Quarterly report pursuant to Section 13 or 15(d)

Interest Rate Derivatives (Tables)

v2.4.0.6
Interest Rate Derivatives (Tables)
 3 Months Ended
Mar. 31, 2012
Interest Rate Derivatives  
Schedule of key terms and fair values of interest rate swap derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at

 

Notional

 

Fixed

 

Floating Rate

 

Effective

 

Expiration

 

March 31,

 

December 31,

 

Amount

 

Rate

 

Index

 

Date

 

Date

 

2012

 

2011

 

$

 50,000

 

0.5025

%

One-Month LIBOR

 

1/3/2011

 

1/3/2012

 

$

—

 

$

(1

)

50,000

 

0.5025

%

One-Month LIBOR

 

1/3/2011

 

1/3/2012

 

—

 

(1

)

120,000

 

1.7600

%

One-Month LIBOR

 

1/2/2009

 

5/1/2012

 

(152

)

(552

)

100,000

 

1.9750

%

One-Month LIBOR

 

1/1/2010

 

5/1/2012

 

(144

)

(532

)

100,000

 

0.6123

%

One-Month LIBOR

 

1/3/2012

 

9/1/2014

 

(282

)

55

 

100,000

 

0.6100

%

One-Month LIBOR

 

1/3/2012

 

9/1/2014

 

(277

)

56

 

100,000

 

0.8320

%

One-Month LIBOR

 

1/3/2012

 

9/1/2015

 

(365

)

(66

)

100,000

 

0.8320

%

One-Month LIBOR

 

1/3/2012

 

9/1/2015

 

(363

)

(49

)

39,027

(1)

3.8300

%

One-Month LIBOR

 

11/2/2010

 

11/2/2015

 

(1,090

)

(1,054

)

100,000

(2)

3.8415

%

Three-Month LIBOR

 

9/30/2011

 

9/30/2021

 

—

 

(16,333

)

75,000

(2)

3.8450

%

Three-Month LIBOR

 

9/30/2011

 

9/30/2021

 

—

 

(12,275

)

100,000

(2)

2.0525

%

Three-Month LIBOR-Reverse

 

12/30/2011

 

9/30/2021

 

—

 

345

 

75,000

(2)

2.0525

%

Three-Month LIBOR-Reverse

 

12/30/2011

 

9/30/2021

 

—

 

260

 

 

 

 

 

 

 

 

 

 

 

$

(2,673

)

$

(30,147

)

 

(1)         The notional amount of this instrument is scheduled to amortize to $36.2 million.

(2)         As described further in our 2011 Annual Report on Form 10-K, on January 5, 2012, we cash settled these instruments, along with interest accrued thereon, for an aggregate of $29.7 million.  Our policy is to present payments to terminate interest rate swaps entered into in order to hedge forecasted interest payments as operating activities on our consolidated statement of cash flows.  Accordingly, the payments to cash settle these instruments were included in net cash provided by operating activities on our consolidated statement of cash flows.
Schedule of fair value and balance sheet classification of interest rate derivatives

 

 

 

 

March 31, 2012

 

December 31, 2011

 

Derivatives

 

Balance Sheet Location

 

Fair Value

 

Balance Sheet Location

 

Fair Value

 

Interest rate swaps designated as cash flow hedges

 

Prepaid expenses and other assets

 

$

—

 

Prepaid expenses and other assets

 

$

111

 

Interest rate swaps not designated as hedges

 

N/A

 

—

 

Prepaid expenses and other assets

 

605

 

Interest rate swaps designated as cash flow hedges

 

Interest rate derivatives

 

(2,673

)

Interest rate derivatives

 

(2,255

)

Interest rate swaps not designated as hedges

 

N/A

 

—

 

Interest rate derivatives

 

(28,608

)
Schedule of effect of interest rate derivatives on consolidated statements of operations and comprehensive income

 

 

 

 

For the Three Months

 

 

 

Ended March 31,

 

 

 

2012

 

2011

 

Amount of loss recognized in AOCL (effective portion)

 

$

(1,987

)

$

(136

)

Amount of loss reclassified from AOCL into interest expense (effective portion)

 

(1,474

)

(1,104

)