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NOTE 5 - DERIVATIVE INSTRUMENTS | 9 Months Ended
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Sep. 30, 2012
Notes to Financial Statements |
Derivatives and Fair Value [Text Block] | We are exposed to certain risks relating to our ongoing business operations. The primary risk managed by us using derivative instruments is interest rate risk. We have in the past entered into interest rate swap agreements to manage interest rate risk exposure. The interest rate swap agreements utilized by us effectively modified our exposure to interest rate risk by converting our floating-rate debt to a fixed rate basis during the period of the interest rate swap, thus reducing the impact of interest-rate changes on future interest expense. At inception, we designated our interest rate swaps as cash flow hedges of floating-rate borrowings. In accordance with ASC Topic 815, derivatives that have been designated and qualify as cash flow hedging instruments are reported at fair value. The gain or loss on the effective portion of the hedge (i.e., change in fair value) is initially reported as a component of accumulated other comprehensive income in the consolidated statement of equity deficit. The remaining gain or loss, if any, is recognized currently in earnings. Unrealized gains or losses on the change in fair value of our interest rate swaps that do not qualify as hedges are recognized in earnings. As a result of our senior secured credit facilities that were outstanding as of September 30, 2012 (and which were refinanced on October 10, 2012) and the issuance of the senior notes completed on April 6, 2010, our interest rate swaps do not match the terms of our current bank debt and so accordingly, we have determined that they are no longer designated as cash flow hedges. Accordingly, all changes in their fair value after April 6, 2010 are, and will continue to be recognized in earnings. As of April 6, 2010, the fair value of the interest rate swaps was a negative $10.4 million. The related Accumulated Other Comprehensive Loss (“AOCL”) of $3.1 million associated with the negative fair values of these interest rate swaps on April 6, 2010 is being amortized on a straight-line basis to interest expense through November 15, 2012, the maturity date of these cash flow hedges. From April 6, 2010 to September 30, 2012, approximately $3.0 million of AOCL was amortized to interest expense bringing the remaining balance of AOCL to approximately $92,000 at September 30, 2012. At September 30, 2012 the negative fair value of these interest rate swaps was $827,000 and was classified as accounts payable, accrued expenses and other in our consolidated balance sheet. For the three and nine months ended September 30, 2012, we recognized approximately $1.5 million and $4.2 million, respectively, in other income related to the change in fair value of these interest rate swaps. A tabular presentation of the fair value of derivative instruments as of September 30, 2012 is as follows (amounts in thousands):
|  | Balance Sheet Location |  | Fair Value – Asset (Liability) Derivatives |
Derivatives |  |  |  |  |  |
Interest rate contracts |  | Accounts payable, accrued expenses and other |  |  | $ (827) |
A tabular presentation of the fair value of derivative instruments as of December 31, 2011 is as follows (amounts in thousands):
|  | Balance Sheet Location |  | Fair Value – Asset (Liability) Derivatives |
Derivatives |  |  |  |  |  |
Interest rate contracts |  | Accounts payable, accrued expenses and other |  |  | $ (5,064) |
A tabular presentation of the effect of derivative instruments on our statement of income is as follows (amounts in thousands): For the Three Months Ended September 30, 2012
Ineffective Interest Rate Swap | Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Interest rate contracts | None | $1,508 | Other income/ (expense) | * ($276) | Interest income/ (expense)
For the Three Months Ended September 30, 2011
Ineffective Interest Rate Swap | Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Interest rate contracts | None | $1,687 | Other income/ (expense) | * ($306) | Interest income/(expense)
For the Nine Months Ended September 30, 2012
Ineffective Interest Rate Swap | Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Interest rate contracts | None | $4,237 | Other income/ (expense) | * ($827) | Interest income/(expense)
For the Nine Months Ended September 30, 2011
Ineffective Interest Rate Swap | Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Interest rate contracts | None | $3,747 | Other income/ (expense) | * ($918) | Interest income/(expense)
* Amortization of OCI associated with the cash flow hedges through April 6, 2010 (see discussion above).

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