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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2012
Derivative Financial Instruments [Abstract]  
Derivative Financial Instruments
(7) Derivative Financial Instruments

On August 24, 2012, the Company entered into two interest rate cap agreements to limit its cost of variable rate debt on a portion of its term loans. The interest rate cap agreements have an aggregate notional amount of $57.5 million and cap LIBOR at 1% on an equivalent amount of the Company’s term loans. The interest rate cap agreements terminate in September 2014. The interest rate caps were not designated as hedging instruments. As of December 31, 2012, the fair value of the interest rate caps, reported in other assets, was approximately $19,000. The fair value of the interest rate caps was determined using observable inputs (Level 2). The inputs were quotes from the counterparties to the interest rate cap agreements. The change in fair value, reported in interest expense, was approximately $69,000 for the year ended December 31, 2012.

Previously, the Company used interest rate swap agreements to fix its cost of variable debt on a portion of its old credit facility. These interest rate swap agreements, which expired in 2011, were designated as cash flow hedges of its variable rate debt. A summary of activity relating to the expired interest rate swap agreements is as follows:

 

                 
    Year ended December 31,  
    2011     2012  

Loss recognized in other comprehensive income

   $ (36,389 )    $ —    

Loss reclassified from other comprehensive income to interest expense

     1,590,905       —