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INTEREST RATE SWAP AGREEMENTS (Tables)
 12 Months Ended
Dec. 31, 2012
INTEREST RATE SWAP AGREEMENTS  
Schedule of interest rate swaps designated as cash flow hedges

 

 

Interest Rate Swap Detail

 

December 31,
2012

 

December 31,
2011

 

Trade
Date

 

Fixed
Rate

 

Start Date
of Swap

 

End date
of Swap

 

Notional
Amount
Outstanding

 

Notional
Amount
Outstanding

 

9/6/05

 

4.485

%

9/14/05

 

7/29/15

 

$

106,233

 

$

106,233

 

3/29/06

 

5.25

%

1/2/07

 

1/1/14

 

50,000

 

50,000

 

3/24/06

 

5.075

%

1/2/08

 

1/2/13

 

50,000

 

50,000

 

8/9/07

 

5.07

%

1/2/08

 

1/3/12

 

—

 

100,000

 

8/16/07

 

4.985

%

3/31/08

 

3/31/12

 

—

 

50,000

 

8/16/07

 

5.04

%

3/31/08

 

3/31/12

 

—

 

100,000

 

1/9/09

 

2.05

%

1/22/09

 

1/22/14

 

100,000

 

100,000

 

2/11/09

 

2.45

%

2/23/09

 

2/23/14

 

50,000

 

50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

356,233

 

$

606,233

 
Schedule of derivative asset and liability balances

 

 

 

 

Asset Derivatives

 

Liability Derivatives

 

 

 

Balance

 

Fair Value

 

Balance

 

Fair Value

 

 

 

Sheet
Location

 

December 31,
2012

 

December
31, 2011

 

Sheet
Location

 

December 31,
2012

 

December
31, 2011

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

Fair value of derivative instruments (Current Assets)

 

$

—

 

$

—

 

Fair value of derivative instruments (Current Liabilities)

 

$

7

 

$

1,686

 

Interest rate contracts

 

Fair value of derivative instruments (Noncurrent Assets)

 

—

 

—

 

Fair value of derivative instruments (Noncurrent Liabilities)

 

16,045

 

23,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total derivatives designated as hedging instruments

 

 

 

$

—

 

$

—

 

 

 

$

16,052

 

$

25,340

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Derivatives

 

 

 

$

—

 

$

—

 

 

 

$

16,052

 

$

25,340

 
Schedule of the impact of derivative instruments and their location within the Consolidated Statement of Operations

 

 

The Effect of Derivative Instruments on the Consolidated Statement of Operations

For the Year Ended December 31, 2012

 

Derivatives in Cash
Flow Hedging

 

Amount of
Gain (Loss)
Recognized
in AOCI on
Derivative
(Effective
Portion)

 

Location of
Gain (Loss)
Reclassified
from AOCI
into income
(Effective

 

Amount of
Gain (Loss)
Reclassified
from AOCI
into income
(Effective
Portion)

 

Location of
Gain (Loss)
Recognized in
Income on
Derivative
(Ineffective

 

Amount of
Gain (Loss)
Recognized in
Income on
Derivative
(Ineffective
Portion)

 

Relationships

 

2012

 

Portion)

 

2012

 

Portion)

 

2012

 

Interest rate contracts

 

$

(4,252

)

Interest Expense

 

$

13,440

 

Other Income (Expense)

 

$

100

 

 

The Effect of Derivative Instruments on the Consolidated Statement of Operations

For the Year Ended December 31, 2011

 

Derivatives in Cash
Flow Hedging

 

Amount of
Gain (Loss)
Recognized
in AOCI on
Derivative
(Effective
Portion)

 

Location of
Gain (Loss)
Reclassified
from AOCI
into income
(Effective

 

Amount of
Gain (Loss)
Reclassified
from AOCI
into income
(Effective
Portion)

 

Location of
Gain (Loss)
Recognized in
Income on
Derivative
(Ineffective

 

Amount of
Gain (Loss)
Recognized in
Income on
Derivative
(Ineffective
Portion)

 

Relationships

 

2011

 

Portion)

 

2011

 

Portion)

 

2011

 

Interest rate contracts

 

$

(10,947

)

Interest Expense

 

$

28,854

 

Other Income (Expense)

 

$

51

 

 

 

The Effect of Derivative Instruments on the Consolidated Statement of Operations

For the Year Ended December 31, 2010

 

Derivatives in Cash
Flow Hedging

 

Amount of
Gain (Loss)
Recognized
in AOCI on
Derivative
(Effective
Portion)

 

Location of
Gain (Loss)
Reclassified
from AOCI
into income
(Effective

 

Amount of
Gain (Loss)
Reclassified
from AOCI
into income
(Effective
Portion)

 

Location of
Gain (Loss)
Recognized in
Income on
Derivative
(Ineffective

 

Amount of
Gain (Loss)
Recognized in
Income on
Derivative
(Ineffective
Portion)

 

Relationships

 

2010

 

Portion)

 

2010

 

Portion)

 

2010

 

Interest rate contracts

 

$

(31,536

)

Interest Expense

 

$

30,204

 

Other Income (Expense)

 

$

66