Quarterly report pursuant to Section 13 or 15(d)

Interest Rate Derivatives (Tables)

v3.7.0.1
Interest Rate Derivatives (Tables)
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of key terms and fair values of interest rate swap derivatives
The following table sets forth the key terms and fair values of our interest rate swap derivatives (dollars in thousands):
 
 
 



 

 

Fair Value at
Notional Amount
 
Fixed Rate

Floating Rate Index

Effective Date

Expiration Date

March 31,
2017

December 31,
2016
$
100,000


1.6730%

One-Month LIBOR

9/1/2015

8/1/2019

$
(301
)

$
(701
)
100,000


1.7300%

One-Month LIBOR

9/1/2015

8/1/2019

(434
)

(848
)
13,494

(1)
1.3900%
 
One-Month LIBOR
 
10/13/2015
 
10/1/2020
 
147

 
100

100,000

 
1.9013%
 
One-Month LIBOR
 
9/1/2016
 
12/1/2022
 
409

 
(23
)
100,000

 
1.9050%
 
One-Month LIBOR
 
9/1/2016
 
12/1/2022
 
427

 
48

50,000

 
1.9079%
 
One-Month LIBOR
 
9/1/2016
 
12/1/2022
 
200

 
10

 

 
 

 

 

 

$
448


$
(1,414
)

(1) The notional amount of this instrument is scheduled to amortize to $12.1 million.

Schedule of fair value and balance sheet classification of interest rate derivatives
The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands):
 
 
 
 
Fair Value at
Derivatives
 
Balance Sheet Location
 
March 31,
2017
 
December 31, 2016
Interest rate swaps designated as cash flow hedges
 
Prepaid expenses and other assets
 
$
1,183

 
$
158

Interest rate swaps designated as cash flow hedges
 
Other liabilities
 
(735
)
 
(1,572
)
Schedule of effect of interest rate derivatives on consolidated statements of operations and comprehensive income
The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):
 
 
For the Three Months Ended March 31,
 
 
2017
 
2016
Amount of gain (loss) recognized in accumulated other comprehensive loss (“AOCL”) (effective portion)
 
$
224

 
$
(11,284
)
Amount of losses reclassified from AOCL into interest expense (effective portion)
 
(1,184
)
 
(870
)
Amount of gain (loss) recognized in interest expense (ineffective portion)
 
454

 
(1,551
)