Exhibit 99.1

Investor Contact: John Heller – 952-229-7427 or ir@lifetimefitness.com

Media Contact: Jason Thunstrom – 952-229-7435 or pr@lifetimefitness.com

FOR IMMEDIATE RELEASE

LIFE TIME FITNESS ANNOUNCES FOURTH QUARTER AND

FULL-YEAR 2011 FINANCIAL RESULTS

CHANHASSEN, Minn. (February 16, 2012) – Life Time Fitness, Inc. (NYSE: LTM) today reported its financial results for the fourth quarter and full year ended December 31, 2011.

Fourth quarter 2011 revenue grew 12.2% to $250.9 million from $223.7 million during the same period last year. Revenue for the year totaled $1.014 billion, up 11.0% from $912.8 million during 2010.

In June 2009, the Company granted performance-based restricted stock to its senior management team. The Company achieved the diluted earnings per share performance criteria for vesting 50% of the stock (representing approximately 450,000 shares of restricted stock) in 2011. In fourth quarter 2011, the Company determined that achieving the 2012 diluted earnings per share performance criteria required for vesting the remaining stock was probable, resulting in a cumulative, non-cash performance share-based compensation expense of $6.7 million (pretax). This was in addition to performance share-based compensation expense of $1.0 million (pretax) for the fourth quarter related to the portion of the grant for which performance criteria was met in 2011. The Company anticipates recognizing the remaining $2.7 million (pretax) portion of the performance share-based compensation expense related to achieving the 2012 performance criteria ratably in 2012.

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Life Time Fitness Fourth Quarter and Full-Year 2011 Results – Page 2

Net income for the quarter was $19.8 million, or $0.48 per diluted share, compared to net income of $17.6 million, or $0.43 per diluted share, for 4Q 2010. Net income for the full year was $92.6 million compared to $80.7 million in 2010, up 14.8%. Diluted earnings per share for 2011 was $2.26 compared to $2.00 in 2010, up 13.0%.

Non-GAAP net income for the quarter, excluding performance share-based compensation expense, was $24.6 million, or $0.59 per diluted share. For the full year, non-GAAP net income, excluding performance share-based compensation expense, was $99.1 million compared to $84.1 million in 2010, up 17.7%. Non-GAAP diluted earnings per share for 2011 was $2.42, compared to $2.08 in 2010, up 16.3%.

“2011 marked another strong year of operating results for Life Time,” said Bahram Akradi, Life Time Fitness chairman, president and chief executive officer. “We achieved our stretch revenue goal of $1 billion, marking a key milestone for our company. We also reestablished a faster growth rate via increased square footage, membership price and mix optimization, and sustained improvement in our in-center and ancillary business revenue. Our results were strong, highlighted by 11% total revenue growth, 16% in-center revenue growth and earnings per share growth of 16%, excluding the impact of non-cash performance share-based compensation expense. I am particularly proud of the unwavering focus of our team members in providing the best places, people and programs aligned around helping members achieve their total health objectives, athletic aspirations and/or fitness goals. Those efforts helped reduce our 2011 attrition rate to 35%, beating our goal of 36%.”

Akradi further commented, “For 2012, our focus remains similar. We intend to drive growth through square footage expansion and increased dues revenue per membership. Additionally, by fostering increased customer engagement, we expect to see in-center and ancillary revenue growth, all while expanding our margins. At the same time, we will continue the evolution of our Healthy Way of Life Company and brand through comprehensive programs and certified professionals, which help our members successfully reach their objectives and change their lives.”

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Life Time Fitness Fourth Quarter and Full-Year 2011 Results – Page 3

During the quarter, Life Time acquired and assumed the operations of nine Lifestyle Family Fitness facilities in Indiana, Ohio and North Carolina. In January 2012, Life Time completed the acquisition of the Atlanta-based Racquet Club of the South, bolstering the Company’s tennis offering nationally.

In March, the Company plans to open its first Canada-based center in Mississauga, Ontario (Toronto market). The Company also plans to open a new center in Tulsa, its first location in Oklahoma, in April, and its fifth center in Atlanta, Georgia, in May.

Three and Twelve Months Ended December 31, 2011, Financial Highlights:

Total revenue for the fourth quarter grew 12.2% to $250.9 million from $223.7 million. Total revenue for the full year grew 11.0% to $1.014 billion from $912.8 million in 2010.

Memberships grew 10.4% to 676,054 at December 31, 2011, from 612,556 at December 31, 2010.

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Life Time Fitness Fourth Quarter and Full-Year 2011 Results – Page 4

Total operating expenses during 4Q 2011 totaled $214.0 million compared to $189.1 million for 4Q 2010. Full-year operating expenses were $840.4 million compared with $752.1 million in 2010. Excluding the $7.7 million (pretax) and $10.6 million (pretax) of performance share-based compensation expense, 4Q 2011 and full-year operating expenses were $206.3 million and $829.8 million, respectively.

