December 31, 2013 and 2012, respectively, and 42,227 for the year ended December 31, 2011. | ||||||||||||||||||||||||
The basic and diluted earnings per share calculations are shown below: | ||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Net income | $ | 121,712 | $ | 111,538 | $ | 92,617 | ||||||||||||||||||
Weighted average number of common shares outstanding – basic | 41,263 | 41,345 | 40,358 | |||||||||||||||||||||
Effect of dilutive stock options | 85 | 116 | 132 | |||||||||||||||||||||
Effect of dilutive restricted stock awards | 134 | 511 | 440 | |||||||||||||||||||||
Weighted average number of common shares outstanding – diluted | 41,482 | 41,972 | 40,930 | |||||||||||||||||||||
Basic earnings per common share | $ | 2.95 | $ | 2.7 | $ | 2.29 | ||||||||||||||||||
Diluted earnings per common share | $ | 2.93 | $ | 2.66 | $ | 2.26 | ||||||||||||||||||
The number of total common shares outstanding at December 31, 2013 was 42,115,549. | ||||||||||||||||||||||||
Dividends — We have never declared or paid any cash dividends on our common stock. We currently intend to invest all future earnings into the operation and expansion of our business or the repurchase of shares 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 limits 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. | ||||||||||||||||||||||||
Share-Based Compensation — We maintain share-based incentive plans. Under applicable accounting standards, the fair value of share-based compensation is determined at the grant date and the recognition of the related expense is recorded over the period in which the share-based compensation vests. | ||||||||||||||||||||||||
The Compensation Committee of our Board of Directors has the authority to select the persons to receive awards and determine the type, size and terms of awards and establish objectives and conditions for earning awards, and the authority to delegate that authority. The types of awards that may be granted 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 stock-based awards. The value of restricted shares was based upon the closing price of our stock on the dates of issue. The restricted shares generally vest over periods ranging from one to four years. As of December 31, 2013, we had 1,234,537 shares available for grant. | ||||||||||||||||||||||||
We also have performance-based incentive plans. In June 2009 and August 2010, the Compensation Committee approved the grant of a total of 1,016,000 shares of long-term performance-based restricted stock to serve as an incentive to our senior management team to achieve certain diluted EPS targets in 2011 and 2012. A specified EPS target was achieved for fiscal 2011 and 50% of the restricted shares vested. A specified EPS target was achieved for fiscal 2012 and the remaining 50% of the restricted shares vested. The probability of reaching the targets was evaluated each reporting period. A total of $18.8 million (pretax) was recognized as compensation expense with respect to this grant. | ||||||||||||||||||||||||
In May, July and August 2012, the Compensation Committee approved the grant of a total of 658,500 shares of long-term performance-based restricted stock to serve as an incentive to our senior management team to achieve certain cumulative diluted EPS and return on invested capital (“ROIC”) targets during performance periods that end on December 31, 2015 and December 31, 2016. 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. These targets are $13.68 cumulative diluted EPS through 2015 and $18.96 cumulative diluted EPS through 2016. The ROIC target is measured in the last year of the applicable performance period. These targets are 8.9% for 2015 and 9.0% for 2016. If the specified cumulative diluted EPS and ROIC targets are 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 met or exceeded for the performance period ending December 31, 2016, all of the restricted shares will vest. In the event that we do not achieve the specified cumulative diluted EPS and ROIC targets for the performance period ending December 31, 2016, the restricted shares will be forfeited. A maximum of $28.8 million could be recognized as compensation expense with respect to this grant if all cumulative diluted EPS and ROIC targets are met. | ||||||||||||||||||||||||
We do not believe that achievement of either the cumulative diluted EPS or the ROIC targets is currently probable, and, therefore, we did not recognize any compensation expense associated with the grant during the year ended December 31, 2013. If all of the targets had been considered probable at December 31, 2013, we would have recognized $11.6 million of non-cash performance share-based compensation expense during the year ended December 31, 2013. If it becomes probable that the cumulative diluted EPS and ROIC performance targets will be achieved, a cumulative adjustment will be recorded and the remaining compensation expense will be recognized over the remaining performance period. The probability of reaching 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 the purchase period, as defined. Compensation expense under the ESPP is based on the discount of 10% at the end of the purchase period. | ||||||||||||||||||||||||
For more information on our share-based compensation, see Note 7. | ||||||||||||||||||||||||
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 Eurodollar interest rates, Eurodollar 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: | ||||||||||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||||||||||
Total | Active Markets for | Observable | Unobservable | |||||||||||||||||||||
Fair | Identical Assets | Inputs | Inputs | |||||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Interest rate swap liability as of | ||||||||||||||||||||||||
December 31, 2013 | $3,762 | $— | $3,762 | $— | ||||||||||||||||||||
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 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 years ended December 31, 2013 or 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 December 31, 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: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | |||||||||||||||||||||||
Fixed-rate debt | $ | 487,556 | $ | 488,441 | ||||||||||||||||||||
Obligations under capital leases | 14,965 | 15,150 | ||||||||||||||||||||||
Floating-rate debt | 346,077 | 346,077 | ||||||||||||||||||||||
Total | $ | 848,598 | $ | 849,668 | ||||||||||||||||||||
Comprehensive Income — Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. For us, the difference between net income as reported on the consolidated 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 under construction, in Toronto, Canada, our first international locations. For more information on the swap contract, see Note 4. | ||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component — The following table presents information about accumulated other comprehensive income (loss) by component (net of tax): | ||||||||||||||||||||||||
Gains (Losses) on Cash Flows Hedge | Foreign Currency Translation Adjustments | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||
Balance at December 31, 2011 | $ | (1,788 | ) | $ | (805 | ) | $ | (2,593 | ) | |||||||||||||||
Other comprehensive income | (1,843 | ) | (365 | ) | (2,208 | ) | ||||||||||||||||||
Balance at December 31, 2012 | (3,631 | ) | (1,170 | ) | (4,801 | ) | ||||||||||||||||||
Other comprehensive income | 1,374 | (2,188 | ) | (814 | ) | |||||||||||||||||||
Balance at December 31, 2013 | $ | (2,257 | ) | $ | (3,358 | ) | $ | (5,615 | ) | |||||||||||||||
Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate results could differ from those estimates. In recording transactions and balances resulting from business operations, we use estimates based on the best information available. We use estimates for such items as depreciable lives, probability of meeting certain performance targets, tax provisions and deferred personal training revenue. We also use estimates for calculating the amortization period for deferred enrollment fee revenue and associated direct costs, which are based on the historical estimated average membership life. We revise the recorded estimates when better information is available, facts change or we can determine actual amounts. These revisions can affect our consolidated operating results. | ||||||||||||||||||||||||
Supplemental Cash Flow Information — Decreases (increases) in operating assets and increases (decreases) in operating liabilities are as follows: | ||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Accounts receivable | $ | 685 | $ | (2,211 | ) | $ | (565 | ) | ||||||||||||||||
Income tax receivable | (6,698 | ) | (5,026 | ) | 4,894 | |||||||||||||||||||
Center operating supplies and inventories | (5,555 | ) | (3,093 | ) | (3,423 | ) | ||||||||||||||||||
Prepaid expenses and other current assets | 3,190 | 5,022 | (9,150 | ) | ||||||||||||||||||||
Deferred membership origination costs | 3,329 | 2,172 | 1,322 | |||||||||||||||||||||
Accounts payable | (3,986 | ) | 10,160 | 3,324 | ||||||||||||||||||||
Accrued expenses | 10,404 | 12,568 | 8,853 | |||||||||||||||||||||
Deferred revenue | (5,918 | ) | 3,108 | 1,988 | ||||||||||||||||||||
Deferred rent liability | 6,473 | (1,428 | ) | 3,040 | ||||||||||||||||||||
Other liabilities | 709 | 1,727 | (6 | ) | ||||||||||||||||||||
Changes in operating assets and liabilities | $ | 2,633 | $ | 22,999 | $ | 10,277 | ||||||||||||||||||
Our capital expenditures were as follows: | ||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Cash purchases of property and equipment | $ | 348,948 | $ | 224,194 | $ | 165,335 | ||||||||||||||||||
Non-cash change in construction accounts payable | 22,134 | 3,316 | (2,450 | ) | ||||||||||||||||||||
Other non-cash changes to property and equipment | (5,964 | ) | 5,604 | 839 | ||||||||||||||||||||
Total capital expenditures | $ | 365,118 | $ | 233,114 | $ | 163,724 | ||||||||||||||||||
We made cash payments for income taxes for each of the three years ended December 31, 2013, 2012 and 2011 of $71.9 million, $61.5 million and $48.4 million, respectively. | ||||||||||||||||||||||||
We made cash payments for interest, net of capitalized interest, for each of the three years ended December 31, 2013, 2012 and 2011 of $22.9 million, $23.8 million and $17.7 million, respectively. Capitalized interest was $3.3 million, $1.1 million and $1.2 million during those same periods, respectively. | ||||||||||||||||||||||||
Construction accounts payable and accounts payable related to property and equipment was $47.3 million at December 31, 2013 and $25.2 million at December 31, 2012. | ||||||||||||||||||||||||
In December 2011, we purchased the land and building of six of our existing centers we had previously leased. The purchase was financed by borrowings from our credit facility and the assumption of a securitized commercial mortgage-backed loan of approximately $72.1 million (see Note 4), which approximates fair value, based on an independent assessment. | ||||||||||||||||||||||||
New Accounting Pronouncements — In July 2012, the FASB updated guidance on intangible asset impairment testing. The guidance became effective for us in fiscal 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 is not 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 fiscal 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 their financial statements. It did not amend any existing requirements for reporting net income or OCI in the financial statements. The implementation of the guidance did not have a material impact on our consolidated financial statements. |
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affiliate | 12 Months Ended |
Dec. 31, 2013 | |
Investment in Unconsolidated Affiliate [Abstract] | ' |
Investment in Unconsolidated Affiliate | ' |
Investment in Unconsolidated Affiliate | |
In December 1999, we, together with two unrelated organizations, formed an Illinois limited liability company named Bloomingdale LIFE TIME Fitness L.L.C. (“Bloomingdale LLC”) for the purpose of constructing and operating a center in Bloomingdale, Illinois. The center opened for business in February 2001. Each of the three members maintains an equal interest in Bloomingdale LLC. Pursuant to the terms of the agreement that governs the formation and operation of Bloomingdale LLC (the “Operating Agreement”), each of the three members contributed $2.0 million to Bloomingdale LLC. We share joint control of the center with our joint venture partners, as all decisions essential to the accomplishments of the purpose of Bloomingdale LLC require the consent of the other members of Bloomingdale LLC. The Operating Agreement expires on the earlier of December 2039 or the liquidation of Bloomingdale LLC. We account for our interest in Bloomingdale LLC using the equity method. | |
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 million. As additional security for the mortgage loan, all of the members separately guaranteed one-third of the loan. As of December 31, 2013, the maximum amount of future payments under our one-third of the guarantee was $1.6 million. We have the right to recover from Bloomingdale LLC any amounts paid under the terms of the guarantee, but only after Bloomingdale LLC’s obligations to the bank have been satisfied. | |
Pursuant to the terms of the Operating Agreement, beginning in March 2002 and continuing throughout the term of such agreement, each of the other two members are guaranteed to receive cash distributions from Bloomingdale LLC. The amount of these aggregated distributions is, and will continue to be throughout the term of the agreement, approximately $0.7 million annually per member. A determination will be made on an annual basis regarding the distribution of any net cash flow to each of the members in addition to the guaranteed payments. We are entitled to receive annual distributions once guaranteed payments and adjustment payments have been made. In the event that Bloomingdale LLC does not generate sufficient cash flow through its own operations to make the required monthly distributions, we are obligated to make such payments to each of the other two members. To date, Bloomingdale LLC has generated cash flows sufficient to make all such payments. Each of the three members received distributions from Bloomingdale LLC in the amount of $0.9 million, $1.0 million and $0.9 million for each of the three years ended December 31, 2013, 2012 and 2011, respectively. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Notes to Financial Statements [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
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 from LIBOR plus 1.25% to 2.25% or base plus 0.25% to 1.25%, facility expires July 2018, collateralized by certain personal property | $ | 510,500 | $ | 454,000 | ||||
Interest rate swap on notional amount of $200,000 at a fixed annual rate of 1.32% plus the applicable spread, expires June 2016 | 3,762 | 6,052 | ||||||
Mortgage notes payable with monthly interest and principal payments totaling $632 including interest at 6.03% to February 2017 and collateralized by certain related real estate and buildings | 95,207 | 96,909 | ||||||
Mortgage notes payable with monthly interest and principal payments totaling $775 including interest at 4.45%, expiring March 2023 and collateralized by certain related real estate and buildings. | 70,457 | — | ||||||
Mortgage notes payable with monthly interest and principal payments totaling $503 including interest at 5.75% to December 2016 and collateralized by certain related real estate and buildings | 68,173 | 70,175 | ||||||
Mortgage notes payable with monthly interest and principal payments totaling $423 including interest at 4.48%, expiring September 2026 and collateralized by certain related real estate and buildings. | 49,287 | — | ||||||
Variable rate demand notes, interest due monthly at a variable rate resetting weekly, principal due annually according to an agreement with a Letter of Credit provider that secures the notes which mature in July 2033 | 31,815 | 32,385 | ||||||
Mortgage notes payable to banks with monthly interest and principal payments totaling $27 and $205, respectively, including interest ranging from 6.25% to 7.10%, expiring between November 2013 and May 2024 and collateralized by certain related real estate and buildings | 2,397 | 20,616 | ||||||
Promissory note payable to lender, monthly interest and principal payments totaling $80 including interest at 5.78% to January 2015, collateralized by a certain interest in secured property | — | 5,786 | ||||||
Other debt including promissory note payable and special assessments payable | 2,035 | 3,106 | ||||||
Total debt (excluding obligations under capital leases) | 833,633 | 689,029 | ||||||
Obligations under capital leases (see below) | 14,965 | 15,441 | ||||||
Total debt | 848,598 | 704,470 | ||||||
Less current maturities | 24,505 | 12,603 | ||||||
Total long-term debt | $ | 824,093 | $ | 691,867 | ||||
Revolving Credit Facility | ||||||||
In June 2011, we entered into a Third Amended and Restated Credit Agreement with U.S. Bank National Association, as administrative agent, and the other lenders from time to time party thereto, which amended and restated our prior credit agreement. The material changes to the revolving credit facility were an increase in the amount of the facility from $470.0 million to $660.0 million, which could be increased by an additional $240.0 million upon the exercise of an accordion feature by us if one or more lenders committed the additional $240.0 million, an extension of the term of the facility to June 2016 and a change in the interest rate and the primary financial covenants under the facility. | ||||||||
In July 2013, we entered into the Second 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 our 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 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 new 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. | ||||||||
At December 31, 2012, $454.0 million was outstanding on the revolving credit facility at a weighted average interest rate of 2.4%. The weighted average interest rate and debt outstanding under the revolving credit facility for the year ended December 31, 2012 was 2.6% and $390.6 million, respectively. The maximum month-end balance during the year ended December 31, 2012 was $454.0 million. | ||||||||
At December 31, 2013, $510.5 million was outstanding on the revolving credit facility at a weighted average interest rate of 2.4%, 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 $510.5 million. | ||||||||
Interest Rate Swap | ||||||||
In August 2011, we entered into an interest rate swap contract with J.P. Morgan Chase Bank, N.A. that effectively fixed the rates paid on a total of $200.0 million of variable rate borrowings from our revolving credit facility at 1.32% plus the applicable spread (which depends on our EBITDAR leverage ratio) until June 2016. We pay 1.32% and receive LIBOR on the notional amount of $200.0 million. The contract was designated a hedge against interest rate volatility. We applied this hedge to variable rate interest debt under the U.S. Bank credit facility. Changes in the fair market value of the swap contract were recorded in accumulated other comprehensive (loss) income. As of December 31, 2013, the $2.3 million fair market 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 $3.8 million gross fair market value of the swap contract was included in long-term debt. | ||||||||
Mortgage Financing | ||||||||
In January 2007, a wholly owned subsidiary obtained a mortgage-backed loan in the original principal amount of $105.0 million from Goldman Sachs Commercial Mortgage Capital, L.P. pursuant to a loan agreement dated January 2007. The mortgage financing is secured by six properties owned by the subsidiary and operated as Life Time Fitness centers. The mortgage financing matures in February 2017. Interest on the amounts borrowed under the mortgage financing referenced above is 6.03% per annum, with a constant monthly debt service payment of $0.6 million. As additional security for the subsidiary's obligations under this mortgage financing, the subsidiary granted a security interest in all assets owned from time to time by the subsidiary including the properties, the revenues from the properties and all other tangible and intangible property, and certain bank accounts belonging to the subsidiary that the lender has required pursuant to the mortgage financing. As of December 31, 2013, $95.2 million remained outstanding on the loan. | ||||||||
