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Interest Rate Swap Agreements (Tables)
9 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts of interest rate swaps

 

     Nine months ended December 31,  
     2013      2012  

Notional amounts at April 1

   $ 50,000,000       $ —     

New contracts

     —           50,000,000   

Matured contracts

     —           —     
  

 

 

    

 

 

 

Notional amounts at December 31

   $ 50,000,000       $ 50,000,000
Schedule of interest rate swap agreements effective date

Date Entered

  

Effective Date

   Notional Amount      Fixed Rate
Of Interest
   

Maturity Date

June 1, 2012

   June 13, 2012    $ 25,000,000         1.00   June 13, 2017

July 30, 2012

   August 13, 2012    $ 25,000,000         0.87   August 14, 2017
Schedule of locations and amounts of (gains) losses recognized in income

 

     Three months ended
December 31,
    Nine months ended
December 31,
 
     2013     2012     2013     2012  

Periodic change in fair value of interest rate swap agreements

   $ (98,346   $ (37,348   $ (681,989   $ 645,772   

Periodic settlement differentials included in interest expense

     95,641        91,468        284,680        184,892   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ (2,705   $ 54,120      $ (397,309   $ 830,664   
  

 

 

   

 

 

   

 

 

   

 

 

 
Schedule of variable rates received and average fixed rates paid under the swap agreements
     Three months ended
December 31,
    Nine months ended
December 31,
 
     2013     2012     2013     2012  

Variable rate received

     0.17     0.21     0.18     0.24

Fixed rate paid

     0.94     0.94     0.94     0.95