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DERIVATIVES AND HEDGING ACTIVITIES (Block) | 3 Months Ended
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Mar. 31, 2012
Derivative Instruments And Hedging Activities Disclosure Abstract |
Derivative Instruments And Hedging Activities Disclosure Text Block | 5. DERIVATIVES AND HEDGING ACTIVITIES The Company from time to time enters into derivative financial instruments, including interest rate exchange agreements (“Swaps”) and interest rate collar agreements (“Collars”), to manage its exposure to fluctuations in interest rates. The following table provides the details of the interest rate transaction outstanding as of March 31, 2012:
Type |  |  |  |  |  |  | Fixed |  |
Of |  | Notional |  | Effective |  | LIBOR |  | Expiration
Hedge |  | Amount |  | Date |  | Rate |  | Date
|  | (amounts |  |  |  |  |  |
|  | (in millions) |  |  |  |  |  |
Swap |  | $ | 100.0 |  | May 28, 2008 |  | 3.62% |  | May 28, 2012
Hedge Accounting Treatment All of the Company's interest rate transactions entered into in 2008 received hedge accounting treatment, which treatment continued throughout their term s for all hedges other than the hedge with an expiration date of May 28, 2012. In connection with the refinancing on November 23, 2011, th is hedge, which was not terminated, no longer received hedge accounting treatment as the hedge was not effective due to the refinancing. As a result, the Company reclassified as of November 23, 2011 all amounts remaining in accumulated other comprehensive income to the statement of operations. Non-Hedge Accounting Treatment For the interest rate transaction with an expiration date of May 28, 2 012, the Company recognized non-hedge accounting treatment for the period from November 23, 2011 through March 31, 2012. The following is a listing of derivatives that expired as indicated: The following is a listing of derivatives that expired as indicated:
Expired Derivatives
Year Ended December 31, 2011
Type |  |  |  |  |  |  |  |  | Fixed |  |
Of |  | Notional |  | Effective |  |  |  | LIBOR |  | Expiration
Hedge |  | Amount |  | Date |  | Collar |  | Rate |  | Date
|  | (amounts |  |  |  |  |  |  |  |
|  | (in millions) |  |  |  |  |  |  |  |
Swap |  | $ | 150.0 |  | January 28, 2008 |  | n/a |  | 3.03% |  | January 28, 2011
Collar |  |  | 100.0 |  | February 28, 2008 | [ | Cap |  | 4.00% | ] | February 28, 2011
|  |  | Floor |  | 2.14%
Swap |  | 0 | 125.0 |  | March 28, 2008 |  | n/a |  | 2.91% |  | September 28, 2011
|  |  | 375.0 |  |  |  |  |  |  |  |
The following is a summary of the gains (losses) related to the Company's cash flow hedges for the periods indicated:
|  | Three Months Ended
|  | March 31,
Description |  | 2012 |  | 2011
|  | (amounts in thousands)
Type Of Derivative Designated As A Cash Flow Hedge |  | Interest Rate |  | Interest Rate
Amount Of Gain (Loss) Recognized In OCI |  | $ | - |  | $ | 1,989
Location Of Gain (Loss) Reclassified From |  |  |  |  |  |
Accumulated OCI To Statement Of Operations |  | Interest Expense |  | Interest Expense
Amount Of Gain (Loss) Reclassified From |  |  |  |  |  |
Accumulated OCI To Statement Of Operations |  | $ | - |  | $ | 0
Location Of Gain (Loss) In Statement Of Operations |  | Interest Expense |  | Interest Expense
Amount Of Gain (Loss) In Statement Of Operations |  |  |  |  |  |
Due To Ineffectiveness |  | $ | 788 |  | $ | 0
T he gains and losses were recorded to the statement of comprehensive income (loss) as these derivatives qualified for hedge accounting treatment (exce pt as disclosed above under Non-Hedge Accounting Treatment). The fair value of these derivatives was determined using observable market-based inputs (a L evel 2 measurement) and the impact of the credit risk on a derivative's fair value (the creditworthiness of the transaction's counterparty for assets and the creditworthiness of the Company for liabilities). As of November 23, 2011 the remaining amount in accumulated other comprehensive income related to these derivatives w as reclassified to the statement of operations for the reasons described above. The following table presents the accumulated derivative gain (loss) recorded in the statements of other comprehensive income (loss) as of the periods indicated:
| Fair Value Of Accumulated
| Derivatives Outstanding
| March 31, |  | December 31,
| 2012 |  | 2011
| Assets (Liabilities)
| (amounts in thousands)
Beginning balance as of January 1 | $ | 0 |  | $ | (7,277)
Net unrealized gain (loss) on derivatives, |  |  |  |  |
net of taxes (benefit) |  | 0 |  |  | 7,277
Ending balance | $ | 0 |  | $ | 0
The following is a summary of the fair value of the derivatives outstanding as of the periods indicated:
|  |  | Fair Value
|  |  | March 31, |  | December 31,
| Balance Sheet |  | 2012 |  | 2011
| Location |  | Asset (Liability)
|  |  | (amounts in thousands)
Designated Derivatives |  |  |  |  |  |  |
Interest rate hedge transactions | Current liabilities |  | $ | (558) |  | $ | (1,346)

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 20: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 45 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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