In February 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. As of December 31, 2013, $70.5 million remained outstanding on the loan. | ||||||||
In connection with the purchase of six previously leased Life Time Fitness centers, in December 2011 a wholly owned subsidiary assumed a securitized commercial mortgage-backed loan dated December 2006 in the original principal amount of $80.0 million from the landlord. The assumed amount of the loan was $72.1 million and matures in December 2016. Interest on the loan is 5.75% per annum, with a constant monthly debt service payment of $0.5 million. The loan is secured by mortgages on the six properties purchased by the subsidiary and certain other tangible and intangible property of the subsidiary. Also in connection with the purchase and financing, our wholly owned subsidiary assumed the lease agreement previously executed in June of 2006 between the landlord and another of our wholly owned subsidiaries as tenant of the six properties. Our subsidiaries may not terminate the lease or transfer their interests in the properties except as permitted under the loan and lease agreements. We guarantee the obligations of our subsidiary as tenant under the lease. As of December 31, 2013, $68.2 million remained outstanding on the loan. | ||||||||
In August 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. As of December 31, 2013, $49.3 million remained outstanding on the loan. | ||||||||
In May 2009, we financed one Minnesota center using an obligation bearing interest at a rate of 7.10%, to be reset in May 2014 and May 2019 using the five-year LIBOR swap rate plus 4.50%, with a 6.00% floor, and amortized over a 20-year period. This obligation is due in full in May 2024. As security for the obligation, we have granted a mortgage on this center. At December 31, 2013, $2.4 million was outstanding. | ||||||||
In November 2009, we financed one Minnesota center using an obligation bearing interest at a fixed rate of 6.95% amortized over a 15-year period. This obligation was due in full in November 2014. As security for the obligation, we granted a mortgage on this center. In April 2013, we prepaid the mortgage note payable using our revolving credit facility. Concurrent with the prepayment, the mortgage was released on the related center. | ||||||||
In March 2009, we financed one Minnesota center using an obligation bearing interest at a fixed rate of 6.25% amortized over a 15-year period. This obligation was due in full in March 2014. As security for the obligation, we granted a mortgage on this center. In June 2013, we prepaid the mortgage note payable using our 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. As security for the obligation, we granted a mortgage on this center. In June 2013, we prepaid the mortgage note payable using our revolving credit facility. Concurrent with the prepayment, the mortgage was released on the related center. | ||||||||
Variable Rate Demand Notes | ||||||||
In July 2008, a wholly owned subsidiary issued variable rate demand notes in the principal amount of $34.2 million, the proceeds of which were used to provide permanent financing for our corporate headquarters and our Overland Park, Kansas center. The notes, which mature in July 2033, bear interest at a variable rate that is adjusted weekly. The interest rate at December 31, 2013 was 0.2%. The notes are backed by a letter of credit from General Electric Capital Corporation ("GECC"), for which we will pay GECC an annual fee of 1.40% of the maximum amount available under the letter of credit, as well as other drawing and reimbursement fees. In connection with the letter of credit, which expires in June 2023, the borrower subsidiary entered into a reimbursement agreement with GECC. Under the terms of the reimbursement agreement, if the notes are purchased with proceeds of a drawing under the letter of credit, and cannot thereafter be remarketed, GECC is obligated to hold the notes and the indebtedness evidenced by those notes will be amortized over a period ending June 2023. The subsidiary’s obligations under the reimbursement agreement are secured by mortgages against the two aforementioned properties. We guaranteed the subsidiary’s obligations under the leases that will fund any reimbursement obligations. As of December 31, 2013, $31.8 million remained outstanding on the notes. | ||||||||
Promissory Note Payable to Lender | ||||||||
In December 2007, we borrowed $8.5 million, evidenced by a promissory note that matures in January 2015, bears fixed interest at 5.78% and is secured by an interest in certain personal property. In April 2013, we prepaid this promissory note payable using our revolving credit facility. | ||||||||
Aggregate annual future maturities of long-term debt (excluding capital leases) at December 31, 2013 are as follows: | ||||||||
2014 | $ | 14,238 | ||||||
2015 | 14,836 | |||||||
2016 | 80,779 | |||||||
2017 | 101,174 | |||||||
2018 | 522,713 | |||||||
Thereafter | 99,893 | |||||||
Total future maturities of long-term debt (excluding capital leases) | $ | 833,633 | ||||||
Capital Leases | ||||||||
In May 2001, we financed one of our Minnesota centers pursuant to the terms of a sale-leaseback transaction that qualified as a capital lease. Pursuant to the terms of the lease, we agreed to lease the center for a period of 20 years. At December 31, 2013, the present value of the future minimum lease payments due under the lease amounted to $5.1 million. | ||||||||
In March 2007, we entered into a ground lease which runs through October 2048 for our Loudoun County, Virginia center. Pursuant to the terms of the lease which qualifies as a capital lease, we have an option to purchase the land by giving notice during the fifth or tenth lease year. We intend to give notice and purchase the land during 2014; therefore the entire amount 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 behalf of itself and other lenders. This lease ran through April 2013 at an interest rate of 5.5%. As security for the obligations owing under the capital lease agreements, we granted a security interest in the leased equipment to the lender or its assigns. In April 2013, we made the final payment on this obligation. Concurrent with the payoff, the security interest in the leased equipment was released. | ||||||||
We are a party to capital equipment leases with third parties which include monthly rental payments of less than $0.1 million as of December 31, 2013. Amortization recorded for these capital leased assets totaled $0.4 million and $1.2 million for the years ended December 31, 2013 and 2012, respectively. The following is a summary of property and equipment recorded under capital leases: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land and buildings | $ | 15,467 | $ | 15,339 | ||||
Equipment | — | 3,856 | ||||||
Gross property and equipment under capital lease | 15,467 | 19,195 | ||||||
Less accumulated amortization | 3,635 | 6,296 | ||||||
Net property and equipment under capital lease | $ | 11,832 | $ | 12,899 | ||||
Future minimum lease payments and the present value of net minimum lease payments on capital leases at December 31, 2013 are as follows: | ||||||||
2014 | $ | 11,460 | ||||||
2015 | 1,075 | |||||||
2016 | 1,057 | |||||||
2017 | 1,020 | |||||||
2018 | 1,020 | |||||||
Thereafter | 2,424 | |||||||
Total future minimum lease payments | 18,056 | |||||||
Less amounts representing interest | 3,091 | |||||||
Present value of net minimum lease payments | 14,965 | |||||||
Current portion | 10,267 | |||||||
$ | 4,698 | |||||||
Subsequent_Event_Notes
Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Event [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Event | |
Financing. In January 2014, a wholly owned subsidiary obtained a mortgage loan in the original principal amount of $80.0 million from Well Fargo Bank, N.A. pursuant to a promissory note and related agreements dated January 28, 2014. The mortgage financing is secured by mortgages on five properties owned by the subsidiary and operated as Life Time Fitness centers located in Orland Park, Illinois, Centreville, Virginia, South Austin, Texas, San Antonio, Texas and Gilbert, Arizona. The mortgage financing matures in February 1, 2024. Interest on the amounts borrowed under the mortgage financing referenced 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 properties. The initial term of the lease is for 15 years, but may be extended at the option of LTF Club Operations Company, Inc. for five additional five-year terms. Our subsidiaries may not transfer any of the properties except as permitted under the loan agreements. We guaranty the obligations of our subsidiary as tenant under the lease. | |
As additional security for the subsidiary's obligations under the mortgage financing, the subsidiary granted a security interest in certain personal property of the subsidiary, the rents and leases from the properties and and certain bank accounts belonging to the subsidiary that the lender has required pursuant to the mortgage financing. | |
Acquisition. In January 2014, we acquired an athletic event operating company which operates a series of athletic events around the country. This acquisition complements our existing portfolio of athletic events. The acquisition price was less than one percent of our consolidated total assets at December 31, 2013. We are currently in the process of finalizing the valuation of the assets acquired and liabilities assumed. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The provision for income taxes is comprised of: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current tax expense | ||||||||||||
Federal | $ | 64,059 | $ | 67,039 | $ | 50,213 | ||||||
State and local | 7,000 | 7,653 | 6,358 | |||||||||
Total current tax expense | 71,059 | 74,692 | 56,571 | |||||||||
Deferred tax expense | ||||||||||||
Federal | 6,082 | (2,429 | ) | 5,379 | ||||||||
State and local | 1,514 | 417 | 178 | |||||||||
Total deferred tax expense | 7,596 | (2,012 | ) | 5,557 | ||||||||
Non-current tax expense (benefit) | — | 17 | (318 | ) | ||||||||
Income tax provision | $ | 78,655 | $ | 72,697 | $ | 61,810 | ||||||
The amount of deferred tax expense does not reconcile to the change in the deferred tax year end balances due to the tax effect of other comprehensive income or additional paid-in capital items. | ||||||||||||
The reconciliation between our effective tax rate on income before income taxes and the statutory tax rate is as follows: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax provision at federal statutory rate | $ | 70,128 | $ | 64,482 | $ | 54,049 | ||||||
State and local income taxes, net of federal tax benefit | 8,514 | 8,070 | 6,536 | |||||||||
Other, net | 13 | 145 | 1,225 | |||||||||
Income tax provision | $ | 78,655 | $ | 72,697 | $ | 61,810 | ||||||
Deferred income taxes are the result of provisions of the tax laws that either require or permit certain items of income or expense to be reported for tax purposes in different periods than they are reported for financial reporting. The tax effect of temporary differences that gives rise to the net deferred tax liability are as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Accrued rent expense | $ | 9,566 | $ | 8,297 | ||||||||
Other comprehensive income | 3,912 | 3,216 | ||||||||||
Accrued equity compensation | 4,150 | 7,670 | ||||||||||
Deferred revenue | 3,502 | 4,061 | ||||||||||
Foreign net operating loss | 1,050 | 1,145 | ||||||||||
Other | 1,913 | 1,923 | ||||||||||
Total deferred tax assets | 24,093 | 26,312 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | (103,417 | ) | (97,628 | ) | ||||||||
Partnership interest | (4,622 | ) | (5,781 | ) | ||||||||
Costs related to deferred revenue | (5,728 | ) | (7,242 | ) | ||||||||
Other | (3,949 | ) | (2,357 | ) | ||||||||
Total deferred tax liabilities | (117,716 | ) | (113,008 | ) | ||||||||
Net deferred tax liability | $ | (93,623 | ) | $ | (86,696 | ) | ||||||
Current deferred tax assets | $ | 10,615 | $ | 14,502 | ||||||||
Current deferred tax liabilities | (3,734 | ) | (5,689 | ) | ||||||||
Net current deferred tax assets | 6,881 | 8,813 | ||||||||||
Non-current deferred tax assets | 13,478 | 11,810 | ||||||||||
Non-current deferred tax liabilities | (113,982 | ) | (107,319 | ) | ||||||||
Net non-current deferred tax liabilities | (100,504 | ) | (95,509 | ) | ||||||||
Net deferred tax liability | $ | (93,623 | ) | $ | (86,696 | ) | ||||||
The following is a reconciliation of the total amounts of unrecognized tax benefits: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefit – beginning balance | $ | 746 | $ | 868 | $ | 1,229 | ||||||
Gross increases – tax positions in current period | 300 | 300 | 100 | |||||||||
Prior year increases | — | — | 46 | |||||||||
Prior year decreases | — | (150 | ) | — | ||||||||
Lapse of statute of limitations | (251 | ) | (272 | ) | (507 | ) | ||||||
Unrecognized tax benefit – ending balance | $ | 795 | $ | 746 | $ | 868 | ||||||
Included in the balance of unrecognized tax benefits at December 31, 2013, 2012 and 2011 are $0.8 million, $0.5 million and $0.5 million, respectively, of benefits that, if recognized, would affect the effective tax rate. | ||||||||||||
We recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the uncertain tax benefits noted above, we accrued penalties and interest of $0.1 million during 2013 and in total, as of December 31, 2013, had recognized a liability for penalties and interest of $0.1 million. During 2012, we accrued penalties and interest of $0.1 million and in total, as of December 31, 2012 had recognized a liability for penalties and interest of $0.1 million. During 2011, we accrued penalties and interest of $0.1 million and in total, as of December 31, 2011, had recognized a liability for penalties and interest of $0.1 million. | ||||||||||||
We do not anticipate that the total amounts of unrecognized tax benefits will significantly increase or decrease in the next 12 months. | ||||||||||||
We are subject to taxation in the U.S., Canada and various states. Our tax years 2010, 2011 and 2012 are subject to examination by the tax authorities. With few exceptions, we are no longer subject to U.S. federal, state or local examinations by tax authorities for years before 2010. | ||||||||||||
We have an income tax net operating loss carryforward related to our Canada operations of approximately $4.2 million, which expires in 19 years. | ||||||||||||
We consider the undistributed earnings of our foreign subsidiaries as of December 31, 2013 to be indefinitely reinvested and, accordingly, no U.S. income taxes have been provided thereon. As of December 31, 2013, the amount of cash associated with indefinitely reinvested foreign earnings was approximately $1.4 million. We have not, nor do we anticipate the need to, repatriate funds to the U.S. to satisfy domestic liquidity needs arising in the ordinary course of business, including liquidity needs associated with our domestic debt service requirements. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||
Share-Based Compensation | ' | |||||||||||
Share-Based Compensation | ||||||||||||
Stock Option and Incentive Plans | ||||||||||||
The 2004 Long-Term Incentive Plan (the 2004 Plan) originally reserved 3,500,000 shares of our common stock for issuance. In 2009, our shareholders authorized an additional 1,750,000 shares. The types of awards that could be granted under the 2004 Plan included 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 stock-based awards. We use the term “restricted shares” to define nonvested shares granted to employees, whereas applicable accounting guidance reserves that term for fully vested and outstanding shares whose sale is contractually or governmentally prohibited for a specified period of time. In connection with approval of the 2004 Plan, our Board of Directors approved a resolution to cease making additional grants under prior stock option and incentive plans. The restricted shares generally vest over periods ranging from one to four years. As of December 31, 2013, we had granted a total of 1,929,665 options to purchase common stock under the 2004 Plan, of which options to purchase 215,668 shares were outstanding. We also granted a total of 3,294,359 restricted shares under the 2004 Plan, of which 219,099 restricted shares were unvested. In connection with approval of the 2011 Long-Term Incentive Plan (the 2011 Plan), as discussed below, our Board of Directors approved a resolution to cease making additional grants under the 2004 Plan. | ||||||||||||
The 2011 Plan reserved 2,500,000 shares of our common stock for issuance. Under the 2011 Plan, the Compensation Committee of our Board of Directors administers the 2011 Plan and has the power to select the persons to receive awards and determine the type, size and terms of awards and establish objectives and conditions for earning awards. 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 stock-based awards. Eligible participants under the 2011 Plan included our officers, employees, non-employee directors and consultants. Each award agreement specifies the number and type of award, together with any other terms and conditions as determined by the Compensation Committee of the 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 on the dates of issue which ranged from $41.80 to $49.90 during 2013. As of December 31, 2013, we had granted a total of 1,446,212 restricted shares under the 2011 Plan, of which 1,210,632 restricted shares were unvested. As of December 31, 2013, 1,234,537 shares remain available for grant under the 2011 Plan. | ||||||||||||
Total share-based compensation expense, which includes stock option expense and restricted stock expense, included in our consolidated statements of operations was as follows: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Share-based compensation expense related to restricted shares | $ | 12,349 | $ | 14,566 | $ | 19,647 | ||||||
Share-based compensation expense related to employee stock purchase plan | 120 | 120 | 120 | |||||||||
Total share-based compensation expense | $ | 12,469 | $ | 14,686 | $ | 19,767 | ||||||
Summary of Restricted Stock Activity | ||||||||||||
Shares | Weighted Average Grant Date Fair Value per Share | |||||||||||
Outstanding at December 31, 2010 | 1,917,873 | $21.19 | ||||||||||
Granted | 367,668 | $38.36 | ||||||||||
Canceled | (6,744 | ) | $26.62 | |||||||||
Vested | (376,714 | ) | $22.32 | |||||||||
Outstanding at December 31, 2011 | 1,902,083 | $24.27 | ||||||||||
Granted | 1,052,466 | $47.28 | ||||||||||
Canceled | (30,289 | ) | $33.51 | |||||||||
Vested | (855,092 | ) | $22.54 | |||||||||
Outstanding at December 31, 2012 | 2,069,168 | $36.55 | ||||||||||
Granted | 363,106 | $42.51 | ||||||||||
Canceled | (141,898 | ) | $42.84 | |||||||||
Vested | (860,646 | ) | $25.33 | |||||||||
Outstanding at December 31, 2013 | 1,429,730 | $44.19 | ||||||||||
During the years ended December 31, 2013, 2012 and 2011, we issued 363,106 shares, 1,052,466 shares and 367,668 shares of restricted stock, respectively, with an aggregate fair value of $15.4 million, $49.8 million and $14.1 million, respectively. The fair market value of restricted shares that became vested during the year ended December 31, 2013 was $21.8 million. The total value of each restricted stock grant, based on the fair market 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 December 31, 2013, there was $22.1 million of unrecognized compensation expense related to restricted stock that is expected to be recognized over a weighted average period of 2.2 years. | ||||||||||||
Special 2009 Long-Term Performance-Based Restricted Stock Grant | ||||||||||||
In June 2009 and August 2010, the Compensation Committee of our Board of Directors approved the grant of a total of 1,016,000 shares of long-term performance-based restricted stock to serve as an incentive to our senior management team to achieve certain diluted earnings per share (“EPS”) targets in 2011 and 2012. A specified diluted EPS target was achieved for fiscal 2011 and consequently, 50% of the then-outstanding restricted shares (representing 453,500 shares of restricted stock) vested. A specified diluted EPS target was achieved for fiscal 2012 and consequently, the remaining restricted shares (representing 448,000 shares of restricted stock) vested. | ||||||||||||
