On today's call, Bahram Akradi, our Chairman, President and CEO, will discuss key highlights from our third quarter and our operations. Following that, Mike Robinson, our CFO, will review our financial highlights and update our financial guidance for 2011. Once we have completed our prepared remarks, we will answer your question until 11:00 a.m. Eastern time. At that point in the call, Tony will provide instructions on how to ask a question. In order to give as many as possible a chance to ask a question, please limit yourself to only 1 question. I will close with a tentative date of our fourth quarter 2011 earnings call. Finally, a replay of this teleconference will be available in our website at approximately 1:00 p.m. Eastern time today.Today's conference call contains forward-looking statements and future results could differ materially from those statements made. Actual results may be affected by many factors, including the risks and uncertainties identified in our SEC filings. Certain information in our earnings release and information disclosed on this call constitute non-GAAP financial measures including EBITDA, free cash flow and other non-GAAP operating measures. We have included reconciliations of the differences between GAAP and non-GAAP measures in our earnings release and our Form 8-K. Other required information about our non-GAAP data is included in our Form 8-K. With that, let me now turn the call over to Bahram Akradi. Bahram? Bahram Akradi Thanks, John. I'm pleased to be here to share my thoughts and perspective on our third quarter of 2011 results. We had a very solid third quarter. Revenue growth remains strong, up 11% over the third quarter last year, continuing the steady pace we have seen over the last several quarters. Dues revenue for the quarter was up over 10% from a year ago. In-center revenue had its seventh straight quarter of double-digit growth, up over 16% from last year. Net income was up over 15% versus last year. Excluding the impact of noncash compensation expense, net income was up nearly 18%.
Earning per share were $0.66. Adjusted for the noncash compensation expense, non-GAAP EPS was $0.67, 18% higher than last second quarter. Mature centers same-store sales continued its positive trend, up 4.1% over the third quarter last year. Attrition for the quarter was 9% versus 9.6% a year ago and our trailing 12-month attrition was 35.3%. Last quarter, we reached our stated goal of getting efficient under 36%. Even with high unemployment, our attrition levels are approaching some of the lowest in the history of the company. We will continue to drive hard to keep attrition below 36%.I am very pleased with these results. I'm proud of our team who successfully execute the strategies that differentiate Life Time as a Healthy Way of Life company and impact lives positively each and every day. We remain on track to accomplish our stated objectives for the year. Our balance sheet is solid and our debt leverage is within the range we were targeting. Our revenue performance continues to be strong as we drive for over $1 billion in sales this year. Our transformation into a Healthy Way of Life company is well underway as we focus on helping our communities and members achieve their health, fitness and athletic aspirations by delivering the best programs, people and places. And finally, we have committed to growth and improving our margins and returns. We will achieve this through: one, growth within our existing facilities; two, square-footage growth; and three, more Healthy Way of Life programming, both inside and outside the facilities; and fourth, finally, all the while driving improved productivity and margins. I look forward to finishing the year strong and setting our sights and our goals and objectives for the next year. With that, I will now turn to Mike Robinson, our Chief Financial Officer. Mike? Read the rest of this transcript for free on seekingalpha.com