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Derivatives and Hedging Activity (Tables)
 3 Months Ended
Mar. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding interest rate derivatives
As of March 31, 2013, 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 (loss)/gain of $(2,000) and $298,000 for the three months ended March 31, 2013 and 2012, respectively.
As of March 31, 2013, 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
 
2

 
$
155,197
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 March 31, 2013 and December 31, 2012 (amounts in thousands):
 
Asset Derivatives
 
Liability Derivatives
 
 
 
Fair Value at:
 
 
 
Fair Value at:
 
Balance
Sheet Location
 
March 31,
2013
 
December 31,
2012
 
Balance
Sheet Location
 
March 31,
2013
 
December 31,
2012
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Interest rate products
Other assets
 
$
—

 
$
2

 
Other liabilities
 
$
9,224

 
$
11,022

Total
 
 
$
—

 
$
2

 
 
 
$
9,224

 
$
11,022

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Interest rate products
Other assets
 
$
—

 
$
—

 
Other liabilities
 
$
—

 
$
—

Total
 
 
$
—

 
$
—

 
 
 
$
—

 
$
—
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 months ended March 31, 2013 and 2012 (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
 
2013
 
2012
 
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended March 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate products
 
$
(92
)
 
$
(1,959
)
 
 
 
$
(1,937
)
 
$
(1,855
)
 
 
 
$
—

 
$
—

Total
 
$
(92
)
 
$
(1,959
)
 
Interest expense
 
$
(1,937
)
 
$
(1,855
)
 
Interest expense
 
$
—

 
$
—
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
2013
 
2012
 
 
 
 
 
 
 
For the Three Months Ended March 31,
 
 
 
 
 
 
Interest rate products
 
Interest and other income, net
 
$
(2
)
 
$
298

Total
 
 
 
$
(2
)
 
$
298
Offsetting Assets [Table Text Block]
The Company has elected not to offset derivative positions in the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of March 31, 2013 and December 31, 2012:
Offsetting of Derivative Assets
 
 
 
 
 
 
 
 
 
 
 
 
Gross Amounts Not Offset in the Consolidated Balance Sheets
 
 
 
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)
 
Financial Instruments
 
Cash Collateral Received
 
Net Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2013
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
$
2

 
$
—

 
$
2

 
$
—

 
$
—

 
$
2

 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Amounts reconcile to the aggregate fair value of derivative assets in the "Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet" located in this footnote.
Offsetting Liabilities [Table Text Block]
Offsetting of Derivative Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Gross Amounts Not Offset in the Consolidated Balance Sheets
 
 
 
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b)
 
Financial Instruments
 
Cash Collateral Posted
 
Net Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2013
 
$
9,224

 
$
—

 
$
9,224

 
$
—

 
$
—

 
$
9,224

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
$
11,022

 
$
—

 
$
11,022

 
$
—

 
$
—

 
$
11,022

 
 
 
 
 
 
 
 
 
 
 
 
 
(b) Amounts reconcile to the aggregate fair value of derivative liabilities in the "Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet" located in this footnote.