In fourth quarter 2010, we determined that achieving the 2011 diluted EPS targets required for vesting of 50% of the restricted shares was probable. As a result, we recognized a cumulative, non-cash performance share-based compensation expense of $5.6 million in fourth quarter 2010 and an additional $3.9 million in 2011. In fourth quarter 2011, we determined that achieving the 2012 diluted EPS targets required for vesting of the remaining restricted shares was probable. As a result, we recognized a cumulative, non-cash performance share-based compensation expense of $6.8 million in fourth quarter 2011 and $2.6 million in 2012. All of the vested restricted shares were included in our share count at December 31, 2012 and 2013. | ||||||||||||
Special 2012 Long-Term Performance-Based Restricted Stock Grant | ||||||||||||
In May, July and August 2012, the Compensation Committee of our Board of Directors approved the grant of a total of 658,500 shares of long-term performance-based restricted stock to serve as an incentive to our senior management team to achieve certain cumulative diluted EPS and ROIC targets during performance periods that end on December 31, 2015 and December 31, 2016. These shares are included 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 our then-current long range plan. The following are the performance metrics underlying the targets: | ||||||||||||
Cumulative Diluted EPS | ROIC | |||||||||||
Measurement Period | EPS Target | Measurement Period | ROIC Target | |||||||||
2015 Performance Period | 4/1/12 | 1/1/15 | ||||||||||
50% vest if we achieve both performance targets | through | through | ||||||||||
12/31/15 | $ | 13.68 | 12/31/15 | 8.9 | % | |||||||
2016 Performance Period | 4/1/12 | 1/1/16 | ||||||||||
All/remaining vest if we achieve both performance targets | through | through | ||||||||||
12/31/16 | $ | 18.96 | 12/31/16 | 9 | % | |||||||
A maximum of $28.8 million could be recognized as compensation expense under this grant if all cumulative diluted EPS and ROIC targets are met. We do not believe that achievement of either the cumulative diluted EPS or the ROIC targets is currently probable, and, therefore, we did not recognize any compensation expense associated with the grant during the years ended December 31, 2013 or 2012. | ||||||||||||
If it becomes probable that the cumulative diluted EPS and ROIC performance targets will be achieved, a cumulative adjustment will be recorded and the remaining compensation expense will be recognized over the remaining performance period. If all of the targets had been considered probable at December 31, 2013, we would have recognized $11.6 million of non-cash performance share-based compensation expense during the year ended December 31, 2013. The probability of reaching the targets is evaluated each reporting period. If we later determined that it is no longer probable that the minimum cumulative diluted EPS and ROIC performance targets for the grants will be met, no further compensation expense would be recognized and any previously recognized compensation expense would be reversed. In the event that we do not achieve the specified cumulative diluted EPS and ROIC targets for the performance period ending December 31, 2016, the restricted shares will be forfeited. None of these shares were included in our total diluted share count at December 31, 2013 or 2012. | ||||||||||||
Summary of Stock Option Activity | ||||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||
Outstanding at December 31, 2010 | 552,625 | $23.30 | 3.8 | $10,009 | ||||||||
Exercised | (142,384 | ) | $22.21 | |||||||||
Canceled | (3,041 | ) | $31.40 | |||||||||
Outstanding at December 31, 2011 | 407,200 | $23.62 | 2.9 | $9,429 | ||||||||
Exercised | (115,690 | ) | $20.25 | |||||||||
Canceled | — | $— | ||||||||||
Outstanding at December 31, 2012 | 291,510 | $24.96 | 2 | $7,073 | ||||||||
Exercised | (74,242 | ) | $23.36 | |||||||||
Canceled | (1,600 | ) | $8.00 | |||||||||
Outstanding at December 31, 2013 | 215,668 | $25.64 | 1.1 | $4,616 | ||||||||
Vested at December 31, 2013 | 215,668 | $25.64 | 1.1 | $4,616 | ||||||||
No stock options have been granted since 2007. As of December 31, 2013, there was no unrecognized compensation expense related to stock options, and all outstanding stock options were vested. | ||||||||||||
The aggregate intrinsic values in the table above represent the total pretax intrinsic value (the difference between our closing stock price at each year end 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 December 31 of each year presented above. The intrinsic value changes based on the fair market value of our stock. Total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $1.7 million, $3.3 million and $2.8 million, respectively. | ||||||||||||
Our net cash proceeds from the exercise of stock options were $1.7 million, $2.3 million and $3.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. The excess income tax benefit realized from stock option exercises was $5.9 million, $8.5 million and $3.5 million, respectively, for those same periods. This tax benefit is presented as a financing cash inflow with a corresponding offset 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 first purchase period during 2013 under the ESPP began January 1, 2013 and ended June 30, 2013. The second purchase period began July 1, 2013 and ended December 31, 2013. Compensation expense under the ESPP, which was $0.1 million for each of 2013, 2012 and 2011, is based on the discount of 10% at the end of the purchase period. In 2013, $1.4 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 December 31, 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 2013, we repurchased 27,093 shares for $1.3 million. As of December 31, 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 2013, we repurchased 682,634 shares under this program for $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 2013, we repurchased 646,701 shares under this program for $31.0 million. As of December 31, 2013, there was $169.0 million remaining authorized under this program. |
Operating_Segments
Operating Segments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Operating Segments [Abstract] | ' | |||||||||||
Operating Segments | ' | |||||||||||
Operating Segments | ||||||||||||
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 uses EBITDA as the primary measure of operating segment performance. Our chief 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 | $ | 766,846 | $ | 727,596 | $ | 663,439 | ||||||
Enrollment fees | 13,941 | 15,346 | 18,447 | |||||||||
Personal training | 184,522 | 169,074 | 147,065 | |||||||||
Other in-center | 190,995 | 179,191 | 161,409 | |||||||||
Total center revenue | 1,156,304 | 1,091,207 | 990,360 | |||||||||
Other revenue | 49,600 | 35,740 | 23,314 | |||||||||
Total revenue | $ | 1,205,904 | $ | 1,126,947 | $ | 1,013,674 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Notes to Financial Statements [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Lease Commitments — We lease certain property under operating leases, which require us to pay maintenance, insurance and other expenses in addition to annual rentals. The minimum annual payments under all noncancelable operating leases at December 31, 2013 are as follows: | ||||
2014 | $ | 39,301 | ||
2015 | 40,967 | |||
2016 | 40,199 | |||
2017 | 39,845 | |||
2018 | 40,228 | |||
Thereafter | 461,842 | |||
Total minimum annual payments under all noncancelable operating leases | $ | 662,382 | ||
Rent expense under operating leases was $40.3 million, $38.7 million and $42.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. Certain lease agreements call for escalating lease payments over the term of the lease, which result in a deferred rent liability due to recognizing the expense on the straight-line basis over the life of the lease. | ||||
Sale-Leaseback Transactions — In 2003, we financed two of our Michigan centers pursuant to the terms of a sale-leaseback transaction that qualified as an operating lease. Pursuant to the terms of the lease, we agreed to lease the centers for a period of 20 years. At December 31, 2013, the future minimum lease payments due under the lease amounted to $53.1 million. | ||||
In August 2008, we, along with a wholly owned subsidiary, entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with Senior Housing Properties Trust (“Senior Housing”) providing for the sale of certain properties to Senior Housing in a sale-leaseback transaction. The properties are located in Alpharetta, Georgia; Allen, Texas; Omaha, Nebraska; and Romeoville, Illinois (the “Properties”), and were sold to Senior Housing for $100.0 million. Pursuant to the terms of a Lease Agreement (the “Lease”) between our subsidiary and SNH LTF Properties LLC (“SNH”), the subsidiary will lease the Properties from SNH. The lease has a total term of 50 years, including an initial term of 20 years and six consecutive renewal terms of five years each. Renewal options may only be exercised for all the Properties combined, and must be exercised no less than 12 months before the lease term ends. The initial rent will be approximately $9.1 million per year, increased after every fifth year during the initial term and the first two renewal options, if exercised, by an amount equal to 10% of the rent paid in the calendar year immediately before the effective date of the rent increase. During the last four renewal terms, rent will be the greater of (i) 110% of the rent paid in the calendar month immediately before the renewal term commences or (ii) fair market rent, as mutually agreed by the parties or determined by a mutually 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 guaranteed our subsidiary’s obligations under the Lease. We, or a substitute guarantor, must maintain a tangible net worth of at least $200.0 million. At December 31, 2013, the future minimum lease payments due under the lease amounted to $162.2 million. | ||||
In September 2008, a wholly owned subsidiary sold certain properties to LT FIT (AZ-MD) LLC, an affiliate of W.P. Carey & Co., LLC (“W.P. Carey”). The properties are located in Scottsdale, Arizona and Columbia, Maryland (the “Properties”), and were sold to W.P. Carey for approximately $60.5 million. Pursuant to the terms of a Lease Agreement (the “Lease”) between our subsidiary and W.P. Carey, our subsidiary will lease the properties from W.P. Carey. The Lease has a total term of 40 years, including an initial term of 20 years and four consecutive automatic renewal terms of five years each. Renewal options may only be exercised for all the Properties combined, and are automatically exercised if notice is not provided to W.P. Carey 18 months before the lease term ends. The initial rent will be approximately $5.7 million per year, increased after every year during the initial term and each year of any renewal option, if exercised, by an amount equal to 2% of the rent paid in the calendar year immediately before the effective date of the rent increase. The Lease is an “absolute 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 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 lease amounted to $108.5 million. | ||||
We account for the sale-leaseback transactions as operating leases. The gains we recognized upon completion of the sale-leaseback transactions, a total of $7.4 million, have been deferred and are being recognized over the lease term. At December 31, 2013, $5.4 million remains to be recognized. | ||||
Purchase Commitments — We contract in advance for land purchases and construction services and materials, among other things. The purchase commitments were $142.7 million, $93.8 million and $71.0 million at December 31, 2013, 2012 and 2011, respectively. | ||||
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 the 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. | ||||
401(k) Savings and Investment Plan — We offer a 401(k) savings and investment plan (the 401(k) Plan) to substantially all full-time employees who have at least six months of service and are at least 21 years of age. We made discretionary contributions to the 401(k) Plan in the amount of $2.3 million, $2.9 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||
Letters of Credit — As of December 31, 2013, we had $9.6 million in irrevocable standby letters of credit outstanding, which were issued primarily to certain insurance carriers to guarantee payments of deductibles for various insurance programs, such as workers’ compensation and commercial liability insurance. Such letters of credit are secured by the collateral under our senior secured credit facility. As of December 31, 2013, no amounts had been drawn on any of these irrevocable standby letters of credit. | ||||
As of December 31, 2013, we had posted bonds totaling $15.3 million related to construction activities and operational licensing. | ||||
Guarantee — In May 2011, Bloomingdale LLC borrowed $7.3 million from a bank. Each of the members separately guaranteed one-third of the outstanding loan amount. As of December 31, 2013, the maximum amount of future payments under our one-third of the guarantee was $1.6 million. We have the right to recover from Bloomingdale LLC any amounts paid under the terms of the guarantee, but only after Bloomingdale LLC’s obligations to the bank have been satisfied. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Related Party Transactions | |
In October 2003, we leased a center located within a shopping center that is owned by a general partnership in which our chairman of the board of directors and chief executive officer has a 100% interest. We paid rent pursuant to this lease of $0.6 million, $0.6 million and $0.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. The terms of the lease were negotiated by one of our independent directors on behalf of our company and were reviewed and approved by a majority of our independent and disinterested directors. To assist our board of directors in evaluating this transaction, a third-party expert was retained at the time of transaction to review the terms of the lease. The third-party expert determined that the terms of the lease were at market rates. |
Executive_Nonqualified_Plan
Executive Nonqualified Plan | 12 Months Ended |
Dec. 31, 2013 | |
Executive Nonqualified Plan [Abstract] | ' |
Deferred Compensation Arrangements Overall Description | ' |
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 our plan defines as our employees whose projected compensation for the upcoming plan year would meet or exceed the IRS limit for determining highly compensated employees. This unfunded, non-qualified deferred compensation plan allows participants the ability to defer and grow income for retirement and significant expenses in addition to contributions made to our 401(k) Plan. | |
All highly compensated employees eligible to participate in the Executive Nonqualified Excess Plan of Life Time Fitness, including but not limited to our executives, may elect to defer up to 50% of their annual base salary and/or annual bonus earnings to be paid in any coming year. The investment choices available to participants under the non-qualified deferred compensation plan are of the same type and risk categories as those offered under our 401(k) Plan and may be modified or changed by the participant or us at any time. Distributions can be paid out as in-service payments or at retirement. Retirement benefits can be paid out as a lump sum or in annual installments over a term of up to 10 years. We made matching contributions to this plan during fiscal 2013. Any contributions to this plan vest to each participant according to their years of service with us. At December 31, 2013, $5.7 million had been deferred and is being held on behalf of the employees. This amount is reflected as an other long-term liability on the balance sheet. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ' | |||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||||||||||||||||||||
The following is a condensed summary of actual quarterly results of operations: | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||||||||||||||
Total revenue | $ | 290,747 | $ | 308,108 | $ | 316,011 | $ | 291,038 | $ | 268,447 | $ | 288,304 | $ | 294,873 | $ | 275,323 | ||||||||||||||||
Gross profit (1) | 111,779 | 118,866 | 116,058 | 113,392 | 103,325 | 112,388 | 112,449 | 107,158 | ||||||||||||||||||||||||
Income from operations | 52,374 | 60,726 | 62,856 | 48,668 | 48,322 | 56,583 | 59,408 | 43,915 | ||||||||||||||||||||||||
Net income | 28,101 | 33,187 | 34,386 | 26,038 | 25,672 | 30,292 | 32,144 | 23,430 | ||||||||||||||||||||||||
Earnings per share (2): | ||||||||||||||||||||||||||||||||
Basic (3) | $ | 0.68 | $ | 0.8 | $ | 0.83 | $ | 0.64 | $ | 0.62 | $ | 0.73 | $ | 0.77 | $ | 0.57 | ||||||||||||||||
Diluted (3) | $ | 0.67 | $ | 0.8 | $ | 0.83 | $ | 0.63 | $ | 0.62 | $ | 0.73 | $ | 0.77 | $ | 0.56 | ||||||||||||||||
-1 | We define gross profit as total center revenue less center operations expenses. | |||||||||||||||||||||||||||||||
-2 | See Note 2 for discussion on the computation of earnings per share. | |||||||||||||||||||||||||||||||
-3 | The basic and diluted earnings per share by quarter include the impact of rounding within each quarter. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Significant Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Consolidation, Policy | ' | |||||||||||||||||||||||
Principles of Consolidation — The consolidated financial statements include the accounts of Life Time Fitness, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||||||||||||
Revenue Recognition, Policy | ' | |||||||||||||||||||||||
Revenue Recognition — We receive monthly membership dues for usage from our members. We offer members month-to-month memberships and recognize as revenue the monthly membership dues in the month to which they pertain. | ||||||||||||||||||||||||
Generally we also receive a one-time enrollment fee (including an administrative fee) at the time a member joins. The enrollment fees are nonrefundable after 14 days. Enrollment fees and related direct expenses, primarily sales commissions, are deferred and recognized on a straight-line basis over an estimated average membership life of 33 months, which is based on historical membership experience. During the years ended December 31, 2011, 2012 and 2013, our annual attrition rate fluctuated between 31.3% and 35.8%, resulting in the estimated average membership life remaining at 33 months during those periods. At December 31, 2013, our annual attrition rate was 35.8%, and the increase was was driven primarily by growth in Non-Access membership terminations and membership pricing adjustments. | ||||||||||||||||||||||||
If the direct expenses related to the enrollment fees exceed the enrollment fees for any center, the amount of direct expenses in excess of the enrollment fees are expensed in the current period instead of deferred over the estimated 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, café and other member offerings. Revenue from spa and café services and products is recognized at the point of sale to the customer. Personal training revenue received in advance of training sessions and the related commissions are deferred and recognized based on historical member usage. | ||||||||||||||||||||||||
Other revenue includes revenue from our media, athletic events and related services, which includes our race registration and timing businesses, our health promotion programs and training and certification programs. Media advertising revenue is recognized over the duration of the advertising placement. For athletic events, revenue is generated primarily through sponsorship sales and race registration fees. Athletic event revenue and race registration revenue is recognized upon the completion of the event. Race timing revenue is recognized at the time of delivery to customer. Health revenue is recognized primarily at the time the service is performed. | ||||||||||||||||||||||||
Pre-Opening Operations — We generally operate a preview center up to five months prior to the planned opening of a center during which time memberships are sold as center construction is being completed. The revenue and direct membership acquisition costs, primarily sales commissions, incurred during the period prior to a center opening are deferred until the center opens and are then recognized on a straight-line basis over the estimated average membership life, beginning when the center opens. If the direct expenses related to the enrollment fees exceed the enrollment fees for any center, the amount of direct expenses in excess of the enrollment fees are expensed in the current period instead of deferred over the estimated average membership life. The related advertising, office, rent, labor and other expenses incurred during this period are expensed as incurred. | ||||||||||||||||||||||||
