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DERIVATIVES AND HEDGING ACTIVITIES (Block)
 3 Months Ended
Mar. 31, 2013
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.

 

       As of March 31, 2013, there were no derivative interest rate transactions outstanding.

Non-Hedge Accounting Treatment

 

       For the interest rate transaction which expired on May 28, 2012, the Company recognized non-hedge accounting treatment for the period from November 23, 2011 through May 28, 2012.

Expired Derivatives
Three Month Ended March 31, 2012
Type        Fixed  
Of Notional Effective   LIBOR Expiration
Hedge Amount Date Collar Rate Date
  (amounts        
  (in millions)        
            
Swap $ 100.0 May 28, 2008 n/a 3.62% May 28, 2012

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
   (amounts in thousands)
     
Type Of Derivative Designated As A Cash Flow Hedge   Interest Rate
     
Amount Of Gain (Loss) Recognized In Other    
Comprehensive Income (Loss) ("OCI")  $ -
     
Location Of Gain (Loss) Reclassified From    
Accumulated OCI To Statement Of Operations  Interest Expense
     
Amount Of Gain (Loss) Reclassified From     
Accumulated OCI To Statement Of Operations  $ -
     
Location Of Gain (Loss) In Statement Of Operations  Interest Expense
     
Amount Of Gain (Loss) In Statement Of Operations    
Due To Ineffectiveness  $ 788

The fair value of these derivatives was determined using observable market-based inputs (a Level 2 measurement) and the impact of 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).