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Derivative financial instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts and fair values of derivatives outstanding
The following tables present notional amounts and fair values of derivatives outstanding as of June 30, 2022 and December 31, 2021:
June 30, 2022December 31, 2021
Notional amount (a)Fair valueNotional amount (a)Fair value
Derivative assets not designated as accounting cash flow hedges:
Interest rate swaps$200,000 $106 $— $— 
Interest rate caps1,292,000 46,779 2,703,500 14,203 
Derivative assets designated as accounting cash flow hedges:
Interest rate swaps$1,347,000 $13,278 $— $— 
Interest rate caps675,000 36,136 475,000 2,706 
Total derivative assets$96,299 $16,909 
(a)The notional amount is excluded for caps and swaps which are not yet effective.

June 30, 2022December 31, 2021
Notional amount (a)Fair valueNotional amount (a)Fair value
Derivative liabilities not designated as cash flow hedges:
Interest rate swaps$— $— $500,000 $6,627 
Derivative liabilities designated as accounting cash flow hedges:
Interest rate swaps$924,000 $1,325 $2,616,000 $64,570 
Total derivative liabilities$1,325 $71,197 
(a)The notional amount is excluded for caps and swaps which are not yet effective.
Schedule of income (loss) recorded in comprehensive income
We recorded the following in other comprehensive gain or loss related to derivative financial instruments for the three and six months ended June 30, 2022 and 2021:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Gain (Loss)
Effective portion of change in fair market value of derivatives designated as accounting cash flow hedges:
Interest rate swaps$25,774 $17,656 $76,524 $39,943 
Interest rate caps5,753 (323)15,148 1,142 
Derivative premium and amortization1,174 861 2,341 1,626 
Income tax effect(4,088)(2,274)(11,752)(5,339)
Net gain on derivatives, net of tax$28,613 $15,920 $82,261 $37,372 
Schedule of effect of derivatives recorded in interest expense in Consolidated Income Statements
The following table presents the effect of derivatives recorded in interest expense in our Condensed Consolidated Income Statements for the three and six months ended June 30, 2022 and 2021:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Gain (Loss)
Derivatives not designated as accounting hedges:
Interest rate caps and swaps$3,239 $(62)$39,309 $9,689 
Reclassification to Condensed Consolidated Income Statements:
Reclassification of amounts previously recorded within AOCI(10,781)(16,513)(30,072)(37,810)
(Loss) gain recognized in interest expense$(7,542)$(16,575)$9,237 $(28,121)