Cash and Cash Equivalents, Policy | ' | |||||||||||||||||||||||
Cash and Cash Equivalents — We classify all unrestricted cash accounts and highly liquid debt instruments purchased with original maturities of three months or less as cash and cash equivalents. | ||||||||||||||||||||||||
Restricted Cash, Policy | ' | |||||||||||||||||||||||
Restricted Cash — We are required to keep funds in escrow accounts or on deposit at certain financial institutions related to certain of our lease and acquisition agreements. We or third parties may access the restricted cash after the occurrence of a specified event, as provided for under the respective agreements. | ||||||||||||||||||||||||
Accounts Receivable, Policy | ' | |||||||||||||||||||||||
Accounts Receivable — Accounts receivable is presented net of allowance for doubtful accounts. | ||||||||||||||||||||||||
Inventory, Policy | ' | |||||||||||||||||||||||
Inventories are stated at the lower-of-cost-or-market value and are removed from the balance on a first-in-first-out basis. | ||||||||||||||||||||||||
Center Operating Supplies and Inventories, Policy | ' | |||||||||||||||||||||||
Center Operating Supplies and Inventories — Our operating supplies are primarily center supplies 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 are removed from the balance on a first-in-first-out basis. | ||||||||||||||||||||||||
Property and Equipment, Policy | ' | |||||||||||||||||||||||
Property and Equipment — Property, equipment and leasehold improvements are recorded at cost. Improvements are capitalized while repair and maintenance costs are charged to operations when incurred. | ||||||||||||||||||||||||
Depreciation is computed using the straight-line method over estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the improvement. Accelerated depreciation methods are used for tax reporting purposes. | ||||||||||||||||||||||||
Property and equipment consist of the following: | ||||||||||||||||||||||||
Depreciable | December 31, | |||||||||||||||||||||||
Lives | 2013 | 2012 | ||||||||||||||||||||||
Land | $ | 330,800 | $ | 300,887 | ||||||||||||||||||||
Buildings and related fixtures | 3-39 years | 1,721,635 | 1,589,960 | |||||||||||||||||||||
Leasehold improvements | 1-20 years | 115,443 | 87,951 | |||||||||||||||||||||
Construction in progress | 160,560 | 68,358 | ||||||||||||||||||||||
Total land, buildings, leaseholds and construction in process | 2,328,438 | 2,047,156 | ||||||||||||||||||||||
Equipment: | ||||||||||||||||||||||||
Fitness | 3-7 years | 126,692 | 113,521 | |||||||||||||||||||||
Other equipment | 3-7 years | 101,450 | 88,290 | |||||||||||||||||||||
Computer and telephone | 3-7 years | 71,623 | 65,947 | |||||||||||||||||||||
Capitalized software | 3-5 years | 87,707 | 68,319 | |||||||||||||||||||||
Decor and signage | 5 years | 20,134 | 18,553 | |||||||||||||||||||||
Audio/visual | 5 years | 35,064 | 32,223 | |||||||||||||||||||||
Furniture and fixtures | 5-7 years | 19,946 | 18,197 | |||||||||||||||||||||
Total equipment | 462,616 | 405,050 | ||||||||||||||||||||||
Property and equipment, gross | 2,791,054 | 2,452,206 | ||||||||||||||||||||||
Less accumulated depreciation | 685,977 | 593,540 | ||||||||||||||||||||||
Property and equipment, net | $ | 2,105,077 | $ | 1,858,666 | ||||||||||||||||||||
At December 31, 2013, we had six centers under construction which we plan to open in 2014. Construction in progress, including land for future development, totaled $202.8 million at December 31, 2013 and $100.3 million at December 31, 2012. | ||||||||||||||||||||||||
Included in the construction in progress balances are site development costs which consist of legal, engineering, architectural, environmental, feasibility and other direct expenditures incurred for certain new center projects. Capitalization commences when acquisition of a particular property is deemed probable by management. Should a specific project be deemed not viable for construction, any capitalized costs related to that project are charged to operations at the time of that determination. Costs incurred prior to the point at which the acquisition is deemed probable are expensed as incurred. Upon completion of a project, the site development costs are classified as property and depreciated over the useful life of the asset. Site development costs were $1.5 million and $2.6 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Capitalized software includes our internally developed web-based systems to facilitate member enrollment and management, marketing-based website development, as well as point of sale system enhancements and our payroll, human resources and procure-to-pay software. | ||||||||||||||||||||||||
We capitalize interest during the construction period of our centers and this capitalized interest is included in the cost of the building. We capitalized interest of $3.3 million and $1.1 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Other equipment consists primarily of café, spa, playground and laundry equipment. | ||||||||||||||||||||||||
Business Combinations, Policy | ' | |||||||||||||||||||||||
Acquisitions — We account for business acquisitions in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 805, Business Combinations. This standard requires the acquiring entity in a business combination to recognize all the assets acquired and liabilities assumed in the transaction and establishes the acquisition-date fair value as the measurement objective for all assets acquired and liabilities assumed in a business combination. Certain provisions of this standard prescribe, among other things, the determination of acquisition-date fair value of consideration paid in a business combination (including contingent consideration) and the exclusion of transaction and acquisition-related restructuring costs from acquisition accounting. | ||||||||||||||||||||||||
We do not present pro forma information for these acquisitions given the immateriality of their results individually and in the aggregate to our consolidated financial statements. | ||||||||||||||||||||||||
Impairment of Long-Lived Assets, Policy | ' | |||||||||||||||||||||||
Impairment of Long-lived Assets — The carrying value of long-lived assets is reviewed annually and whenever events or changes in circumstances indicate that such carrying values may not be recoverable. We consider a history of consistent and significant operating losses, or the inability to recover net book value over the remaining useful life, to be our primary indicator of potential impairment. Assets are grouped and evaluated for impairment at the lowest level for which there are identifiable cash flows, which is generally at an individual center level or ancillary business. The determination of whether impairment has occurred is based on an estimate of undiscounted future cash flows directly related to that center or ancillary business, compared to the carrying value of these assets. If an impairment has occurred, the amount of impairment recognized is determined by estimating the fair value of these assets and recording a loss if the carrying value is greater than the fair value. | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities, Policy | ' | |||||||||||||||||||||||
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 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. 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. Changes in the fair market value of the swap contract are recorded in accumulated other comprehensive (loss) income, net of tax. As of December 31, 2013, the $2.3 million fair market 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 $3.8 million gross fair market value of the swap contract was included in long-term debt. For information regarding the swap contract, see Note 4. | ||||||||||||||||||||||||
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. 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. | ||||||||||||||||||||||||
Goodwill, Policy | ' | |||||||||||||||||||||||
Goodwill — The goodwill acquired during the year ended December 31, 2013 is primarily from the acquisition of certain athletic events as well as other smaller acquisitions. We are currently in the process of finalizing the valuation of the assets acquired and liabilities assumed. The goodwill acquired during the year ended December 31, 2012 is primarily from the acquisition of race registration and timing businesses as well as other smaller acquisitions. The changes in the carrying amount of goodwill are as follows: | ||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 25,550 | ||||||||||||||||||||||
Goodwill acquired | 11,626 | |||||||||||||||||||||||
Balance at December 31, 2012 | 37,176 | |||||||||||||||||||||||
Goodwill acquired | 12,019 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 49,195 | ||||||||||||||||||||||
Goodwill has an indefinite useful life and is not amortized but instead tested for impairment annually at September 30, or more frequently if necessary. We test goodwill at the reporting unit level which is one level below the operating segment. For us, this is generally the individual center or athletic event level. | ||||||||||||||||||||||||
Other Assets, Policy | ' | |||||||||||||||||||||||
Other Assets — We record other assets at cost. Amortization of financing costs is computed over the periods of the related debt financing. | ||||||||||||||||||||||||
Land Held for Sale, Policy | ' | |||||||||||||||||||||||
Land held for sale consists of excess land 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 at the lower-of-cost or fair market value less estimated costs to sell. | ||||||||||||||||||||||||
Intangible Assets, Policy | ' | |||||||||||||||||||||||
Intangible Assets — Intangible assets are comprised of trade names, leasehold rights, curriculum- and technology-based intangible assets and customer relationships. Intangible assets determined to have an indefinite useful life are not amortized but instead tested for impairment at least annually. | ||||||||||||||||||||||||
We evaluate our intangible assets for impairment on an annual basis each September 30. We are also required to evaluate these assets for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the intangible asset below its carrying amount. Based upon our review and analysis, no impairments were deemed to have occurred during the years ended December 31, 2013, 2012 or 2011. | ||||||||||||||||||||||||
The following table summarizes the changes in our gross intangible balance: | ||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 10,481 | ||||||||||||||||||||||
Leasehold rights acquired | 4,000 | |||||||||||||||||||||||
Trade/brand names acquired | 5,566 | |||||||||||||||||||||||
Curriculum- and technology-based intangibles acquired | 3,965 | |||||||||||||||||||||||
Customer relationships acquired | 4,519 | |||||||||||||||||||||||
Balance at December 31, 2012 | 28,531 | |||||||||||||||||||||||
Trade/brand names acquired | 5,347 | |||||||||||||||||||||||
Curriculum- and technology-based intangibles acquired | 100 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 33,978 | ||||||||||||||||||||||
The leasehold rights acquired during the year ended December 31, 2012 are related to our acquisition of Racquet Club of the South, which we rebranded Life Time Athletic Peachtree Corners. The trade/brand names acquired during the year ended December 31, 2012 are related to the acquisition of race registration and timing businesses and certain athletic events. The curriculum-and technology-based intangibles and the customer relationship intangible acquired during the year ended December 31, 2012 are related to the race registration and timing business acquisition. | ||||||||||||||||||||||||
The trade/brand names acquired 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. | ||||||||||||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Leasehold rights | $ | 6,392 | $ | 1,435 | $ | 4,957 | $ | 6,392 | $ | 993 | $ | 5,399 | ||||||||||||
Trade/brand names | 15,479 | 1,011 | 14,468 | 10,132 | 503 | 9,629 | ||||||||||||||||||
Curriculum- and technology-based intangibles | 6,695 | 1,286 | 5,409 | 6,595 | 751 | 5,844 | ||||||||||||||||||
Customer relationships | 5,412 | 947 | 4,465 | 5,412 | 406 | 5,006 | ||||||||||||||||||
Total intangible assets | $ | 33,978 | $ | 4,679 | $ | 29,299 | $ | 28,531 | $ | 2,653 | $ | 25,878 | ||||||||||||
Leasehold rights have useful lives ranging from six to 24 years. Approximately $9.3 million of our trade/brand names have indefinite useful lives. The remaining $6.2 million of our trade/brand names have a weighted-average useful life of approximately 13 years. Curriculum- and technology-based intangibles have useful lives ranging from two to 15 years. The customer relationship intangible has a useful life of 10 years. | ||||||||||||||||||||||||
Commitments and Contingencies, Policy | ' | |||||||||||||||||||||||
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. | ||||||||||||||||||||||||
Income Taxes, Policy | ' | |||||||||||||||||||||||
Income Taxes — We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | ||||||||||||||||||||||||
We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would record a valuation allowance, which would reduce the provision for income taxes. | ||||||||||||||||||||||||
We recognize, measure, present and disclose uncertain tax positions that we have taken or expect to take in our income tax returns. We recognize a tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. | ||||||||||||||||||||||||
We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statement of operations. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheet. | ||||||||||||||||||||||||
Earnings Per Common Share, Policy | ' | |||||||||||||||||||||||
Earnings per Common Share — Basic earnings per common share (“EPS”) is computed by dividing net income applicable to common shareholders by the weighted average number of shares of common stock outstanding for each year. 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. | ||||||||||||||||||||||||
Dividends, Policy | ' | |||||||||||||||||||||||
Dividends — We have never declared or paid any cash dividends on our common stock. We currently intend to invest all future earnings into the operation and expansion of our business or the repurchase of shares 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 limits 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. | ||||||||||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy | ' | |||||||||||||||||||||||
Share-Based Compensation — We maintain share-based incentive plans. Under applicable accounting standards, the fair value of share-based compensation is determined at the grant date and the recognition of the related expense is recorded over the period in which the share-based compensation vests. | ||||||||||||||||||||||||
The Compensation Committee of our Board of Directors has the authority to select the persons to receive awards and determine the type, size and terms of awards and establish objectives and conditions for earning awards, and the authority to delegate that authority. The types of awards that may be granted 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 stock-based awards. The value of restricted shares was based upon the closing price of our stock on the dates of issue. The restricted shares generally vest over periods ranging from one to four years. As of December 31, 2013, we had 1,234,537 shares available for grant. | ||||||||||||||||||||||||
We also have performance-based incentive plans. In June 2009 and August 2010, the Compensation Committee approved the grant of a total of 1,016,000 shares of long-term performance-based restricted stock to serve as an incentive to our senior management team to achieve certain diluted EPS targets in 2011 and 2012. A specified EPS target was achieved for fiscal 2011 and 50% of the restricted shares vested. A specified EPS target was achieved for fiscal 2012 and the remaining 50% of the restricted shares vested. The probability of reaching the targets was evaluated each reporting period. A total of $18.8 million (pretax) was recognized as compensation expense with respect to this grant. | ||||||||||||||||||||||||
In May, July and August 2012, the Compensation Committee approved the grant of a total of 658,500 shares of long-term performance-based restricted stock to serve as an incentive to our senior management team to achieve certain cumulative diluted EPS and return on invested capital (“ROIC”) targets during performance periods that end on December 31, 2015 and December 31, 2016. 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. These targets are $13.68 cumulative diluted EPS through 2015 and $18.96 cumulative diluted EPS through 2016. The ROIC target is measured in the last year of the applicable performance period. These targets are 8.9% for 2015 and 9.0% for 2016. If the specified cumulative diluted EPS and ROIC targets are 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 met or exceeded for the performance period ending December 31, 2016, all of the restricted shares will vest. In the event that we do not achieve the specified cumulative diluted EPS and ROIC targets for the performance period ending December 31, 2016, the restricted shares will be forfeited. A maximum of $28.8 million could be recognized as compensation expense with respect to this grant if all cumulative diluted EPS and ROIC targets are met. | ||||||||||||||||||||||||
We do not believe that achievement of either the cumulative diluted EPS or the ROIC targets is currently probable, and, therefore, we did not recognize any compensation expense associated with the grant during the year ended December 31, 2013. If all of the targets had been considered probable at December 31, 2013, we would have recognized $11.6 million of non-cash performance share-based compensation expense during the year ended December 31, 2013. If it becomes probable that the cumulative diluted EPS and ROIC performance targets will be achieved, a cumulative adjustment will be recorded and the remaining compensation expense will be recognized over the remaining performance period. The probability of reaching 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 the purchase period, as defined. Compensation expense under the ESPP is based on the discount of 10% at the end of the purchase period. | ||||||||||||||||||||||||
Fair Value of Financial Instruments, Policy | ' | |||||||||||||||||||||||
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 Eurodollar interest rates, Eurodollar 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: | ||||||||||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||||||||||
Total | Active Markets for | Observable | Unobservable | |||||||||||||||||||||
Fair | Identical Assets | Inputs | Inputs | |||||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Interest rate swap liability as of | ||||||||||||||||||||||||
December 31, 2013 | $3,762 | $— | $3,762 | $— | ||||||||||||||||||||
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 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 years ended December 31, 2013 or 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 December 31, 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. | ||||||||||||||||||||||||
Use of Estimates, Policy | ' | |||||||||||||||||||||||
Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate results could differ from those estimates. In recording transactions and balances resulting from business operations, we use estimates based on the best information available. We use estimates for such items as depreciable lives, probability of meeting certain performance targets, tax provisions and deferred personal training revenue. We also use estimates for calculating the amortization period for deferred enrollment fee revenue and associated direct costs, which are based on the historical estimated average membership life. We revise the recorded estimates when better information is available, facts change or we can determine actual amounts. These revisions can affect our consolidated operating results. | ||||||||||||||||||||||||
Comprehensive Income, Policy | ' | |||||||||||||||||||||||
