XML 67 R16.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Interest Rate Derivatives | 6 Months Ended
--- | ---
Jun. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest Rate Derivatives | Interest Rate 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 Amount |  | Fixed Rate |  | Floating Rate Index |  | Effective Date |  | Expiration Date |  | June 30, 2012 |  | December 31, 2011
$ | 100,000 |  |  | 0.6123 | % |  | One-Month LIBOR |  | 1/3/2012 |  | 9/1/2014 |  | $ | (490 | ) |  | $ | 55 |
100,000 |  |  | 0.6100 | % |  | One-Month LIBOR |  | 1/3/2012 |  | 9/1/2014 |  | (486 | ) |  | 56 |
100,000 |  |  | 0.8320 | % |  | One-Month LIBOR |  | 1/3/2012 |  | 9/1/2015 |  | (1,062 | ) |  | (66 | )
100,000 |  |  | 0.8320 | % |  | One-Month LIBOR |  | 1/3/2012 |  | 9/1/2015 |  | (1,058 | ) |  | (49 | )
38,844 |  | (1) | 3.8300 | % |  | One-Month LIBOR |  | 11/2/2010 |  | 11/2/2015 |  | (1,304 | ) |  | (1,054 | )
50,000 |  |  | 0.5025 | % |  | One-Month LIBOR |  | 1/3/2011 |  | 1/3/2012 |  | — |  |  | (1 | )
50,000 |  |  | 0.5025 | % |  | One-Month LIBOR |  | 1/3/2011 |  | 1/3/2012 |  | — |  |  | (1 | )
120,000 |  |  | 1.7600 | % |  | One-Month LIBOR |  | 1/2/2009 |  | 5/1/2012 |  | — |  |  | (552 | )
100,000 |  |  | 1.9750 | % |  | One-Month LIBOR |  | 1/1/2010 |  | 5/1/2012 |  | — |  |  | (532 | )
100,000 |  | (2) | 3.8415 | % |  | Three-Month LIBOR |  | 9/30/2011 |  | 9/30/2021 |  | — |  |  | (16,333 | )
75,000 |  | (2) | 3.8450 | % |  | Three-Month LIBOR |  | 9/30/2011 |  | 9/30/2021 |  | — |  |  | (12,275 | )
100,000 |  | (2) | 2.0525 | % |  | Three-Month LIBOR-Reverse |  | 12/30/2011 |  | 9/30/2021 |  | — |  |  | 345 |
75,000 |  | (2) | 2.0525 | % |  | Three-Month LIBOR-Reverse |  | 12/30/2011 |  | 9/30/2021 |  | — |  |  | 260 |
|  |  |  |  |  |  |  |  |  |  |  | $ | (4,400 | ) |  | $ | (30,147 | )
(1) | The notional amount of this instrument is scheduled to amortize to $36.2 million.
(2) | As described further in our 2011 Annual Report on Form 10-K, on January 5, 2012, we cash settled these instruments, along with interest accrued thereon, for an aggregate of $29.7 million. Our policy is to present payments to terminate interest rate swaps entered into in order to hedge forecasted interest payments as operating activities on our consolidated statement of cash flows. Accordingly, the payments to cash settle these instruments were included in net cash provided by operating activities on our consolidated statement of cash flows.
Each of the one-month LIBOR interest rate swaps set forth in the table above was designated as cash flow hedges of interest rate risk. The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheet (in thousands):
|  | June 30, 2012 |  | December 31, 2011
Derivatives |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Interest rate swaps designated as cash flow hedges |  | Prepaid expenses and other assets |  | $ | — |  |  | Prepaid expenses and other assets |  | $ | 111 |
Interest rate swaps not designated as hedges |  | N/A |  | — |  |  | Prepaid expenses and other assets |  | 605 |
Interest rate swaps designated as cash flow hedges |  | Interest rate derivatives |  | (4,400 | ) |  | Interest rate derivatives |  | (2,255 | )
Interest rate swaps not designated as hedges |  | N/A |  | — |  |  | Interest rate derivatives |  | (28,608 | )
The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
Amount of loss recognized in accumulated other comprehensive loss (“AOCL”) (effective portion) | $ | (2,639 | ) |  | $ | (8,458 | ) |  | $ | (4,626 | ) |  | $ | (8,594 | )
Amount of loss reclassified from AOCL into interest expense (effective portion) | (928 | ) |  | (1,163 | ) |  | (2,402 | ) |  | (2,267 | )
Over the next 12 months, we estimate that approximately $2.2 million will be reclassified from AOCL as an increase to interest expense. We have agreements with each of our interest rate derivative counterparties that contain provisions under which, if we default or are capable of being declared in default on any of our indebtedness, we could also be declared in default on our derivative obligations. These agreements also incorporate the loan covenant provisions of our indebtedness with a lender affiliate of the derivative counterparties. Failure to comply with the loan covenant provisions could result in our being declared in default on any derivative instrument obligations covered by the agreements. As of June 30, 2012, the fair value of interest rate derivatives in a liability position related to these agreements was $4.4 million, excluding the effects of accrued interest. As of June 30, 2012, we had not posted any collateral related to these agreements. We are not in default with any of these provisions. If we breached any of these provisions, we could be required to settle our obligations under the agreements at their termination value of $4.7 million.

X
- Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -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 1B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959 Reference 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959 Reference 8: 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 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 20: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 45 -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 21: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708775-113959 Reference 22: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624177-113959 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration