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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING | 6 Months Ended
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Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING Information about our derivative financial instruments at June 30, 2016 and December 31, 2015 is as follows (dollars in thousands):
|  | June 30, 2016 |  | December 31, 2015
|  | Number of Instruments |  | Notional Amount |  | Fair Value |  | Number of Instruments |  | Notional Amount |  | Fair Value
Interest rate swaps (liability) |  | 1 |  |  | $ | 75,000 |  |  | $ | (2,477 | ) |  | 1 |  |  | $ | 75,000 |  |  | $ | (1,811 | )
|  | 1 |  |  | $ | 75,000 |  |  | $ | (2,477 | ) |  | 1 |  |  | $ | 75,000 |  |  | $ | (1,811 | )
Our interest rate swap has been designated as a cash flow hedge and is valued using a market approach, which is a Level 2 valuation technique. At June 30, 2016 and December 31, 2015, our remaining interest rate swap was in a liability position. The interest rate swap expires on October 1, 2018. We are not required to post any collateral related to this agreement and are not in breach of any financial provisions of the agreement. The table below details the presentation in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands):
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Loss recognized in accumulated other comprehensive income on derivative financial instruments (effective portion) |  | $ | (318 | ) |  | $ | 40 |  |  | $ | (1,256 | ) |  | $ | (1,146 | )
Loss reclassified from accumulated other comprehensive income to interest expense (effective portion) |  | $ | (303 | ) |  | $ | (425 | ) |  | $ | (609 | ) |  | $ | (850 | )
Loss recognized in Other Expense (ineffective portion) |  | $ | (19 | ) |  | $ | — |  |  | $ | (19 | ) |  | $ | (1 | )
Amounts reported in accumulated other comprehensive income related to derivative financial instruments will be reclassified to interest expense as interest payments are made on the hedged variable-rate debt. In the next twelve months, we estimate that an additional $1.2 million will be reclassified from other comprehensive income as an increase to interest expense.

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