Comprehensive Income — Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. For us, the difference between net income as reported on the consolidated 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 under construction, in Toronto, Canada, our first international locations. For more information on the swap contract, see Note 4. | ||||||||||||||||||||||||
New Accounting Pronouncements, Policy | ' | |||||||||||||||||||||||
New Accounting Pronouncements — In July 2012, the FASB updated guidance on intangible asset impairment testing. The guidance became effective for us in fiscal 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 is not 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 fiscal 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 their financial statements. It did not amend any existing requirements for reporting net income or OCI in the financial statements. The implementation of the guidance did not have a material impact on our consolidated financial statements. | ||||||||||||||||||||||||
Segment Reporting, Policy | ' | |||||||||||||||||||||||
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 uses EBITDA as the primary measure of operating segment performance. Our chief operating decision maker is our Chief Executive Officer. | ||||||||||||||||||||||||
Sale Leaseback Transactions, Policy | ' | |||||||||||||||||||||||
We account for the sale-leaseback transactions as operating leases. The gains we recognized upon completion of the sale-leaseback transactions, a total of $7.4 million, have been deferred and are being recognized over the lease term. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Significant Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Schedule of Allowance for Doubtful Accounts | ' | |||||||||||||||||||||||
Accounts receivable is presented net of allowance for doubtful accounts. The rollforward of these allowances is as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Allowance for doubtful accounts — beginning of period | $ | 213 | $ | 167 | $ | 150 | ||||||||||||||||||
Provisions | 334 | 675 | 216 | |||||||||||||||||||||
Write-offs against allowance | (367 | ) | (629 | ) | (199 | ) | ||||||||||||||||||
Allowance for doubtful accounts — end of period | $ | 180 | $ | 213 | $ | 167 | ||||||||||||||||||
Schedule of Center Operating Supplies and Inventories | ' | |||||||||||||||||||||||
These balances are as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Center operating supplies | $ | 8,658 | $ | 6,616 | ||||||||||||||||||||
In-center businesses inventory and supplies | 21,586 | 18,256 | ||||||||||||||||||||||
Apparel and other | 2,534 | 2,368 | ||||||||||||||||||||||
Total center operating supplies and inventories | $ | 32,778 | $ | 27,240 | ||||||||||||||||||||
Schedule of Prepaid Expenses and Other Current Assets | ' | |||||||||||||||||||||||
Prepaid expenses and other current assets consist of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Deferred costs associated with personal training deferred revenue | $ | 4,691 | $ | 4,375 | ||||||||||||||||||||
Prepaid lease obligations | 3,843 | 3,228 | ||||||||||||||||||||||
Prepaid marketing and media expenses | 3,653 | 6,296 | ||||||||||||||||||||||
Prepaid maintenance agreements | 4,787 | 5,551 | ||||||||||||||||||||||
Prepaid licenses and subscriptions | 2,548 | 1,412 | ||||||||||||||||||||||
Other prepaid expenses | 2,391 | 1,357 | ||||||||||||||||||||||
Land held for sale – short-term | 839 | — | ||||||||||||||||||||||
Canadian sales tax receivable | 944 | 1,406 | ||||||||||||||||||||||
Other current assets | 2,106 | 3,201 | ||||||||||||||||||||||
Total prepaid expenses and other current assets | $ | 25,802 | $ | 26,826 | ||||||||||||||||||||
Schedule of Property and Equipment | ' | |||||||||||||||||||||||
Property and equipment consist of the following: | ||||||||||||||||||||||||
Depreciable | December 31, | |||||||||||||||||||||||
Lives | 2013 | 2012 | ||||||||||||||||||||||
Land | $ | 330,800 | $ | 300,887 | ||||||||||||||||||||
Buildings and related fixtures | 3-39 years | 1,721,635 | 1,589,960 | |||||||||||||||||||||
Leasehold improvements | 1-20 years | 115,443 | 87,951 | |||||||||||||||||||||
Construction in progress | 160,560 | 68,358 | ||||||||||||||||||||||
Total land, buildings, leaseholds and construction in process | 2,328,438 | 2,047,156 | ||||||||||||||||||||||
Equipment: | ||||||||||||||||||||||||
Fitness | 3-7 years | 126,692 | 113,521 | |||||||||||||||||||||
Other equipment | 3-7 years | 101,450 | 88,290 | |||||||||||||||||||||
Computer and telephone | 3-7 years | 71,623 | 65,947 | |||||||||||||||||||||
Capitalized software | 3-5 years | 87,707 | 68,319 | |||||||||||||||||||||
Decor and signage | 5 years | 20,134 | 18,553 | |||||||||||||||||||||
Audio/visual | 5 years | 35,064 | 32,223 | |||||||||||||||||||||
Furniture and fixtures | 5-7 years | 19,946 | 18,197 | |||||||||||||||||||||
Total equipment | 462,616 | 405,050 | ||||||||||||||||||||||
Property and equipment, gross | 2,791,054 | 2,452,206 | ||||||||||||||||||||||
Less accumulated depreciation | 685,977 | 593,540 | ||||||||||||||||||||||
Property and equipment, net | $ | 2,105,077 | $ | 1,858,666 | ||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||
The changes in the carrying amount of goodwill are as follows: | ||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 25,550 | ||||||||||||||||||||||
Goodwill acquired | 11,626 | |||||||||||||||||||||||
Balance at December 31, 2012 | 37,176 | |||||||||||||||||||||||
Goodwill acquired | 12,019 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 49,195 | ||||||||||||||||||||||
Schedule of Other Assets | ' | |||||||||||||||||||||||
Other assets consist of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Financing costs, net | $ | 10,393 | $ | 7,960 | ||||||||||||||||||||
Investment in unconsolidated affiliate (see Note 3) | 4,761 | 4,331 | ||||||||||||||||||||||
Land held for sale | 15,787 | 17,229 | ||||||||||||||||||||||
Executive nonqualified plan (see Note 11) | 5,410 | 3,980 | ||||||||||||||||||||||
Other | 6,333 | 7,733 | ||||||||||||||||||||||
Total other assets | $ | 42,684 | $ | 41,233 | ||||||||||||||||||||
Schedule of Changes in Intangible Assets, Excluding Goodwill | ' | |||||||||||||||||||||||
The following table summarizes the changes in our gross intangible balance: | ||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 10,481 | ||||||||||||||||||||||
Leasehold rights acquired | 4,000 | |||||||||||||||||||||||
Trade/brand names acquired | 5,566 | |||||||||||||||||||||||
Curriculum- and technology-based intangibles acquired | 3,965 | |||||||||||||||||||||||
Customer relationships acquired | 4,519 | |||||||||||||||||||||||
Balance at December 31, 2012 | 28,531 | |||||||||||||||||||||||
Trade/brand names acquired | 5,347 | |||||||||||||||||||||||
Curriculum- and technology-based intangibles acquired | 100 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 33,978 | ||||||||||||||||||||||
Schedule of Carrying Value of Intangible Assets, Excluding Goodwill | ' | |||||||||||||||||||||||
ntangible assets consisted of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Leasehold rights | $ | 6,392 | $ | 1,435 | $ | 4,957 | $ | 6,392 | $ | 993 | $ | 5,399 | ||||||||||||
Trade/brand names | 15,479 | 1,011 | 14,468 | 10,132 | 503 | 9,629 | ||||||||||||||||||
Curriculum- and technology-based intangibles | 6,695 | 1,286 | 5,409 | 6,595 | 751 | 5,844 | ||||||||||||||||||
Customer relationships | 5,412 | 947 | 4,465 | 5,412 | 406 | 5,006 | ||||||||||||||||||
Total intangible assets | $ | 33,978 | $ | 4,679 | $ | 29,299 | $ | 28,531 | $ | 2,653 | $ | 25,878 | ||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | |||||||||||||||||||||||
As of December 31, 2013, expected amortization expense for intangible assets for each of the next five years and thereafter was as follows: | ||||||||||||||||||||||||
2014 | $ | 2,062 | ||||||||||||||||||||||
2015 | 2,054 | |||||||||||||||||||||||
2016 | 1,935 | |||||||||||||||||||||||
2017 | 1,910 | |||||||||||||||||||||||
2018 | 1,910 | |||||||||||||||||||||||
Thereafter | 10,051 | |||||||||||||||||||||||
Total expected amortization expense for intangible assets | $ | 19,922 | ||||||||||||||||||||||
Schedule of Accrued Liabilities | ' | |||||||||||||||||||||||
Accrued expenses consist of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Payroll related | $ | 14,410 | $ | 12,255 | ||||||||||||||||||||
Real estate taxes | 18,939 | 18,549 | ||||||||||||||||||||||
Center operating costs | 15,868 | 14,239 | ||||||||||||||||||||||
Insurance | 6,495 | 6,911 | ||||||||||||||||||||||
Interest | 1,469 | 888 | ||||||||||||||||||||||
Income taxes | 59 | 137 | ||||||||||||||||||||||
Marketing and information technology accruals | 1,642 | 1,780 | ||||||||||||||||||||||
Other | 8,553 | 8,574 | ||||||||||||||||||||||
Total accrued expenses | $ | 67,435 | $ | 63,333 | ||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||||||||||
The basic and diluted earnings per share calculations are shown below: | ||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Net income | $ | 121,712 | $ | 111,538 | $ | 92,617 | ||||||||||||||||||
Weighted average number of common shares outstanding – basic | 41,263 | 41,345 | 40,358 | |||||||||||||||||||||
Effect of dilutive stock options | 85 | 116 | 132 | |||||||||||||||||||||
Effect of dilutive restricted stock awards | 134 | 511 | 440 | |||||||||||||||||||||
Weighted average number of common shares outstanding – diluted | 41,482 | 41,972 | 40,930 | |||||||||||||||||||||
Basic earnings per common share | $ | 2.95 | $ | 2.7 | $ | 2.29 | ||||||||||||||||||
Diluted earnings per common share | $ | 2.93 | $ | 2.66 | $ | 2.26 | ||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||||||||
The following table presents the fair value of our derivative financial instrument: | ||||||||||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||||||||||
Total | Active Markets for | Observable | Unobservable | |||||||||||||||||||||
Fair | Identical Assets | Inputs | Inputs | |||||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Interest rate swap liability as of | ||||||||||||||||||||||||
December 31, 2013 | $3,762 | $— | $3,762 | $— | ||||||||||||||||||||
Interest rate swap liability as of | ||||||||||||||||||||||||
December 31, 2012 | $6,052 | $— | $6,052 | $— | ||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||||||||||
The following table presents the carrying value and the estimated fair value of long-term debt: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | |||||||||||||||||||||||
Fixed-rate debt | $ | 487,556 | $ | 488,441 | ||||||||||||||||||||
Obligations under capital leases | 14,965 | 15,150 | ||||||||||||||||||||||
Floating-rate debt | 346,077 | 346,077 | ||||||||||||||||||||||
Total | $ | 848,598 | $ | 849,668 | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||
The following table presents information about accumulated other comprehensive income (loss) by component (net of tax): | ||||||||||||||||||||||||
Gains (Losses) on Cash Flows Hedge | Foreign Currency Translation Adjustments | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||
Balance at December 31, 2011 | $ | (1,788 | ) | $ | (805 | ) | $ | (2,593 | ) | |||||||||||||||
Other comprehensive income | (1,843 | ) | (365 | ) | (2,208 | ) | ||||||||||||||||||
Balance at December 31, 2012 | (3,631 | ) | (1,170 | ) | (4,801 | ) | ||||||||||||||||||
Other comprehensive income | 1,374 | (2,188 | ) | (814 | ) | |||||||||||||||||||
Balance at December 31, 2013 | $ | (2,257 | ) | $ | (3,358 | ) | $ | (5,615 | ) | |||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | |||||||||||||||||||||||
Decreases (increases) in operating assets and increases (decreases) in operating liabilities are as follows: | ||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Accounts receivable | $ | 685 | $ | (2,211 | ) | $ | (565 | ) | ||||||||||||||||
Income tax receivable | (6,698 | ) | (5,026 | ) | 4,894 | |||||||||||||||||||
Center operating supplies and inventories | (5,555 | ) | (3,093 | ) | (3,423 | ) | ||||||||||||||||||
Prepaid expenses and other current assets | 3,190 | 5,022 | (9,150 | ) | ||||||||||||||||||||
Deferred membership origination costs | 3,329 | 2,172 | 1,322 | |||||||||||||||||||||
Accounts payable | (3,986 | ) | 10,160 | 3,324 | ||||||||||||||||||||
Accrued expenses | 10,404 | 12,568 | 8,853 | |||||||||||||||||||||
Deferred revenue | (5,918 | ) | 3,108 | 1,988 | ||||||||||||||||||||
Deferred rent liability | 6,473 | (1,428 | ) | 3,040 | ||||||||||||||||||||
Other liabilities | 709 | 1,727 | (6 | ) | ||||||||||||||||||||
Changes in operating assets and liabilities | $ | 2,633 | $ | 22,999 | $ | 10,277 | ||||||||||||||||||
Our capital expenditures were as follows: | ||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Cash purchases of property and equipment | $ | 348,948 | $ | 224,194 | $ | 165,335 | ||||||||||||||||||
Non-cash change in construction accounts payable | 22,134 | 3,316 | (2,450 | ) | ||||||||||||||||||||
Other non-cash changes to property and equipment | (5,964 | ) | 5,604 | 839 | ||||||||||||||||||||
Total capital expenditures | $ | 365,118 | $ | 233,114 | $ | 163,724 | ||||||||||||||||||
LongTerm_Debt_LongTerm_Debt_Ta
Long-Term Debt Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||
Schedule of Long-Term Debt [Table Text Block] | ' | |||||||
Long-term debt consists of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Revolving credit facility, interest only due monthly at interest rates ranging from LIBOR plus 1.25% to 2.25% or base plus 0.25% to 1.25%, facility expires July 2018, collateralized by certain personal property | $ | 510,500 | $ | 454,000 | ||||
Interest rate swap on notional amount of $200,000 at a fixed annual rate of 1.32% plus the applicable spread, expires June 2016 | 3,762 | 6,052 | ||||||
Mortgage notes payable with monthly interest and principal payments totaling $632 including interest at 6.03% to February 2017 and collateralized by certain related real estate and buildings | 95,207 | 96,909 | ||||||
Mortgage notes payable with monthly interest and principal payments totaling $775 including interest at 4.45%, expiring March 2023 and collateralized by certain related real estate and buildings. | 70,457 | — | ||||||
Mortgage notes payable with monthly interest and principal payments totaling $503 including interest at 5.75% to December 2016 and collateralized by certain related real estate and buildings | 68,173 | 70,175 | ||||||
Mortgage notes payable with monthly interest and principal payments totaling $423 including interest at 4.48%, expiring September 2026 and collateralized by certain related real estate and buildings. | 49,287 | — | ||||||
Variable rate demand notes, interest due monthly at a variable rate resetting weekly, principal due annually according to an agreement with a Letter of Credit provider that secures the notes which mature in July 2033 | 31,815 | 32,385 | ||||||
Mortgage notes payable to banks with monthly interest and principal payments totaling $27 and $205, respectively, including interest ranging from 6.25% to 7.10%, expiring between November 2013 and May 2024 and collateralized by certain related real estate and buildings | 2,397 | 20,616 | ||||||
Promissory note payable to lender, monthly interest and principal payments totaling $80 including interest at 5.78% to January 2015, collateralized by a certain interest in secured property | — | 5,786 | ||||||
Other debt including promissory note payable and special assessments payable | 2,035 | 3,106 | ||||||
Total debt (excluding obligations under capital leases) | 833,633 | 689,029 | ||||||
Obligations under capital leases (see below) | 14,965 | 15,441 | ||||||
Total debt | 848,598 | 704,470 | ||||||
Less current maturities | 24,505 | 12,603 | ||||||
Total long-term debt | $ | 824,093 | $ | 691,867 | ||||
Schedule of Aggregate Annual Future Maturities of Long-term Debt | ' | |||||||
Aggregate annual future maturities of long-term debt (excluding capital leases) at December 31, 2013 are as follows: | ||||||||
2014 | $ | 14,238 | ||||||
2015 | 14,836 | |||||||
2016 | 80,779 | |||||||
2017 | 101,174 | |||||||
2018 | 522,713 | |||||||
Thereafter | 99,893 | |||||||
Total future maturities of long-term debt (excluding capital leases) | $ | 833,633 | ||||||
Schedule of Property and Equipment Recorded Under Capital Leases | ' | |||||||
The following is a summary of property and equipment recorded under capital leases: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land and buildings | $ | 15,467 | $ | 15,339 | ||||
Equipment | — | 3,856 | ||||||
Gross property and equipment under capital lease | 15,467 | 19,195 | ||||||
Less accumulated amortization | 3,635 | 6,296 | ||||||
Net property and equipment under capital lease | $ | 11,832 | $ | 12,899 | ||||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | |||||||
Future minimum lease payments and the present value of net minimum lease payments on capital leases at December 31, 2013 are as follows: | ||||||||
2014 | $ | 11,460 | ||||||
2015 | 1,075 | |||||||
2016 | 1,057 | |||||||
2017 | 1,020 | |||||||
2018 | 1,020 | |||||||
Thereafter | 2,424 | |||||||
Total future minimum lease payments | 18,056 | |||||||
Less amounts representing interest | 3,091 | |||||||
Present value of net minimum lease payments | 14,965 | |||||||
Current portion | 10,267 | |||||||
$ | 4,698 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
The provision for income taxes is comprised of: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current tax expense | ||||||||||||
Federal | $ | 64,059 | $ | 67,039 | $ | 50,213 | ||||||
State and local | 7,000 | 7,653 | 6,358 | |||||||||
Total current tax expense | 71,059 | 74,692 | 56,571 | |||||||||
Deferred tax expense | ||||||||||||
Federal | 6,082 | (2,429 | ) | 5,379 | ||||||||
State and local | 1,514 | 417 | 178 | |||||||||
Total deferred tax expense | 7,596 | (2,012 | ) | 5,557 | ||||||||
Non-current tax expense (benefit) | — | 17 | (318 | ) | ||||||||
Income tax provision | $ | 78,655 | $ | 72,697 | $ | 61,810 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||
The reconciliation between our effective tax rate on income before income taxes and the statutory tax rate is as follows: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax provision at federal statutory rate | $ | 70,128 | $ | 64,482 | $ | 54,049 | ||||||
State and local income taxes, net of federal tax benefit | 8,514 | 8,070 | 6,536 | |||||||||
Other, net | 13 | 145 | 1,225 | |||||||||
Income tax provision | $ | 78,655 | $ | 72,697 | $ | 61,810 | ||||||
Summary of Deferred Tax Liability Not Recognized [Table Text Block] | ' | |||||||||||
The tax effect of temporary differences that gives rise to the net deferred tax liability are as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Accrued rent expense | $ | 9,566 | $ | 8,297 | ||||||||
Other comprehensive income | 3,912 | 3,216 | ||||||||||
Accrued equity compensation | 4,150 | 7,670 | ||||||||||
Deferred revenue | 3,502 | 4,061 | ||||||||||
Foreign net operating loss | 1,050 | 1,145 | ||||||||||
Other | 1,913 | 1,923 | ||||||||||
Total deferred tax assets | 24,093 | 26,312 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | (103,417 | ) | (97,628 | ) | ||||||||
Partnership interest | (4,622 | ) | (5,781 | ) | ||||||||
Costs related to deferred revenue | (5,728 | ) | (7,242 | ) | ||||||||
Other | (3,949 | ) | (2,357 | ) | ||||||||
Total deferred tax liabilities | (117,716 | ) | (113,008 | ) | ||||||||
Net deferred tax liability | $ | (93,623 | ) | $ | (86,696 | ) | ||||||
Current deferred tax assets | $ | 10,615 | $ | 14,502 | ||||||||
Current deferred tax liabilities | (3,734 | ) | (5,689 | ) | ||||||||
Net current deferred tax assets | 6,881 | 8,813 | ||||||||||
Non-current deferred tax assets | 13,478 | 11,810 | ||||||||||
Non-current deferred tax liabilities | (113,982 | ) | (107,319 | ) | ||||||||
Net non-current deferred tax liabilities | (100,504 | ) | (95,509 | ) | ||||||||
Net deferred tax liability | $ | (93,623 | ) | $ | (86,696 | ) | ||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | |||||||||||
The following is a reconciliation of the total amounts of unrecognized tax benefits: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefit – beginning balance | $ | 746 | $ | 868 | $ | 1,229 | ||||||
Gross increases – tax positions in current period | 300 | 300 | 100 | |||||||||
Prior year increases | — | — | 46 | |||||||||
Prior year decreases | — | (150 | ) | — | ||||||||
Lapse of statute of limitations | (251 | ) | (272 | ) | (507 | ) | ||||||
