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Interest Rate Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of key terms and fair values of interest rate swap 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.
On July 23, 2012, we entered into the following interest rate swap derivatives that were each designated as a cash flow hedge of interest rate risk (dollars in thousands):
Notional Amount |  | Fixed Rate |  | Floating Rate Index |  | Effective Date |  | Expiration Date
$ | 100,000 |  |  | 0.8055 | % |  | One-Month LIBOR |  | 9/2/2014 |  | 9/1/2016
100,000 |  |  | 0.8100 | % |  | One-Month LIBOR |  | 9/2/2014 |  | 9/1/2016
100,000 |  |  | 1.6730 | % |  | One-Month LIBOR |  | 9/1/2015 |  | 8/1/2019
100,000 |  |  | 1.7300 | % |  | One-Month LIBOR |  | 9/1/2015 |  | 8/1/2019
Schedule of fair value and balance sheet classification of interest rate derivatives | 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 | )
Schedule of effect of interest rate derivatives on consolidated statements of operations and comprehensive income | 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 | )

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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 pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: 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 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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)(2)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41678-113959 Reference 11: 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 + Details
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