Annual report pursuant to Section 13 and 15(d)

Interest Rate Derivatives (Tables)

v2.4.0.8
Interest Rate Derivatives (Tables)
 12 Months Ended
Dec. 31, 2013
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
 
 
 
 
 
Effective
 
Expiration
 
December 31,
Amount
 
Fixed Rate
 
Floating Rate Index
 
Date
 
Date
 
2013
 
2012
$
100,000

 
0.6123
%
 
One-Month LIBOR
 
1/3/2012
 
9/1/2014
 
$
(279
)
 
$
(594
)
100,000

 
0.6100
%
 
One-Month LIBOR
 
1/3/2012
 
9/1/2014
 
(277
)
 
(591
)
100,000

 
0.8320
%
 
One-Month LIBOR
 
1/3/2012
 
9/1/2015
 
(861
)
 
(1,313
)
100,000

 
0.8320
%
 
One-Month LIBOR
 
1/3/2012
 
9/1/2015
 
(861
)
 
(1,313
)
37,691

(1)
3.8300
%
 
One-Month LIBOR + 2.25%
 
11/2/2010
 
11/2/2015
 
(832
)
 
(1,268
)
100,000

 
0.8055
%
 
One-Month LIBOR
 
9/2/2014
 
9/1/2016
 
(94
)
 
(263
)
100,000

 
0.8100
%
 
One-Month LIBOR
 
9/2/2014
 
9/1/2016
 
(105
)
 
(272
)
100,000

 
1.6730
%
 
One-Month LIBOR
 
9/1/2015
 
8/1/2019
 
3,377

 
(154
)
100,000

 
1.7300
%
 
One-Month LIBOR
 
9/1/2015
 
8/1/2019
 
3,217

 
(417
)
 

 
 

 
 
 
 
 
 
 
$
3,285

 
$
(6,185
)

(1)
The notional amount of this instrument is scheduled to amortize to $36.2 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):
 
 
December 31, 2013
 
December 31, 2012
Derivatives
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Interest rate swaps designated as cash flow hedges
 
Prepaid expenses and other assets
 
$
6,594

 
Prepaid expenses and other assets
 
$
—

Interest rate swaps designated as cash flow hedges
 
Interest rate derivatives
 
(3,309
)
 
Interest rate derivatives
 
(6,185
)
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 Years Ended December 31,
 
2013
 
2012
 
2011
Amount of gains (losses) recognized in accumulated other comprehensive income (loss) (“AOCI”) (effective portion)
$
6,791

 
$
(7,676
)
 
$
(31,531
)
Amount of losses reclassified from AOCI into interest expense (effective portion)
(2,740
)
 
(3,697
)
 
(4,601
)
Amount of loss reclassified from AOCI to loss on interest rate derivatives upon discontinuing hedge accounting
—

 
—

 
28,430

Amount of loss on interest rate derivatives recognized subsequent to such derivatives no longer being designated as hedges
—

 
—

 
1,375