Unrecognized tax benefit – ending balance | $ | 795 | $ | 746 | $ | 868 | ||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||
Total Share-Based Compensation Expense Included in our Consolidated Statements of Operations | ' | |||||||||||
Total share-based compensation expense, which includes stock option expense and restricted stock expense, included in our consolidated statements of operations was as follows: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Share-based compensation expense related to restricted shares | $ | 12,349 | $ | 14,566 | $ | 19,647 | ||||||
Share-based compensation expense related to employee stock purchase plan | 120 | 120 | 120 | |||||||||
Total share-based compensation expense | $ | 12,469 | $ | 14,686 | $ | 19,767 | ||||||
Summary of Restricted Stock Activity | ' | |||||||||||
Shares | Weighted Average Grant Date Fair Value per Share | |||||||||||
Outstanding at December 31, 2010 | 1,917,873 | $21.19 | ||||||||||
Granted | 367,668 | $38.36 | ||||||||||
Canceled | (6,744 | ) | $26.62 | |||||||||
Vested | (376,714 | ) | $22.32 | |||||||||
Outstanding at December 31, 2011 | 1,902,083 | $24.27 | ||||||||||
Granted | 1,052,466 | $47.28 | ||||||||||
Canceled | (30,289 | ) | $33.51 | |||||||||
Vested | (855,092 | ) | $22.54 | |||||||||
Outstanding at December 31, 2012 | 2,069,168 | $36.55 | ||||||||||
Granted | 363,106 | $42.51 | ||||||||||
Canceled | (141,898 | ) | $42.84 | |||||||||
Vested | (860,646 | ) | $25.33 | |||||||||
Outstanding at December 31, 2013 | 1,429,730 | $44.19 | ||||||||||
Share-based Compensation, Performance Shares Award Measurement Target Metrics | ' | |||||||||||
The following are the performance metrics underlying the targets: | ||||||||||||
Cumulative Diluted EPS | ROIC | |||||||||||
Measurement Period | EPS Target | Measurement Period | ROIC Target | |||||||||
2015 Performance Period | 4/1/12 | 1/1/15 | ||||||||||
50% vest if we achieve both performance targets | through | through | ||||||||||
12/31/15 | $ | 13.68 | 12/31/15 | 8.9 | % | |||||||
2016 Performance Period | 4/1/12 | 1/1/16 | ||||||||||
All/remaining vest if we achieve both performance targets | through | through | ||||||||||
12/31/16 | $ | 18.96 | 12/31/16 | 9 | % | |||||||
Summary of Stock Option Activity | ' | |||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||
Outstanding at December 31, 2010 | 552,625 | $23.30 | 3.8 | $10,009 | ||||||||
Exercised | (142,384 | ) | $22.21 | |||||||||
Canceled | (3,041 | ) | $31.40 | |||||||||
Outstanding at December 31, 2011 | 407,200 | $23.62 | 2.9 | $9,429 | ||||||||
Exercised | (115,690 | ) | $20.25 | |||||||||
Canceled | — | $— | ||||||||||
Outstanding at December 31, 2012 | 291,510 | $24.96 | 2 | $7,073 | ||||||||
Exercised | (74,242 | ) | $23.36 | |||||||||
Canceled | (1,600 | ) | $8.00 | |||||||||
Outstanding at December 31, 2013 | 215,668 | $25.64 | 1.1 | $4,616 | ||||||||
Vested at December 31, 2013 | 215,668 | $25.64 | 1.1 | $4,616 | ||||||||
Operating_Segments_Tables
Operating Segments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Operating Segments [Abstract] | ' | |||||||||||
Revenue from External Customers by Products and Services | ' | |||||||||||
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 | $ | 766,846 | $ | 727,596 | $ | 663,439 | ||||||
Enrollment fees | 13,941 | 15,346 | 18,447 | |||||||||
Personal training | 184,522 | 169,074 | 147,065 | |||||||||
Other in-center | 190,995 | 179,191 | 161,409 | |||||||||
Total center revenue | 1,156,304 | 1,091,207 | 990,360 | |||||||||
Other revenue | 49,600 | 35,740 | 23,314 | |||||||||
Total revenue | $ | 1,205,904 | $ | 1,126,947 | $ | 1,013,674 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||
The minimum annual payments under all noncancelable operating leases at December 31, 2013 are as follows: | ||||
2014 | $ | 39,301 | ||
2015 | 40,967 | |||
2016 | 40,199 | |||
2017 | 39,845 | |||
2018 | 40,228 | |||
Thereafter | 461,842 | |||
Total minimum annual payments under all noncancelable operating leases | $ | 662,382 | ||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following is a condensed summary of actual quarterly results of operations: | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||||||||||||||
Total revenue | $ | 290,747 | $ | 308,108 | $ | 316,011 | $ | 291,038 | $ | 268,447 | $ | 288,304 | $ | 294,873 | $ | 275,323 | ||||||||||||||||
Gross profit (1) | 111,779 | 118,866 | 116,058 | 113,392 | 103,325 | 112,388 | 112,449 | 107,158 | ||||||||||||||||||||||||
Income from operations | 52,374 | 60,726 | 62,856 | 48,668 | 48,322 | 56,583 | 59,408 | 43,915 | ||||||||||||||||||||||||
Net income | 28,101 | 33,187 | 34,386 | 26,038 | 25,672 | 30,292 | 32,144 | 23,430 | ||||||||||||||||||||||||
Earnings per share (2): | ||||||||||||||||||||||||||||||||
Basic (3) | $ | 0.68 | $ | 0.8 | $ | 0.83 | $ | 0.64 | $ | 0.62 | $ | 0.73 | $ | 0.77 | $ | 0.57 | ||||||||||||||||
Diluted (3) | $ | 0.67 | $ | 0.8 | $ | 0.83 | $ | 0.63 | $ | 0.62 | $ | 0.73 | $ | 0.77 | $ | 0.56 | ||||||||||||||||
-1 | We define gross profit as total center revenue less center operations expenses. | |||||||||||||||||||||||||||||||
-2 | See Note 2 for discussion on the computation of earnings per share. | |||||||||||||||||||||||||||||||
-3 | The basic and diluted earnings per share by quarter include the impact of rounding within each quarter. |
Nature_of_Business_Details
Nature of Business (Details) | Dec. 31, 2013 |
Center | |
Number of Centers [Abstract] | ' |
Number of centers | 108 |
MINNESOTA | ' |
Number of Centers [Abstract] | ' |
Number of centers | 24 |
TEXAS | ' |
Number of Centers [Abstract] | ' |
Number of centers | 18 |
ILLINOIS | ' |
Number of Centers [Abstract] | ' |
Number of centers | 9 |
GEORGIA | ' |
Number of Centers [Abstract] | ' |
Number of centers | 6 |
MICHIGAN | ' |
Number of Centers [Abstract] | ' |
Number of centers | 6 |
NORTH CAROLINA | ' |
Number of Centers [Abstract] | ' |
Number of centers | 6 |
OHIO | ' |
Number of Centers [Abstract] | ' |
Number of centers | 6 |
ARIZONA | ' |
Number of Centers [Abstract] | ' |
Number of centers | 5 |
COLORADO | ' |
Number of Centers [Abstract] | ' |
Number of centers | 4 |
VIRGINIA | ' |
Number of Centers [Abstract] | ' |
Number of centers | 4 |
INDIANA | ' |
Number of Centers [Abstract] | ' |
Number of centers | 3 |
NEW JERSEY | ' |
Number of Centers [Abstract] | ' |
Number of centers | 3 |
KANSAS | ' |
Number of Centers [Abstract] | ' |
Number of centers | 2 |
ALABAMA | ' |
Number of Centers [Abstract] | ' |
Number of centers | 1 |
MARYLAND | ' |
Number of Centers [Abstract] | ' |
Number of centers | 2 |
FLORIDA | ' |
Number of Centers [Abstract] | ' |
Number of centers | 1 |
MISSOURI | ' |
Number of Centers [Abstract] | ' |
Number of centers | 1 |
NEBRASKA | ' |
Number of Centers [Abstract] | ' |
Number of centers | 1 |
NEVADA | ' |
Number of Centers [Abstract] | ' |
Number of centers | 1 |
NEW YORK | ' |
Number of Centers [Abstract] | ' |
Number of centers | 1 |
OKLAHOMA | ' |
Number of Centers [Abstract] | ' |
Number of centers | 1 |
TENNESSEE | ' |
Number of Centers [Abstract] | ' |
Number of centers | 1 |
UTAH | ' |
Number of Centers [Abstract] | ' |
Number of centers | 1 |
ONTARIO | ' |
Number of Centers [Abstract] | ' |
Number of centers | 1 |
Significant_Accounting_Policie3
Significant Accounting Policies - Revenue Recognition (Details) (USD $) | 12 Months Ended | 36 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
Maximum [Member] | Minimum [Member] | ||||
Revenue Recognition [Abstract] | ' | ' | ' | ' | ' |
Enrollment Fee Refund Period | '14 days | ' | ' | ' | ' |
Estimated average membership life | '33 months | ' | ' | ' | ' |
Attrition rate | 35.80% | ' | ' | 35.80% | 31.30% |
Direct expenses in excess of enrollment fees | $26.20 | $20.70 | $14.90 | ' | ' |
Period of Pre-Opening Operations | '5 months | ' | ' | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies - Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Allowance for doubtful accounts - beginning of period | $213 | $167 | $150 |
Provisions | 334 | 675 | 216 |
Write-offs against allowance | -367 | -629 | -199 |
Allowance for doubtful accounts - end of period | $180 | $213 | $167 |
Significant_Accounting_Policie5
Significant Accounting Policies - Center Operating Supplies and Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Significant Accounting Policies [Abstract] | ' | ' |
Center operating supplies | $8,658 | $6,616 |
In-center business inventory and supplies | 21,586 | 18,256 |
Apparel and other | 2,534 | 2,368 |
Total center operating supplies and inventories | $32,778 | $27,240 |
Significant_Accounting_Policie6
Significant Accounting Policies - Prepaid Expenses and Other Current Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Significant Accounting Policies [Abstract] | ' | ' |
Deferred costs associated with personal training deferred revenue | $4,691 | $4,375 |
Prepaid lease obligations | 3,843 | 3,228 |
Prepaid marketing and media expenses | 3,653 | 6,296 |
Prepaid maintenance agreements | 4,787 | 5,551 |
Prepaid licenses and subscriptions | 2,548 | 1,412 |
Other prepaid expenses | 2,391 | 1,357 |
Land held-for-sale -- short-term | 839 | 0 |
Canadian sales tax receivable | 944 | 1,406 |
Other current assets | 2,106 | 3,201 |
Total prepaid expenses and other current assets | $25,802 | $26,826 |
Significant_Accounting_Policie7
Significant Accounting Policies - Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Center | |||
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $2,791,054,000 | $2,452,206,000 | ' |
Less accumulated depreciation | 685,977,000 | 593,540,000 | ' |
Property and equipment, net | 2,105,077,000 | 1,858,666,000 | ' |
Number of centers under construction | 6 | ' | ' |
Construction in progress | 202,800,000 | 100,300,000 | ' |
Construction site development costs | 1,500,000 | 2,600,000 | ' |
Capitalized interest | 3,300,000 | 1,100,000 | 1,200,000 |
Building [Member] | Minimum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Building [Member] | Maximum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '39 years | ' | ' |
Land [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 330,800,000 | 300,887,000 | ' |
Buildings and Related Fixtures [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 1,721,635,000 | 1,589,960,000 | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 115,443,000 | 87,951,000 | ' |
Leasehold Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '1 year | ' | ' |
Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' |
Construction in Progress [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 160,560,000 | 68,358,000 | ' |
Land and Building [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 2,328,438,000 | 2,047,156,000 | ' |
Fitness [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 126,692,000 | 113,521,000 | ' |
Fitness [Member] | Minimum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Fitness [Member] | Maximum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' | ' |
Other Equipment [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 101,450,000 | 88,290,000 | ' |
Other Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Other Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' | ' |
Computer and Telephone [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 71,623,000 | 65,947,000 | ' |
Computer and Telephone [Member] | Minimum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Computer and Telephone [Member] | Maximum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' | ' |
Capitalized Software [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 87,707,000 | 68,319,000 | ' |
Decor and Signage [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 20,134,000 | 18,553,000 | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Audio/Visual [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 35,064,000 | 32,223,000 | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 19,946,000 | 18,197,000 | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' | ' |
Equipment [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $462,616,000 | $405,050,000 | ' |
Software and Software Development Costs [Member] | Minimum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Software and Software Development Costs [Member] | Maximum [Member] | ' | ' | ' |
Property and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Significant_Accounting_Policie8
Significant Accounting Policies - Acquisitions (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
facility | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | $13,238,000 | $30,614,000 | $70,264,000 |
Goodwill | 25,550,000 | 49,195,000 | 37,176,000 | 25,550,000 |
Goodwill acquired | ' | 12,019,000 | 11,626,000 | ' |
Number of previously leased centers for which property was acquired | 6 | ' | ' | ' |
Note assumed in acquisition of six centers | 72,100,000 | ' | ' | ' |
2013 Acquisitions [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 13,238,000 | ' | ' |
Finite lived intangible assets acquired | ' | 5,400,000 | ' | ' |
Fair Value of Assets Acquired | ' | 3,200,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | ' | 4,600,000 | ' | ' |
Goodwill | ' | 9,400,000 | ' | ' |
Race Timing Business [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Finite lived intangible assets acquired | ' | ' | 11,200,000 | ' |
Fair Value of Assets Acquired | ' | ' | 2,300,000 | ' |
Goodwill acquired | ' | ' | 5,700,000 | ' |
Atlanta Tennis Center [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Finite lived intangible assets acquired | ' | ' | 4,000,000 | ' |
2012 Acquisitions [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Goodwill, Purchase Accounting Adjustments | ' | 2,600,000 | ' | ' |
Lifestyle Family Fitness Centers [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Goodwill acquired | 9,200,000 | ' | ' | ' |
Number of centers acquired | 9 | ' | ' | ' |
Number of centers leased | 8 | ' | ' | ' |
Number of centers for which property was acquired | 1 | ' | ' | ' |
Athletic Events [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Finite lived intangible assets acquired | ' | ' | $3,900,000 | ' |
Significant_Accounting_Policie9
Significant Accounting Policies - Derivative Instruments and Hedging Activities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2011 |
Derivative [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax | ($2,300,000) | ' | ' |
Interest Rate Swap [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative, amount of hedged item | ' | ' | 200,000,000 |
Derivative, fixed interest rate | 1.32% | ' | 1.32% |
Gross fair market value of swap contract | $3,762,000 | $6,052,000 | ' |
Recovered_Sheet1
Significant Accounting Policies - Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Significant Accounting Policies [Abstract] | ' | ' |
Beginning balance | $37,176 | $25,550 |
Goodwill acquired | 12,019 | 11,626 |
Ending balance | $49,195 | $37,176 |
Recovered_Sheet2
Significant Accounting Policies - Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Definite and Indefinite-Lived Intangible Assets [Roll Forward] | ' | ' | ' |
Beginning balance | $28,531,000 | $10,481,000 | ' |
Ending balance | 33,978,000 | 28,531,000 | 10,481,000 |
Intangible Assets Gross And Net Presentation [Abstract] | ' | ' | ' |
Gross | 33,978,000 | 28,531,000 | 10,481,000 |
Accumulated Amortization | 4,679,000 | 2,653,000 | ' |
Net | 29,299,000 | 25,878,000 | ' |
Carrying Amount of Intangible Assets [Abstract] | ' | ' | ' |
Indefinite-lived trade names | 9,300,000 | ' | ' |
Finite-lived trade names | 6,200,000 | ' | ' |
Finite-lived intangible assets, amortization expense | 2,000,000 | 1,700,000 | 500,000 |
Curriculum and Technology Based Intangibles [Member] | ' | ' | ' |
Definite and Indefinite-Lived Intangible Assets [Roll Forward] | ' | ' | ' |
Intangible assets acquired | 100,000 | 3,965,000 | ' |
Intangible Assets Gross And Net Presentation [Abstract] | ' | ' | ' |
Gross | 6,695,000 | 6,595,000 | ' |
Accumulated Amortization | 1,286,000 | 751,000 | ' |
Net | 5,409,000 | 5,844,000 | ' |
Leasehold Rights [Member] | ' | ' | ' |
Definite and Indefinite-Lived Intangible Assets [Roll Forward] | ' | ' | ' |
Intangible assets acquired | ' | 4,000,000 | ' |
Intangible Assets Gross And Net Presentation [Abstract] | ' | ' | ' |
Gross | 6,392,000 | 6,392,000 | ' |
Accumulated Amortization | 1,435,000 | 993,000 | ' |
Net | 4,957,000 | 5,399,000 | ' |
Customer Relationships [Member] | ' | ' | ' |
Definite and Indefinite-Lived Intangible Assets [Roll Forward] | ' | ' | ' |
Intangible assets acquired | ' | 4,519,000 | ' |
Intangible Assets Gross And Net Presentation [Abstract] | ' | ' | ' |
Gross | 5,412,000 | 5,412,000 | ' |
Accumulated Amortization | 947,000 | 406,000 | ' |
Net | 4,465,000 | 5,006,000 | ' |
Carrying Amount of Intangible Assets [Abstract] | ' | ' | ' |
Finite-lived intangibles, useful life, minimum (in Years) | '10 years | ' | ' |
Trade Brand Names [Member] | ' | ' | ' |
Definite and Indefinite-Lived Intangible Assets [Roll Forward] | ' | ' | ' |
Beginning balance | 10,132,000 | ' | ' |
Intangible assets acquired | 5,347,000 | 5,566,000 | ' |
Ending balance | 15,479,000 | 10,132,000 | ' |
Intangible Assets Gross And Net Presentation [Abstract] | ' | ' | ' |
Gross | 15,479,000 | 10,132,000 | ' |
Accumulated Amortization | 1,011,000 | 503,000 | ' |
Net | $14,468,000 | $9,629,000 | ' |
Trade Brand Names [Member] | ' | ' | ' |
Carrying Amount of Intangible Assets [Abstract] | ' | ' | ' |
Finite-lived intangibles, useful life, minimum (in Years) | '13 years | ' | ' |
Maximum [Member] | Leasehold Rights [Member] | ' | ' | ' |
Carrying Amount of Intangible Assets [Abstract] | ' | ' | ' |
Finite-lived intangibles, useful life, minimum (in Years) | '24 years | ' | ' |
Maximum [Member] | Curriculum and Technology Based Intangibles [Member] | ' | ' | ' |
Carrying Amount of Intangible Assets [Abstract] | ' | ' | ' |
Finite-lived intangibles, useful life, minimum (in Years) | '15 years | ' | ' |
Minimum [Member] | Leasehold Rights [Member] | ' | ' | ' |
Carrying Amount of Intangible Assets [Abstract] | ' | ' | ' |
Finite-lived intangibles, useful life, minimum (in Years) | '6 years | ' | ' |
Minimum [Member] | Curriculum and Technology Based Intangibles [Member] | ' | ' | ' |
Carrying Amount of Intangible Assets [Abstract] | ' | ' | ' |
Finite-lived intangibles, useful life, minimum (in Years) | '2 years | ' | ' |
Recovered_Sheet3
Significant Accounting Policies - Intangible Assets Amortization Expense By Maturity (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Significant Accounting Policies [Abstract] | ' |
2014 | $2,062 |
2015 | 2,054 |
2016 | 1,935 |
2017 | 1,910 |
2018 | 1,910 |
Thereafter | 10,051 |
Total expected amortization expense for intangible assets | $19,922 |
Recovered_Sheet4
Significant Accounting Policies - Other Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Significant Accounting Policies [Abstract] | ' | ' |
Financing costs, net | $10,393 | $7,960 |
Investments in unconsolidated affiliate (see Note 3) | 4,761 | 4,331 |
Land held for sale | 15,787 | 17,229 |
Executive nonqualified plan (see Note 10) | 5,410 | 3,980 |
Other | 6,333 | 7,733 |
Total other assets | $42,684 | $41,233 |
Recovered_Sheet5
Significant Accounting Policies - Accrued Expenses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Significant Accounting Policies [Abstract] | ' | ' |
Payroll related | $14,410 | $12,255 |
Real estate taxes | 18,939 | 18,549 |
Center operating costs | 15,868 | 14,239 |
Insurance | 6,495 | 6,911 |
Interest | 1,469 | 888 |
Income Taxes | 59 | 137 |
Marketing and information technology accruals | 1,642 | 1,780 |
Other | 8,553 | 8,574 |
Total accrued expenses | $67,435 | $63,333 |
Recovered_Sheet6
Significant Accounting Policies - Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | $26,038 | $34,386 | $33,187 | $28,101 | $23,430 | $32,144 | $30,292 | $25,672 | $121,712 | $111,538 | $92,617 | ||||||||
Weighted average number of common shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 41,263,000 | 41,345,000 | 40,358,000 | ||||||||
Weighted average number of common shares outstanding - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 41,482,000 | 41,972,000 | 40,930,000 | ||||||||
Basic earnings per common share | $0.64 | [1],[2] | $0.83 | [1],[2] | $0.80 | [1],[2] | $0.68 | [1],[2] | $0.57 | [1],[2] | $0.77 | [1],[2] | $0.73 | [1],[2] | $0.62 | [1],[2] | $2.95 | $2.70 | $2.29 |
Diluted earnings per common share | $0.63 | [1],[2] | $0.83 | [1],[2] | $0.80 | [1],[2] | $0.67 | [1],[2] | $0.56 | [1],[2] | $0.77 | [1],[2] | $0.73 | [1],[2] | $0.62 | [1],[2] | $2.93 | $2.66 | $2.26 |