Net income for 4Q 2011 was $19.8 million, or $0.48 per diluted share, compared to net income of $17.6 million, or $0.43 per diluted share, for 4Q 2010. Net income for the full year was $92.6 million, or $2.26 per diluted share, compared to $80.7 million, or $2.00 per diluted share, for 2010.

Non-GAAP net income for the quarter, excluding the performance share-based compensation expense, was $24.6 million, or $0.59 per diluted share. For the full year, non-GAAP net income, excluding the performance share-based compensation expense, was $99.1 million, or $2.42 per diluted share.

The effective income tax rate for 2011 was 40.0% compared with 39.8% in 2010.

EBITDA for 4Q 2011 was $62.4 million compared with $57.8 million in 4Q 2010. Full-year EBITDA was $273.4 million compared with $254.2 million in 2010.

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Life Time Fitness Fourth Quarter and Full-Year 2011 Results – Page 5

Adjusted EBITDA for the quarter and full year, excluding performance share-based compensation expense, was $70.1 million and $284.0 million, respectively.

Cash flows from operating activities for the full year 2011 totaled $227.9 million compared to $192.3 million in 2010.

Weighted average fully diluted shares for 4Q 2011 totaled 41.3 million compared to 40.6 million in 4Q 2010. For the full year 2011, weighted average fully diluted shares totaled 40.9 million compared to 40.4 million in 2010.

2012 Business Outlook:

The following statements are based on the Company’s current expectations for fiscal year 2012 and incorporate 2011 operating trends. These 2012 expectations are subject to the risks and uncertainties further described in the Company’s forward-looking statements:

As announced on February 9, 2012, the Company will hold a conference call today at 10:00 a.m. ET to discuss its fourth quarter and full-year 2011 results. Bahram Akradi, Michael Robinson, executive vice president and chief financial officer, and John Heller, senior director, investor relations & treasurer, will host the conference call. The conference call will be webcast and may be accessed via the Company’s Investor Relations section of its website at lifetimefitness.com. A replay of the call will be available the same day via the Company’s website beginning at approximately 1:00 p.m. ET.

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Life Time Fitness Fourth Quarter and Full-Year 2011 Results – Page 6

About Life Time Fitness, Inc.

As The Healthy Way of Life Company, Life Time Fitness (NYSE: LTM) helps organizations, communities and individuals achieve their total health objectives, athletic aspirations and fitness goals by engaging in their areas of interest — or discovering new passions — both inside and outside of Life Time’s distinctive and large sports, professional fitness, family recreation and spa destinations, most of which operate 24 hours a day, seven days a week. The Company’s healthy way of life approach enables customers to achieve this by providing the best programs, people and places of exceptional quality and value. As of February 16, 2012, the Company operated 93 centers under the LIFE TIME FITNESS^® and LIFE TIME ATHLETIC^SM brands in 21 states and 26 major markets. Life Time also operated nine additional acquired facilities, which are in transition to become Life Time centers. More information about Life Time centers, programs and services is available at lifetimefitness.com.

Forward-Looking Statements

Certain information contained in this press release may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause the Company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. Among these factors are attracting and retaining members, risks related to our debt levels and debt covenants, the ability to access our existing credit facility and obtain additional financing, strains on our business from continued and future growth, including potential acquisitions and other strategic initiatives, risks related to maintenance and security of our data, competition from other health and fitness centers, identifying and acquiring suitable sites for new centers, delays in opening new centers and other factors set forth in the Company’s filings with the Securities and Exchange Commission. Diluted earnings per common share could also be affected by the number of shares outstanding, which depends on factors such as the number of shares issued upon exercise of stock options and future grants of awards pursuant to equity-based incentive plans as well as stock offerings and repurchases. The Company’s expectations for fiscal year 2012 exclude any additional unusual items that might occur during the fiscal year, such as litigation matters. While the Company has determined that achieving the 2012 diluted earnings per common share performance criteria required for vesting the remaining stock related to the June 2009 performance share-based restricted stock grant is probable and anticipates recognizing additional performance share-based compensation expense in 2012, the Company may not be able to meet those criteria due to risks and uncertainties, including those factors described above.

The Company cautions investors not to place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during the Company’s financial results conference call will be current at the time of the call and the Company undertakes no obligation to update the replay.

Life Time Fitness Fourth Quarter and Full-Year 2011 Results – Page 7

LIFE TIME FITNESS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

Life Time Fitness Fourth Quarter and Full-Year 2011 Results – Page 8

LIFE TIME FITNESS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share data)

Life Time Fitness Fourth Quarter and Full-Year 2011 Results – Page 9

LIFE TIME FITNESS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Life Time Fitness Fourth Quarter and Full-Year 2011 Results – Page 10

Non-GAAP Financial Measures

This release and the related conference call disclose certain non-GAAP financial measures.

