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Interest Rate Swap Agreements (Tables)
6 Months Ended
Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts of interest rate swaps
     Six months ended September 30,  
     2013      2012  

Notional amounts at April 1

   $ 50,000,000       $ —     

New contracts

     —           50,000,000   

Matured contracts

     —           —     
  

 

 

    

 

 

 

Notional amounts at September 30

   $ 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 losses recognized in income
     Three months ended
September 30,
     Six months ended
September 30,
 
     2013      2012      2013     2012  

Periodic change in fair value of interest rate swap agreements

   $ 249,616       $ 474,019       $ (583,643   $ 683,120   

Periodic settlement differentials included in interest expense

     95,725         77,606         189,039        93,424   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 345,341       $ 551,625       $ (394,604   $ 776,544   
  

 

 

    

 

 

    

 

 

   

 

 

 
Schedule of average variable rates received and average fixed rates paid under the swap agreements
     Three months ended
September 30,
    Six months ended
September 30,
 
     2013     2012     2013     2012  

Variable rate received

     0.19     0.24     0.19     0.24

Fixed rate paid

     0.94     0.95     0.94     0.96