Common shares outstanding | 42,115,549 | ' | ' | ' | 43,149,434 | ' | ' | ' | 42,115,549 | 43,149,434 | ' | ||||||||
Employee Stock Option [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Incremental common shares attributable to share-based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | 85,000 | 116,000 | 132,000 | ||||||||
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Incremental common shares attributable to share-based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | 134,000 | 511,000 | 440,000 | ||||||||
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Antidilutive securities excluded from computation of earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 2,477 | 15,540 | 42,227 | ||||||||
[1] | The basic and diluted earnings per share by quarter include the impact of rounding within each quarter. | ||||||||||||||||||
[2] | See Note 2 for discussion on the computation of earnings per share. |
Recovered_Sheet7
Significant Accounting Policies - Share-Based Compensation (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | 15 Months Ended | 27 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Aug. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
2011 Long-Term Incentive Plan [Member] | Employee Stock Purchase Plan [Member] | Target 1 | Target 1 | Target 1 | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | April 1, 2012 Through 2015 [Member] | April 1, 2012 Through 2016 [Member] | 2015 Member [Member] | 2016 Member [Member] | |||||
2011 | 2012 | Fiscal Year 2015 | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | |||||||||||||||
2011 Long-Term Incentive Plan [Member] | 2011 Long-Term Incentive Plan [Member] | 2015 Performance Period [Member] | 2016 Performance Period [Member] | 2015 Performance Period [Member] | 2016 Performance Period [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | '4 years | '4 years | ' | ' | ' | ' |
Remaining shares available for grant | ' | ' | ' | ' | 1,234,537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares issued under Plan | 363,106 | 1,052,466 | 367,668 | ' | ' | ' | ' | ' | ' | ' | ' | 658,500 | ' | ' | 1,016,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage of the 2011 diluted EPS targets (in percent) | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.80 | $5.60 | ' | $2.60 | $3.90 | ' | $18.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Cumulative Diluted Earnings Per Share, Target Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.68 | $18.96 | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Return on Invested Capital, Target Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.90% | 9.00% |
Unrecognized compensation expense (in dollars) | 22.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28.8 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional cost that could be recognized if all diluted EPS targets become probable (in dollars) | $11.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of fair market value cost per share under the plan | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount percentage under the plan | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares, unvested | 1,429,730 | 2,069,168 | 1,902,083 | 1,917,873 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet8
Significant Accounting Policies - Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest Rate Swap | $3,762 | $6,052 |
Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest Rate Swap | $3,762 | $6,052 |
Recovered_Sheet9
Significant Accounting Policies - Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Obligations under capital leases | $14,965 | $15,441 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed-rate debt | 487,556 | ' |
Obligations under capital leases | 14,965 | ' |
Floating-rate debt | 346,077 | ' |
Total | 848,598 | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed-rate debt | 488,441 | ' |
Obligations under capital leases | 15,150 | ' |
Floating-rate debt | 346,077 | ' |
Total | $849,668 | ' |
Recovered_Sheet10
Significant Accounting Policies - Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Beginning balance | ($4,801) | ' | ' |
Other comprehensive income | -814 | -2,208 | -2,623 |
Ending balance | -5,615 | -4,801 | ' |
Gains (Losses) on Cash Flows Hedge | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Beginning balance | -3,631 | -1,788 | ' |
Other comprehensive income | 1,374 | -1,843 | ' |
Ending balance | -2,257 | -3,631 | ' |
Foreign Currency Translation Adjustments | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Beginning balance | -1,170 | -805 | ' |
Other comprehensive income | -2,188 | -365 | ' |
Ending balance | -3,358 | -1,170 | ' |
Accumulated Other Comprehensive Loss | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Beginning balance | -4,801 | -2,593 | ' |
Other comprehensive income | -814 | -2,208 | -2,623 |
Ending balance | ($5,615) | ($4,801) | ($2,593) |
Recovered_Sheet11
Significant Accounting Policies - Supplemental Cash Flow Information (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
facility | ||||
Cash Flow Supplemental Disclosures [Line Items] | ' | ' | ' | ' |
Accounts receivable | ' | $685,000 | ($2,211,000) | ($565,000) |
Income taxes receivable | ' | -6,698,000 | -5,026,000 | 4,894,000 |
Center operating supplies and inventories | ' | -5,555,000 | -3,093,000 | -3,423,000 |
Prepaid expense and other current assets | ' | 3,190,000 | 5,022,000 | -9,150,000 |
Deferred membership origination costs | ' | 3,329,000 | 2,172,000 | 1,322,000 |
Accounts payable | ' | -3,986,000 | 10,160,000 | 3,324,000 |
Accrued expenses | ' | 10,404,000 | 12,568,000 | 8,853,000 |
Deferred revenue | ' | -5,918,000 | 3,108,000 | 1,988,000 |
Deferred rent liability | ' | 6,473,000 | -1,428,000 | 3,040,000 |
Other liabilities | ' | 709,000 | 1,727,000 | -6,000 |
Changes in operating assets and liabilities | ' | 2,633,000 | 22,999,000 | 10,277,000 |
Capital Expenditures [Abstract] | ' | ' | ' | ' |
Cash purchases of property and equipment | ' | 348,948,000 | 224,194,000 | 165,335,000 |
Non-cash change in construction accounts payable | ' | 22,134,000 | 3,316,000 | -2,450,000 |
Other non-cash changes to property and equipment | ' | -5,964,000 | 5,604,000 | 839,000 |
Total capital expenditures | ' | 365,118,000 | 233,114,000 | 163,724,000 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' | ' |
Cash payments for income taxes | ' | 71,900,000 | 61,500,000 | 48,400,000 |
Cash payments for interest, net of capitalized interest | ' | 22,900,000 | 23,800,000 | 17,700,000 |
Capitalized interest | ' | 3,300,000 | 1,100,000 | 1,200,000 |
Construction accounts payable | ' | 47,342,000 | 25,208,000 | ' |
Number of previously leased centers for which property was acquired | 6 | ' | ' | ' |
Note assumed in acquisition of six centers | $72,100,000 | ' | ' | ' |
Investment_in_Unconsolidated_A1
Investment in Unconsolidated Affiliate (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 | Dec. 31, 1999 |
entity | |||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' |
Number of unrelated organizations Company joined with to form LLC | ' | ' | ' | ' | 2 |
Number of members who own equal equity method investment interests in the LLC | ' | ' | ' | ' | 3 |
Equity method investment in Bloomingdale LLC | ' | ' | ' | ' | $2 |
Mortgage loans on real estate | ' | ' | ' | 7.3 | ' |
Equity method investment distributions | 0.9 | 1 | 0.9 | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' |
Maximum amount of Life Time Fitness, Inc.'s debt guarantee | 1.6 | ' | ' | ' | ' |
Guarantee Obligations [Member] | ' | ' | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' |
Right to Receive Equity Investment Dividends or Distributions | $0.70 | ' | ' | ' | ' |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 13, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2011 |
In Thousands, unless otherwise specified | Commercial Mortgage-Backed Note Including Interest To February 2017 [Member] | Commercial Mortgage-Backed Note Including Interest To February 2017 [Member] | Commercial Mortgage-Backed Note Including Interest To March 2023 [Member] | Commercial Mortgage-Backed Note Including Interest To March 2023 [Member] | Commercial Mortgage-Backed Note Including Interest To December 2016 [Member] | Commercial Mortgage-Backed Note Including Interest To December 2016 [Member] | Commercial Mortgage-Backed Note Including Interest To September 2026 [Member] | Commercial Mortgage-Backed Note Including Interest To September 2026 [Member] | Variable Rate Demand Note Maturing July 2033 [Member] | Variable Rate Demand Note Maturing July 2033 [Member] | Variable Rate Demand Note Maturing July 2033 [Member] | Mortgage Notes Expiring Through May 2024 [Member] | Mortgage Notes Expiring Through May 2024 [Member] | Mortgage Notes Expiring Through May 2024 [Member] | Mortgage Notes Expiring Through May 2024 [Member] | Promissory Note [Member] | Promissory Note [Member] | Credit Facility Expiring 2018 [Member] | Credit Facility Expiring 2018 [Member] | LIBOR [Member] | LIBOR [Member] | Base [Member] | Base [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||
Minimum [Member] | Maximum [Member] | Credit Facility Expiring 2018 [Member] | Credit Facility Expiring 2018 [Member] | Credit Facility Expiring 2018 [Member] | Credit Facility Expiring 2018 [Member] | |||||||||||||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $510,500 | $454,000 | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,762 | 6,052 | ' |
Commercial mortgage-backed notes payable | ' | ' | 95,207 | 96,909 | 70,457 | 0 | 68,173 | 70,175 | 49,287 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate demand notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,815 | 32,385 | 34,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes payable to banks | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,397 | 20,616 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promissory note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5,786 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other debt | 2,035 | 3,106 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt (excluding obligations under capital leases) | 833,633 | 689,029 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligations under capital leases | 14,965 | 15,441 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | 848,598 | 704,470 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current maturities | 24,505 | 12,603 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 824,093 | 691,867 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 2.25% | 0.25% | 1.25% | ' | ' | ' |
Derivative Liability, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' |
Derivative, fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.32% | ' | 1.32% |
Monthly debt service payment | ' | ' | $632 | ' | $775 | ' | $503 | ' | $423 | ' | ' | ' | ' | $27 | $205 | ' | ' | $80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 6.03% | ' | 4.45% | ' | 5.75% | ' | 4.48% | ' | ' | ' | ' | ' | ' | 6.25% | 7.10% | 5.78% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Revolving_Credit
Long-Term Debt - Revolving Credit Facilities (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2011 | Jul. 31, 2013 | Jun. 30, 2011 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Second Amendment [Member] | Third Amendment [Member] | Third Amendment [Member] | Second Amendment To the Third Amended Agreement [Member] | Credit Facility Expiring 2018 [Member] | Credit Facility Expiring 2018 [Member] | Letter of Credit [Member] | Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maximum borrowing capacity | ' | ' | $470,000,000 | $660,000,000 | $660,000,000 | $240,000,000 | ' | ' | ' | ' |
Revolving credit facility, potential increase to borrowing capacity | ' | ' | ' | ' | 240,000,000 | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | 760,000,000 | ' | ' | ' | ' |
Original principal amount at issuance | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' |
Debt Instrument, Annual Amortization Rate | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' |
Revolving credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | 510,500,000 | 454,000,000 | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | 2.40% | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding, amount | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, interest rate during period | ' | 2.60% | ' | ' | ' | ' | ' | ' | 2.40% | 2.50% |
Revolving credit facility, average outstanding amount | 411,900,000 | 390,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Amount Outstanding During Period | $510,500,000 | $454,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Interest_Rate_Sw
Long-Term Debt - Interest Rate Swap, Variable Rate Demand Notes and Promissory Note Payable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2011 |
Interest Rate Swap [Abstract] | ' | ' | ' |
Fair market value loss, net of tax | $2,300,000 | ' | ' |
Interest Rate Swap [Member] | ' | ' | ' |
Interest Rate Swap [Abstract] | ' | ' | ' |
Derivative, amount of hedged item | ' | ' | 200,000,000 |
Derivative, lower variable interest rate range | 1.32% | ' | 1.32% |
Gross fair market value of swap contract | $3,762,000 | $6,052,000 | ' |
LongTerm_Debt_Mortgage_Notes_P
Long-Term Debt - Mortgage Notes Payable and Commerical Mortgage-Backed Notes Financing (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2007 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Dec. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 01, 2006 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | 31-May-09 | Dec. 31, 2013 | 31-May-09 | Nov. 30, 2009 | Mar. 31, 2009 | Nov. 30, 2008 | |
Commercial Mortgage-Backed Note Including Interest To February 2017 [Member] | Commercial Mortgage-Backed Note Including Interest To February 2017 [Member] | Commercial Mortgage-Backed Note Including Interest To February 2017 [Member] | Commercial Mortgage-Backed Note Including Interest To March 2023 [Member] | Commercial Mortgage-Backed Note Including Interest To March 2023 [Member] | Commercial Mortgage-Backed Note Including Interest To March 2023 [Member] | Commercial Mortgage-Backed Note Including Interest To December 2016 [Member] | Commercial Mortgage-Backed Note Including Interest To December 2016 [Member] | Commercial Mortgage-Backed Note Including Interest To December 2016 [Member] | Commercial Mortgage-Backed Note Including Interest To December 2016 [Member] | Commercial Mortgage-Backed Note Including Interest To September 2026 [Member] | Commercial Mortgage-Backed Note Including Interest To September 2026 [Member] | Commercial Mortgage-Backed Note Including Interest To September 2026 [Member] | Mortgage, May 2009 [Member] | Mortgage, May 2009 [Member] | May 2014 Interest Reset [Member] | Mortgage, November 2009 [Member] | Mortgage, March 2009 [Member] | Mortgage, November 2008 [Member] | ||
Center | properties | Center | properties | Center | Center | Center | Center | |||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original principal amount at issuance | ' | ' | ' | $105,000,000 | ' | $75,000,000 | ' | ' | ' | ' | $80,000,000 | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate on mortgage note | ' | 6.03% | ' | ' | 4.45% | ' | ' | ' | 5.75% | ' | ' | 4.48% | ' | ' | 7.10% | ' | ' | 6.95% | 6.25% | 6.54% |
Monthly debt service payment | ' | 632,000 | ' | ' | 775,000 | ' | ' | ' | 503,000 | ' | ' | 423,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage amount outstanding | ' | 95,207,000 | 96,909,000 | ' | 70,457,000 | ' | 0 | ' | 68,173,000 | 70,175,000 | ' | 49,287,000 | ' | 0 | ' | 2,400,000 | ' | ' | ' | ' |
Number of Properties Mortgaged | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Number of centers financed through debt | ' | 6 | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | 1 | ' | ' | 1 | 1 | 1 |
Principal amount of loan assumed | $72,100,000 | ' | ' | ' | ' | ' | ' | $72,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' |
Interest Rate Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' |
Mortgage Note Amortization Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | '15 years | '15 years | '20 years |
LongTerm_Debt_Other_Mortgage_N
Long-Term Debt - Other Mortgage Notes Financing (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2008 | Jul. 13, 2008 | Dec. 31, 2013 | Dec. 31, 2007 | |
Variable Rate Demand Note Maturing July 2033 [Member] | Variable Rate Demand Note Maturing July 2033 [Member] | Variable Rate Demand Note Maturing July 2033 [Member] | Variable Rate Demand Note Maturing July 2033 [Member] | Promissory Note [Member] | Promissory Note [Member] | |
properties | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Variable rate demand notes | $31,815,000 | $32,385,000 | ' | $34,200,000 | ' | ' |
Debt Instrument, Interest Rate at Period End | 0.20% | ' | ' | ' | ' | ' |
Letter of Credit, Annual Fee as Percentage of Maximum Amount Available | 1.40% | ' | ' | ' | ' | ' |
Number of Properties Mortgaged | ' | ' | 2 | ' | ' | ' |
Original principal amount at issuance | ' | ' | ' | ' | ' | $8,500,000 |
Fixed interest rate on mortgage note | ' | ' | ' | ' | 5.78% | ' |
LongTerm_Debt_Future_Maturitie
Long-Term Debt - Future Maturities of Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2014 | $14,238 | ' |
2015 | 14,836 | ' |
2016 | 80,779 | ' |
2017 | 101,174 | ' |
2018 | 522,713 | ' |
Thereafter | 99,893 | ' |
Total debt (excluding obligations under capital leases) | $833,633 | $689,029 |
LongTerm_Debt_Capital_Leases_D
Long-Term Debt - Capital Leases (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
31-May-01 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Center | Center | Minnesota Sale-Leaseback [Member] | Virginia Ground Lease [Member] | Equipment Leases [Member] | Equipment Leases [Member] | Land and Buildings [Member] | Land and Buildings [Member] | Equipment [Member] | Equipment [Member] | ||
Capital Leases [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Centers Financed Through Sale-Leaseback Transactions | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Period | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Present Value of Future Minimum Lease Payments, Sale Leaseback Transactions | ' | ' | ' | $5,100,000 | ' | ' | ' | ' | ' | ' | ' |
Land Purchase Options, Description | ' | ' | ' | ' | 'fifth or tenth lease year | ' | ' | ' | ' | ' | ' |
Present value of net minimum lease payments | ' | 14,965,000 | ' | ' | 9,700,000 | ' | ' | ' | ' | ' | ' |
Interest rate on capital lease | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' |
Monthly rental payments under capital lease | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' |
Amortization of leased asset | ' | ' | ' | ' | ' | 400,000 | 1,200,000 | ' | ' | ' | ' |
Summary of Property and Equipment Recorded Under Capital Leases [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross property and equipment under capital lease | ' | 15,467,000 | 19,195,000 | ' | ' | ' | ' | 15,467,000 | 15,339,000 | 0 | 3,856,000 |
Less accumulated amortization | ' | 3,635,000 | 6,296,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net property and equipment under capital lease | ' | 11,832,000 | 12,899,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Leases, Future Minimum Payments Due [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | 11,460,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | 1,075,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | 1,057,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | 1,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | 1,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | ' | 2,424,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total future minimum payments due | ' | 18,056,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less amounts representing interest | ' | 3,091,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Present value of net minimum lease payments | ' | 14,965,000 | ' | ' | 9,700,000 | ' | ' | ' | ' | ' | ' |
Current portion | ' | 10,267,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations, noncurrent | ' | $4,698,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
Jan. 28, 2014 | Dec. 31, 2013 | Feb. 28, 2013 | Jan. 28, 2014 | Jan. 31, 2014 | |
Commercial Mortgage-Backed Note Including Interest To February 2024 [Member] [Domain] | Commercial Mortgage-Backed Note Including Interest To March 2023 [Member] | Commercial Mortgage-Backed Note Including Interest To March 2023 [Member] | Lease Agreements [Member] | Athletic Events [Member] | |