The Company achieved the diluted earnings per share performance criteria for vesting 50% of the performance share-based restricted stock granted in June 2009 (representing approximately 450,000 shares of restricted stock) in 2011. In 4Q 2011, the Company determined that achieving the 2012 earnings per common share performance criteria required for vesting the remaining stock was probable. As a result of this expense and expenses related to performance share-based compensation for the portion of the grant for which performance criteria was achieved in 2011, the Company recognized a cumulative performance share-based compensation expense of $7.7 million (pretax) in 4Q 2011 and $10.6 million (pretax) in 2011.

The Company believes that in order to properly understand its short-term and long-term financial trends from operations, investors may find it useful to exclude the impact of this expense from EBITDA, net income, diluted earnings per common share, income from operations and operating expenses. The resulting non-GAAP financial measures also may provide useful information to investors regarding the underlying business trends and performance of the Company’s ongoing operations, and may be useful for period-over-period comparisons of such operations.

EBITDA and Adjusted EBITDA. Earnings Before Interest, Income Taxes and Depreciation and Amortization (EBITDA) is a non-GAAP disclosure consisting of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. Adjusted EBITDA is the Company’s EBITDA excluding compensation expense related to the June 2009 performance share-based restricted stock grant. The Company uses EBITDA and Adjusted EBITDA as measures of operating performance. The funds depicted by EBITDA and Adjusted EBITDA are not necessarily available for discretionary use if they are reserved for particular capital purposes, to maintain compliance with debt covenants, to service debt or to pay taxes. EBITDA and Adjusted EBITDA should not be considered as a substitute for net income, net cash provided by operating activities or other income or cash flow data prepared in accordance with GAAP. Additional details related to EBITDA are provided in the Form 8-K that the Company filed with the Securities and Exchange Commission on the date of this press release.

Life Time Fitness Fourth Quarter and Full-Year 2011 Results – Page 11

The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA:

RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA

(In thousands)

(Unaudited)

Free Cash Flow. Free cash flow is a non-GAAP measure consisting of net cash provided by operating activities, less purchases of property and equipment, excluding acquisitions. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and does not represent the total increase or decrease in the cash balance presented in accordance with GAAP. The Company uses free cash flow as a measure of cash generated after spending on property and equipment. Free cash flow should not be considered as a substitute for net cash provided by operating activities prepared in accordance with GAAP. Additional details related to free cash flow are provided in the Form 8-K that the Company filed with the Securities and Exchange Commission on the date of this press release.

The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to free cash flow:

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(In thousands)

(Unaudited)

Life Time Fitness Fourth Quarter and Full-Year 2011 Results – Page 12

Non-GAAP Net Income. Non-GAAP net income is a non-GAAP financial measure consisting of net income excluding the performance share-based compensation expense recognized in 2010 and 2011 relating to the performance share-based restricted stock granted in June 2009. The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to non-GAAP net income.

RECONCILIATION OF CONSOLIDATED NET INCOME TO CONSOLIDATED NON-GAAP NET INCOME

(In thousands)

(Unaudited)

Non-GAAP Diluted Earnings Per Common Share. Non-GAAP diluted earnings per common share is a non-GAAP financial measure consisting of diluted earnings per common share excluding the per common share impact of the performance share-based compensation expense recognized in 2010 and 2011 related to the performance share-based restricted stock granted in June 2009. The following table provides a reconciliation of diluted earnings per common share, the most directly comparable GAAP measure, to non-GAAP diluted earnings per common share.

RECONCILIATION OF CONSOLIDATED DILUTED EARNINGS PER COMMON SHARE

TO CONSOLIDATED NON-GAAP DILUTED EARNINGS PER COMMON SHARE

(Unaudited)

Life Time Fitness Fourth Quarter and Full-Year 2011 Results – Page 13

Non-GAAP Income from Operations and Related Margin. Non-GAAP income from operations margin is a non-GAAP financial measure consisting of income from operations margin excluding the performance share-based compensation expense recognized in 2010 and 2011 related to the performance share-based restricted stock granted in June 2009. The following table provides a reconciliation of income from operations margin, the most directly comparable GAAP measure, to non-GAAP income from operations margin.

RECONCILIATION OF CONSOLIDATED INCOME FROM OPERATIONS

TO CONSOLIDATED NON-GAAP INCOME FROM OPERATIONS

(In thousands, except percentages)

(Unaudited)

Non-GAAP Operating Expenses. Non-GAAP operating expenses is a non-GAAP financial measure consisting of operating expenses excluding the performance share-based compensation expense recognized in 2010 and 2011 related to the performance share-based restricted stock granted in June 2009. The following table provides a reconciliation of operating expenses, the most directly comparable GAAP measure, to non-GAAP operating expenses.

RECONCILIATION OF CONSOLIDATED OPERATING EXPENSES

TO CONSOLIDATED NON-GAAP OPERATING EXPENSES

(In thousands)

(Unaudited)