XML 46 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814
Interest Rate Caps
 9 Months Ended
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Interest Rate Caps

Note 5. Interest Rate Caps

On April 1, 2015, the Company purchased interest rate caps. The interest rate cap contracts have an aggregate notional principal amount of $150,000, a 2.5% strike rate against one-month LIBOR rates, and mature in April 2018. When the one-month LIBOR exceeds 2.5%, the counterparty reimburses the Company for the excess over 2.5%. No payment is required by the Company or the counterparty when the one-month LIBOR is below 2.5%. The following is a summary of changes in the rate caps:

 

     Three Months Ended
September 30, 2015		      Nine Months Ended
September 30, 2015		  

Balance at beginning of period

    $ 405       $ —    

Purchases

      —          577   

Fair value adjustment included as an (increase) in interest expense

      (247 )       (419 ) 
  

 

 

     

 

 

  

Balance at end of period, included in other assets

    $ 158       $ 158