Derivative Financial Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The tables below present the location and gross fair value amounts of our derivative financial instruments and the associated notional amounts designated as cash flow hedges as of the applicable balance sheet date (in thousands):

	March 31, 2022
	Balance Sheet Location	Notional		Fair Value Derivative Assets
Derivatives designated as hedges:
Cash flow hedges
Interest rate swaps	Other assets	$	20,000	$	1,260

	December 31, 2021
	Balance Sheet Location	Notional		Fair Value Derivative Assets
Derivatives designated as hedges:
Cash flow hedges
Interest rate swaps	Other assets	$	20,000	$	355

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The table below presents the effect of our derivative financial instruments designated as hedging instruments in AOCI (in thousands):

	Three Months Ended March 31,
	2022		2021
Gain on cash flow hedges - interest rate swaps
Beginning balance	$	268	$	—
Unrealized gain recognized in AOCI	877		148
Amounts reclassified to interest expense (a)(b)	28		10
Tax provision	(218)		—
Ending balance	$	955	$	158
(a) Positive amounts represented interest expense. Total interest expense as presented in the condensed consolidated statement of operations and comprehensive income for the three months ended March 31, 2022 and 2021 were $0.3 million and $0.3 million, respectively.
(b) As of March 31, 2022, $0.2 million of income is expected to be reclassified into earnings within the next 12 months.