Subsequent Event [Member] | Subsidiary of Common Parent [Member] | Subsequent Event [Member] | |||
Center | Subsequent Event [Member] | ||||
term | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Original principal amount at issuance | $80,000,000 | ' | $75,000,000 | ' | ' |
Number of centers financed through debt | 5 | ' | ' | ' | ' |
Fixed interest rate on mortgage note | 5.06% | 4.45% | ' | ' | ' |
Monthly debt service payment | $500,000 | $775,000 | ' | ' | ' |
Lease term (in years) | ' | ' | ' | '15 years | ' |
Lease, number of terms | ' | ' | ' | 5 | ' |
Lease term renewals (in years) | ' | ' | ' | '5 years | ' |
Acquisition price paid as a percent of assets (in percent) | ' | ' | ' | ' | 1.00% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Current tax expense | ' | ' | ' |
Federal | $64,059,000 | $67,039,000 | $50,213,000 |
State and local | 7,000,000 | 7,653,000 | 6,358,000 |
Total current tax expense | 71,059,000 | 74,692,000 | 56,571,000 |
Deferred tax expense | ' | ' | ' |
Federal | 6,082,000 | -2,429,000 | 5,379,000 |
State and local | 1,514,000 | 417,000 | 178,000 |
Total deferred tax expense | 7,596,000 | -2,012,000 | 5,557,000 |
Non-current tax expense (benefit) | 0 | 17,000 | -318,000 |
Income tax provision | 78,655,000 | 72,697,000 | 61,810,000 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Income tax provision at federal statutory rate | 70,128,000 | 64,482,000 | 54,049,000 |
State and local income taxes, net of federal tax benefit | 8,514,000 | 8,070,000 | 6,536,000 |
Other, net | 13,000 | 145,000 | 1,225,000 |
Income tax provision | 78,655,000 | 72,697,000 | 61,810,000 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' | ' |
Accrued rent expense | 9,566,000 | 8,297,000 | ' |
Other comprehensive income | 3,912,000 | 3,216,000 | ' |
Accrued equity compensation | 4,150,000 | 7,670,000 | ' |
Deferred revenue | 3,502,000 | 4,061,000 | ' |
Foreign net operating loss | 1,050,000 | 1,145,000 | ' |
Other | 1,913,000 | 1,923,000 | ' |
Total deferred tax assets | 24,093,000 | 26,312,000 | ' |
Property and equipment | -103,417,000 | -97,628,000 | ' |
Partnership interest | -4,622,000 | -5,781,000 | ' |
Costs related to deferred revenue | -5,728,000 | -7,242,000 | ' |
Other | -3,949,000 | -2,357,000 | ' |
Total deferred tax liabilities | -117,716,000 | -113,008,000 | ' |
Net deferred tax liability | -93,623,000 | -86,696,000 | ' |
Current deferred tax assets | 10,615,000 | 14,502,000 | ' |
Current deferred tax liabilities | -3,734,000 | -5,689,000 | ' |
Net current deferred tax assets | 6,881,000 | 8,813,000 | ' |
Non-current deferred tax assets | 13,478,000 | 11,810,000 | ' |
Non-current deferred tax liabilities | -113,982,000 | -107,319,000 | ' |
Net non-current deferred tax liabilities | -100,504,000 | -95,509,000 | ' |
Net deferred tax liability | -93,623,000 | -86,696,000 | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Unrecognized tax benefit - beginning balance | 746,000 | 868,000 | 1,229,000 |
Gross increases - tax positions in current period | 300,000 | 300,000 | 100,000 |
Prior year increases | 0 | 0 | 46,000 |
Prior year decreases | 0 | -150,000 | 0 |
Lapse of statute of limitations | -251,000 | -272,000 | -507,000 |
Unrecognized tax benefit - ending balance | 795,000 | 746,000 | 868,000 |
Unrecognized tax benefits that would impact effective tax rate | 800,000 | 500,000 | 500,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | ' | ' | ' |
Unrecognized tax benefits, income tax penalties and interest expense | 100,000 | 100,000 | 100,000 |
Unrecognized tax benefits, income tax penalties and accrued interest | 100,000 | 100,000 | 100,000 |
Operating Loss Carry forward [Abstract] | ' | ' | ' |
Operating Loss Carryforwards | 4,200,000 | ' | ' |
Operating Loss Carryforwards, Expiration Term | '19 years | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | $1,400,000 | ' | ' |
ShareBased_Compensation_Stock_
Share-Based Compensation - Stock Option and Incentive Plans (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
2004 Long-Term Incentive Plan [Member] | 2004 Long-Term Incentive Plan [Member] | 2004 Long-Term Incentive Plan [Member] | 2011 Long-Term Incentive Plan [Member] | 2011 Long-Term Incentive Plan [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Minimum [Member] | Maximum [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||
2004 Long-Term Incentive Plan [Member] | 2011 Long-Term Incentive Plan [Member] | 2011 Long-Term Incentive Plan [Member] | 2011 Long-Term Incentive Plan [Member] | 2011 Long-Term Incentive Plan [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||||||||||
2004 Long-Term Incentive Plan [Member] | 2011 Long-Term Incentive Plan [Member] | 2004 Long-Term Incentive Plan [Member] | 2011 Long-Term Incentive Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved for issuance under Plan | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional shares reserved for issuance under Plan | ' | ' | ' | ' | ' | 1,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares, vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | '1 year | '4 years | '4 years | '4 years |
Stock options granted under Plan, total | ' | ' | ' | ' | 1,929,665 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options outstanding under Plan | ' | ' | ' | ' | 215,668 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares issued under Plan, total | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,294,359 | 1,446,212 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares, unvested | 1,429,730 | 2,069,168 | 1,902,083 | 1,917,873 | ' | ' | ' | ' | ' | 219,099 | 1,210,632 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares issued under Plan | 363,106 | 1,052,466 | 367,668 | ' | ' | ' | ' | ' | ' | ' | 363,106 | 1,052,466 | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted share value based on common stock closing price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $41.80 | $49.90 | ' | ' | ' | ' | ' | ' |
Remaining shares available for grant | ' | ' | ' | ' | ' | ' | ' | 1,234,537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Total_
Share-Based Compensation - Total Share-Based Compensation Expense Included in our Consolidated Statementes of Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation | $12,469 | $14,686 | $19,767 |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation | 120 | 120 | 120 |
Restricted Stock [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation | $12,349 | $14,566 | $19,647 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Restricted Stock Activity (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Shares | ' | ' | ' |
Outstanding at beginning of period (in shares) | 2,069,168 | 1,902,083 | 1,917,873 |
Granted (in shares) | 363,106 | 1,052,466 | 367,668 |
Canceled (in shares) | -141,898 | -30,289 | -6,744 |
Vested (in shares) | -860,646 | -855,092 | -376,714 |
Outstanding at end of period (in shares) | 1,429,730 | 2,069,168 | 1,902,083 |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Outstanding at beginning of period (in dollars per share) | $36.55 | $24.27 | $21.19 |
Granted (in dollars per share) | $42.51 | $47.28 | $38.36 |
Canceled (in dollars per share) | $42.84 | $33.51 | $26.62 |
Vested (in dollars per share) | $25.33 | $22.54 | $22.32 |
Outstanding at end of period (in dollars per share) | $44.19 | $36.55 | $24.27 |
Aggregate fair value of restricted stock granted during period | $15.40 | $49.80 | $14.10 |
Fair market value of restricted shares that vested during period | 21.8 | ' | ' |
Unrecognized compensation expense for restricted stock (in dollars) | $22.10 | ' | ' |
Period over which unrecognized compensation is expected to be recognized (in years) | '2 years 2 months | ' | ' |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | 15 Months Ended | 27 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Aug. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 01, 2006 | Aug. 31, 2011 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
2011 | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | 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] | April 1, 2012 Through 2015 [Member] | 2015 Member [Member] | April 1, 2012 Through 2016 [Member] | 2016 Member [Member] | ||||
Target 1 | 2015 Performance Period [Member] | 2015 Performance Period [Member] | 2016 Performance Period [Member] | 2016 Performance Period [Member] | ||||||||||||||||||||
Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | |||||||||||||||||||||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Purchase Plan Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | $100,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special Restricted Stock Grants [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares issued under Plan | 363,106 | 1,052,466 | 367,668 | ' | ' | ' | 658,500 | ' | ' | 1,016,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage of the 2011 diluted EPS targets (in percent) | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' |
Number of shares expected to vest at Dec. 31, 2011 | ' | ' | ' | ' | 453,500 | ' | ' | 448,000 | 453,500 | ' | 448,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash share-based compensation expense (in dollars) | ' | ' | ' | ' | 6,800,000 | 5,600,000 | ' | 2,600,000 | 3,900,000 | ' | 18,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of times compound annual growth rate under current long range plan for earnings per share target | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of times return on invested capital for return on invested capital target | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Cumulative Diluted Earnings Per Share, Target Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.68 | ' | $18.96 | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Return on Invested Capital, Target Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.90% | ' | 9.00% |
Unrecognized compensation expense (in dollars) | 22,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional cost that could be recognized if all diluted EPS targets become probable (in dollars) | 11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Purchase Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum ESPP common shares that can be sold to employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of fair market value cost per share under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount percentage under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee withholding for the purchase of shares (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESPP common stock available for purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,260,727 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Repurchase Plans [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized by Board of Directors for repurchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,093 | ' | ' | ' | ' | 682,634 | ' | 646,701 | ' | ' | ' | ' |
Value of shares repurchased (in dollars) | 61,959,000 | 19,099,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | 31,000,000 | ' | 31,000,000 | ' | ' | ' | ' |
Remaining shares authorized for repurchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 260,727 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | 200,000,000 | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $169,000,000 | ' | ' | ' | ' |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Stock Option Activity (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Aggregate Intrinsic Value | ' | ' | ' | ' |
Total intrinsic value of stock options exercised | $1,700,000 | $3,300,000 | $2,800,000 | ' |
Stock Option Exercises [Abstract] | ' | ' | ' | ' |
Proceeds from stock option exercises | 1,734,000 | 2,342,000 | 3,162,000 | ' |
Tax benefit realized from stock option exercises | 5,895,000 | 8,502,000 | 3,537,000 | ' |
Stock Option [Member] | ' | ' | ' | ' |
Shares | ' | ' | ' | ' |
Outstanding at beginning of period (in shares) | 291,510 | 407,200 | 552,625 | ' |
Exercised (in shares) | -74,242 | -115,690 | -142,384 | ' |
Canceled (in shares) | -1,600 | 0 | -3,041 | ' |
Outstanding at end of period (in shares) | 215,668 | 291,510 | 407,200 | 552,625 |
Vested at period end (in shares) | 215,668 | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Outstanding at beginning of period (in dollars per share) | $24.96 | $23.62 | $23.30 | ' |
Exercised (in dollars per share) | $23.36 | $20.25 | $22.21 | ' |
Canceled (in dollars per share) | $8 | $0 | $31.40 | ' |
Outstanding atend of period (in dollars per share) | $25.64 | $24.96 | $23.62 | $23.30 |
Vested at end of period (in dollars per share) | $25.64 | ' | ' | ' |
Weighted Average Remaining Contractual Term in Years | ' | ' | ' | ' |
Outstanding (in years) | '1 year 1 month 7 days | '2 years | '2 years 10 months 24 days | '3 years 9 months 18 days |
Vested at end of period (in years) | '1 year 1 month 7 days | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Aggregate Intrinsic Value | ' | ' | ' | ' |
Outstanding at end of period (in dollars) | 4,616,000 | 7,073,000 | 9,429,000 | 10,009,000 |
Vested at end of period (in dollars) | $4,616,000 | ' | ' | ' |
Operating_Segments_Details
Operating Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Segments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Membership dues | ' | ' | ' | ' | ' | ' | ' | ' | $766,846 | $727,596 | $663,439 |
Enrollment fees | ' | ' | ' | ' | ' | ' | ' | ' | 13,941 | 15,346 | 18,447 |
Personal training | ' | ' | ' | ' | ' | ' | ' | ' | 184,522 | 169,074 | 147,065 |
Other in-center | ' | ' | ' | ' | ' | ' | ' | ' | 190,995 | 179,191 | 161,409 |
Total center revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,156,304 | 1,091,207 | 990,360 |
Other revenue | ' | ' | ' | ' | ' | ' | ' | ' | 49,600 | 35,740 | 23,314 |
Total revenue | $291,038 | $316,011 | $308,108 | $290,747 | $275,323 | $294,873 | $288,304 | $268,447 | $1,205,904 | $1,126,947 | $1,013,674 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Noncancelable Operating Leases (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2008 | 31-May-01 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 | Dec. 31, 2013 | Aug. 21, 2008 | Aug. 31, 2008 | Dec. 31, 2013 | Sep. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | |
Center | Center | Michigan Centers | Senior Housing Properties Trust | Senior Housing Properties Trust | Senior Housing Properties Trust | W.P. Carey & Co., LLC | W.P. Carey & Co., LLC | Maximum [Member] | |||||
Years | option | term | |||||||||||
term | |||||||||||||
Lease Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | $39,301,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | 40,967,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | 40,199,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | 39,845,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | 40,228,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | ' | ' | 461,842,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total minimum annual payments under all noncancelable operating leases | ' | ' | 662,382,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense under operating leases | ' | ' | 40,300,000 | 38,700,000 | 42,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Centers Financed Through Sale-Leaseback Transactions | ' | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale-leaseback transaction, lease period | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | '40 years | ' | ' |
Sale-leaseback transactions, minimum lease payments | ' | ' | ' | ' | ' | ' | 53,100,000 | ' | ' | 162,200,000 | ' | 108,500,000 | ' |
Sale-leaseback transaction, gross proceeds | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | 60,500,000 | ' | ' |
Sale Leaseback Transaction, Entire Term of Lease | '50 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale-leaseback transaction, initial lease term | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' |
Sale-leaseback transactions, number of lease renewal terms | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | 4 | ' | ' |
Sale-leaseback transactions, length of lease renewal term | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Number of Months Prior to End of Lease Term Renewal Option Must Be exercised | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | '18 months | ' |
Sale-leaseback transaction, rent expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,100,000 | ' | 5,700,000 | ' |
Year of lease term after which first rent escalation rate will apply | ' | ' | ' | ' | ' | ' | ' | ' | 'fifth | ' | ' | ' | ' |
Number of lease renewal terms in which 10% rent escalation will apply | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Sale-leaseback transaction, renewal term escalation rate | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | 2.00% | ' |
Number of Lease Renewal Terms in Which Greater Escalation Rate Will Apply | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' |
Maximum rent percentage during renewal term period | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' |
Guarantor obligations, tangible net worth requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' |
Sale-leaseback transaction, gross deferred gain | ' | ' | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale-leaseback transaction, remaining amount | ' | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase commitments | ' | ' | 142,700,000 | 93,800,000 | 71,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum service requirement for eligibility to participate in 401 (k) Savings and Investment Plan | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum age of eligibility for 401(k) Savings and Investment Plan | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discretionary employer contributions to the 401(k) Plan | ' | ' | 2,300,000 | 2,900,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding, amount | ' | ' | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Surety bonds | ' | ' | 15,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans on real estate | ' | ' | ' | ' | ' | 7,300,000 | ' | ' | ' | ' | ' | ' | ' |
Guarantor obligations, maximum exposure, undiscounted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,600,000 |
Portion of Indebtedness of LLC guaranteed by Lifetime Fitness, Inc. | ' | ' | 33.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of Debt Guaranteed by Each Member of the LLC | ' | ' | 33.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Management [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Management [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related party ownership percentage | 100.00% | ' | ' |
Office rent expense | $0.60 | $0.60 | $0.50 |
Executive_Nonqualified_Plan_De
Executive Nonqualified Plan (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Executive Nonqualified Plan [Abstract] | ' |
Deferred compensation, maximum amount of annual salary that can be deferred | 50.00% |
Deferred Compensation Arrangement with Individual, Maximum Term of Payout | '10 years |
Employee deferred contributions to nonqualified plan | $5.70 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenue | $291,038 | $316,011 | $308,108 | $290,747 | $275,323 | $294,873 | $288,304 | $268,447 | $1,205,904 | $1,126,947 | $1,013,674 | ||||||||
Gross profit (1) | 113,392 | [1] | 116,058 | [1] | 118,866 | [1] | 111,779 | [1] | 107,158 | [1] | 112,449 | [1] | 112,388 | [1] | 103,325 | [1] | ' | ' | ' |
Income from operations | 48,668 | 62,856 | 60,726 | 52,374 | 43,915 | 59,408 | 56,583 | 48,322 | 224,624 | 208,228 | 173,266 | ||||||||
Net income | $26,038 | $34,386 | $33,187 | $28,101 | $23,430 | $32,144 | $30,292 | $25,672 | $121,712 | $111,538 | $92,617 | ||||||||
Earnings per share (2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic (3) | $0.64 | [2],[3] | $0.83 | [2],[3] | $0.80 | [2],[3] | $0.68 | [2],[3] | $0.57 | [2],[3] | $0.77 | [2],[3] | $0.73 | [2],[3] | $0.62 | [2],[3] | $2.95 | $2.70 | $2.29 |
Diluted (3) | $0.63 | [2],[3] | $0.83 | [2],[3] | $0.80 | [2],[3] | $0.67 | [2],[3] | $0.56 | [2],[3] | $0.77 | [2],[3] | $0.73 | [2],[3] | $0.62 | [2],[3] | $2.93 | $2.66 | $2.26 |
[1] | We define gross profit as total center revenue less center operations expenses. | ||||||||||||||||||
[2] | The basic and diluted earnings per share by quarter include the impact of rounding within each quarter. | ||||||||||||||||||
[3] | See Note 2 for discussion on the computation of earnings per share. |