Note 10 - Derivative Instruments

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE

10

—DERIVATIVE INSTRUMENTS

On

September

30,

2016,

the Company entered into a floating-to-fixed interest rate hedge agreement for an aggregate notional amount of

$100.0

million which hedges a portion of the Company’s floating rate indebtedness. The swap transaction was intended to mitigate the Company’s interest rate risk as it provided for the Company to pay a fixed rate of

1.22%

per annum plus the applicable margin pursuant to the Credit Facility. Notwithstanding the terms of the interest rate hedge transaction, the Company is ultimately obligated for all amounts due and payable under the Credit Facility. The cash flows from the interest rate swap agreement begins

January

31,

2018

and the hedge matures

January

31,

2023.

The Company designated the swap as a cash flow hedge.

On

December

1,

2016,

the Company sold the interest rate hedge agreement. The fair value of the interest rate hedge, as of the date of the sale, was recorded in other comprehensive income and will be recognized into earnings when earnings are impacted by the cash flows of the hedged items, the interest payments on the Credit Facility or its replacement from

January

31,

2018

to

January

31,

2023.