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Derivatives and Hedging Activity (Tables) | 6 Months Ended
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Jun. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding interest rate derivatives | As of June 30, 2012, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollar amounts in thousands):
Interest Rate Derivative |  | Number of Instruments |  | Notional
Interest rate swaps |  | 13 |  |  | $ | 509,787 |
Interest rate caps |  | 5 |  |  | 274,291 |
Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of FASB ASC 815, Derivatives and Hedging. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a gain/(loss) of $(7,000) and $291,000 and $86,000 and $36,000 for the three and six months ended June 30, 2012 and 2011, respectively. As of June 30, 2012, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollar amounts in thousands):
Product |  | Number of Instruments |  | Notional
Interest rate caps |  | 3 |  |  | $ | 172,697 |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011 (amounts in thousands):
| Asset Derivatives |  | Liability Derivatives
|  |  | Fair Value at: |  |  |  | Fair Value at:
| Balance Sheet Location |  | June 30, 2012 |  | December 31, 2011 |  | Balance Sheet Location |  | June 30, 2012 |  | December 31, 2011
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate products | Other assets |  | $ | 15 |  |  | $ | 71 |  |  | Other liabilities |  | $ | 13,404 |  |  | $ | 13,660 |
Total |  |  | $ | 15 |  |  | $ | 71 |  |  |  |  | $ | 13,404 |  |  | $ | 13,660 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate products | Other assets |  | $ | 2 |  |  | $ | 18 |  |  | Other liabilities |  | $ | — |  |  | $ | — |
Total |  |  | $ | 2 |  |  | $ | 18 |  |  |  |  | $ | — |  |  | $ | — |
Effect of Company's derivative financial instruments on Consolidated Statements of Operation | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2012 and 2011 (dollar amounts in thousands):
|  | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) |  | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) |  | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) |  | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Derivatives in Cash Flow Hedging Relationships |  | 2012 |  | 2011 |  |  | 2012 |  | 2011 |  | 2012 |  | 2011
For the Three Months Ended June 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | (1,533 | ) |  | $ | (9,276 | ) |  |  |  | $ | (1,897 | ) |  | $ | (2,441 | ) |  |  |  | $ | — |  |  | $ | — |
Total |  | $ | (1,533 | ) |  | $ | (9,276 | ) |  | Interest expense |  | $ | (1,897 | ) |  | $ | (2,441 | ) |  | Interest expense |  | $ | — |  |  | $ | — |
For the Six Months Ended June 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | (3,492 | ) |  | $ | (7,903 | ) |  | Interest expense |  | $ | (3,752 | ) |  | $ | (4,350 | ) |  | Interest expense |  | $ | — |  |  | $ | — |
Total |  | $ | (3,492 | ) |  | $ | (7,903 | ) |  |  |  | $ | (3,752 | ) |  | $ | (4,350 | ) |  |  |  | $ | — |  |  | $ | — |
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations |
Derivatives Not Designated as Hedging Instruments |  | Location of Gain or (Loss) Recognized in Income on Derivative |  | Amount of Gain or (Loss) Recognized in Income on Derivative
2012 |  | 2011
For the Three Months Ended June 30, |  |  |  |  |  |
Interest rate products |  | Other income/(expense) |  | $ | (7 | ) |  | $ | 86 |
Total |  |  |  | $ | (7 | ) |  | $ | 86 |
For the Six Months Ended June 30, |  |  |  |  |  |
Interest rate products |  | Other income/(expense) |  | $ | 291 |  |  | $ | 36 |
Total |  |  |  | $ | 291 |  |  | $ | 36 |

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 815 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph (d) -Name Accounting Standards Codification -Paragraph 1A -Section 50 -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959 + Details
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