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DERIVATIVE INSTRUMENTS | 9 Months Ended
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Sep. 30, 2024
DERIVATIVE INSTRUMENTS |
DERIVATIVE INSTRUMENTS | ​ ​ ​ ​ ​ 8 – DERIVATIVE INSTRUMENTS ​ The Company is exposed to interest rate risk on its floating rate debt. As of December 31, 2023, the Company had one interest rate cap agreement outstanding to manage interest costs and the risk associated with variable interest rates. This $50,000 interest rate cap agreement expired on March 28, 2024, therefore as of September 30, 2024, the Company no longer has any interest rate cap agreements. The interest rate cap agreement was initially designated and qualified as a cash flow hedge. The premium paid was recognized in income on a rational basis, and all changes in the fair value of the caps were deferred in Accumulated other comprehensive income (“AOCI”) and were subsequently reclassified into Interest expense in the period when the hedged interest affected earnings. ​ The Company recorded a $527 unrealized loss for the nine months ended September 30, 2024 in AOCI. There is no remaining AOCI as of September 30, 2024. ​
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The Effect of Cash Flow Hedge Accounting on the Statements of Operations | ​
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​ | ​ | For the Three Months Ended September 30, | ​ | For the Nine Months Ended September 30, | ​
​ | ​ | 2024 |  | 2023 |  | 2024 |  | 2023 | ​
​ | ​ | Interest Expense | ​ | Interest Expense | ​ | Interest Expense | ​ | Interest Expense | ​
Total amounts of income and expense line items presented in the statements of operations in which the effects of cash flow hedges are recorded | ​ | $ | 2,970 | ​ | $ | 1,999 | ​ | $ | 10,462 | ​ | $ | 6,158 | ​
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The effects of cash flow hedging | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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Gain or (loss) on cash flow hedging relationships in Subtopic 815-20: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain or (loss) reclassified from AOCI to income | ​ | $ | — | ​ | $ | (1,770) | ​ | $ | (568) | ​ | $ | (5,111) | ​
Premium excluded and recognized on an amortized basis | ​ | ​ | — | ​ | ​ | 35 | ​ | ​ | 18 | ​ | ​ | 109 | ​
Amount of gain or (loss) reclassified from AOCI to income as a result that a forecasted transaction is no longer probable of occurring | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
​ ​ The following table shows the interest rate cap assets as of September 30, 2024 and December 31, 2023: ​
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​ | ​ | ​ | ​ | ​ | September 30, | ​ | ​ | December 31, | ​
​ | ​ | Balance Sheet Location | ​ | ​ | 2024 | ​ | ​ | 2023 | ​
Derivatives designated as hedging instruments | ​
Interest rate caps | ​ | Fair value of derivative instruments - current | ​ | $ | — | ​ | $ | 515 | ​
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Interest rate caps | ​ | Fair value of derivative instruments - noncurrent | ​ | $ | — | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as hedging instruments | ​
Interest rate caps | ​ | Fair value of derivative instruments - current | ​ | $ | — | ​ | $ | 57 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate caps | ​ | Fair value of derivative instruments - noncurrent | ​ | $ | — | ​ | $ | — | ​
​ ​ The components of AOCI included in the accompanying Condensed Consolidated Balance Sheet consists of net unrealized losses on cash flow hedges as of September 30, 2024. ​
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AOCI — January 1, 2024 | ​ | $ | 527 | ​
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Amount recognized in OCI on derivative, intrinsic | ​ |  | (533) | ​
Amount recognized in OCI on derivative, excluded | ​ |  | 6 | ​
Amount reclassified from OCI into income | ​ |  | — | ​
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AOCI — September 30, 2024 | ​ | $ | — | ​
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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