Quarterly report pursuant to Section 13 or 15(d)

Derivatives (Tables)

v2.4.0.8
Derivatives (Tables)
9 Months Ended
Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Swaps' outstanding notional balance and terms
The Swaps’ outstanding notional balance as of September 30, 2014 and terms are noted below:
 
Notional
 
Effective Date
 
Fixed
Rate Paid
 
Variable Rate Received
$
536,250,000

 
March 28, 2013
 
1.884%
 
3 mo. USD-LIBOR-BBA, subject to a 1.00% floor (a)
142,100,000

 
March 28, 2013
 
1.384%
 
3 mo. USD-LIBOR-BBA, subject to a 1.00% floor (a)
111,086,683

 
September 30, 2013
 
1.959%
 
3 mo. USD-LIBOR-BBA, subject to a 1.00% floor
111,086,683

 
September 30, 2013
 
1.850%
 
3 mo. USD-LIBOR-BBA, subject to a 1.00% floor
                                  
(a) 
On March 25, 2013, the Company negotiated amendments to the terms of these interest rate swap agreements to coincide with the Repricing (the “Amended Swaps”).  The Amended Swaps are held with the same counterparties as the Existing Swap Agreements.  Upon entering into the Amended Swaps, the Company simultaneously dedesignated the Existing Swap Agreements and redesignated the Amended Swaps as cash flow hedges for the underlying change in the swap terms.  The amounts previously recognized in Accumulated other comprehensive income (loss) relating to the dedesignation will be recognized in Interest expense over the remaining life of the Amended Swaps.
Schedule of impact of the derivatives designated as cash flow hedges on the condensed consolidated financial statements
The impact of the derivatives designated as cash flow hedges on the condensed consolidated financial statements is depicted below (amounts in thousands):
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2014
 
2013
 
2014
 
2013
Effective portion of gain (loss) recognized in Accumulated other comprehensive income (loss)
$
1,988

 
(5,734
)
 
$
(7,617
)
 
3,830

Effective portion of loss reclassified from Accumulated other comprehensive income (loss) into Net loss (a)
$
(2,367
)
 
(1,208
)
 
$
(5,833
)
 
(3,574
)
Ineffective portion of amount of gain (loss) recognized into Net loss on interest rate swaps (a)
$
59

 
(50
)
 
$
56

 
30

                                  
(a) 
Amounts are included in Interest expense in the unaudited condensed consolidated statements of operations and comprehensive income (loss).