2.4.0.8101000 - Disclosure - Financial Instruments and Fair Value Disclosurestruefalsefalse1false falsefalseQ2_2013_Durhttp://www.sec.gov/CIK0001401112duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_FairValueDisclosuresAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Financial Instruments and Fair Value Disclosures [Abstract]2false 2us-gaap_DerivativesAndFairValueTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><font color="#000000">10. Financial Instruments and Fair Value Disclosures<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The carrying values of cash and cash equivalents, restricted cash, trade receivables and accounts payable are reasonable estimates of their fair value due to the short-term nature of these financial instruments. The fair values of the credit and loan facilities approximate their carrying value, predominantly due to the variable interest rate nature thereof. Derivative financial instruments are stated at fair values.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">When the interest rate swap contracts qualify for hedge accounting, the Company <!--Exclude empty div--><font color="#000000">recognizes the effective portion of the gain / (loss) on the hedging instruments directly in other comprehensive income / (loss) in the statement of shareholders&#8217; equity, while any ineffective portion, if any, is recognized immediately in current period statement of comprehensive income / (loss)<!--Exclude empty div--></font>. When the interest rate swap contracts do not qualify for hedge accounting, the Company recognizes their fair value changes in current period statement of comprehensive income / (loss).<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Information on the location and amounts of derivative fair values in the accompanying unaudited interim condensed consolidated balance sheets and derivative gains / (losses) in the <!--Exclude empty div-->accompanying unaudited interim condensed consolidated statements of comprehensive loss <!--Exclude empty div-->and shareholders&#8217; equity are shown below:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>Derivative Instruments &#8211; Balance Sheet Location<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Georgia;;width:100%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>December 31, 2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>June 30, 2013<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:104.65pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:212.6pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Balance Sheet Location<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Fair Value<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Fair Value<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td colspan="2" style="vertical-align:top;font-family:Georgia;;width:317.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Derivatives designated as hedging instruments<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Current assets &#8211; Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$(196,991)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Current liabilities &#8211; Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">297,908<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">311,718<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Long-Term Liabilities &#8211; Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 0.25pt;border-bottom:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">375,166<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 0.25pt;border-bottom:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Subtotal<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;border-top:solid windowtext 0.25pt;border-top:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$673,074<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;border-top:solid windowtext 0.25pt;border-top:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$114,727<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td colspan="2" style="vertical-align:top;font-family:Georgia;;width:317.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Derivatives not designated as hedging instruments<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Current liabilities &#8211; Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$887,811<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$1,371,406<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Long-Term Liabilities &#8211; Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 0.25pt;border-bottom:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">992,411<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 0.25pt;border-bottom:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Subtotal<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;border-top:solid windowtext 0.25pt;border-top:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$1,880,222<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;border-top:solid windowtext 0.25pt;border-top:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$1,371,406<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Total derivatives<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$2,553,296<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:96.25pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$1,486,133<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:93.7pt;" /><td style="margin:0;padding:0;border:none;width:175.3pt;" /><td style="margin:0;padding:0;border:none;width:86.9pt;" /><td style="margin:0;padding:0;border:none;width:86.9pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><i><br clear="all" style="page-break-before:always" /><!--Exclude empty div--></i></b><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>Effect of Derivative Instruments designated as hedging instruments<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b>Gain / (Loss) Recognized in Accumulated Other Comprehensive Income / (Loss) &#8211; Effective Portion<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Georgia;;width:100.32%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Georgia;;width:194.15pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Six Months Ended June 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:154.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:163pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.05pt;vertical-align:bottom;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.1pt;vertical-align:bottom;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2013<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:154.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps <!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:163pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.05pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$ (440,917) <!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.1pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$403,710<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Total<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.05pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$ (440,917)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.1pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$403,710<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:133.15pt;" /><td style="margin:0;padding:0;border:none;width:134.75pt;" /><td style="margin:0;padding:0;border:none;width:88.3pt;" /><td style="margin:0;padding:0;border:none;width:88pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Location of Gain / (Loss) Transferred from Accumulated Other Comprehensive Income / (Loss) in Statement of Comprehensive Income / (Loss) &#8211; Effective Portion<!--Exclude empty div--></b><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Georgia;;width:100.32%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Georgia;;width:194.15pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Six Months Ended June 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:154.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:163pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Location<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.05pt;vertical-align:bottom;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.1pt;vertical-align:bottom;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2013<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:154.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps &#8211; Realized Loss<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:163pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest and finance costs<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.05pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$(36,118)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.1pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$(154,637)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Total<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.05pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$(36,118)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.1pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$(154,637)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:130.9pt;" /><td style="margin:0;padding:0;border:none;width:138.35pt;" /><td style="margin:0;padding:0;border:none;width:86.9pt;" /><td style="margin:0;padding:0;border:none;width:88.05pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><font color="#000000">There was no ineffective portion of the gain / (loss) on the hedging instruments for the six months ended June 30, 2012 and 2013.<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>Effect of Derivative Instruments not designated as hedging instruments<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Georgia;;width:100.32%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Georgia;;width:194.15pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Six Months Ended June 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:154.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:163pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Location of Gain / (Loss) Recognized<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.05pt;vertical-align:bottom;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.1pt;vertical-align:bottom;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2013<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:154.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps &#8211; Fair value<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:163pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">(Loss) / gain on derivatives, net<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.05pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$891,635<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.1pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$508,816<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:154.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps &#8211; Realized Loss<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:163pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">(Loss) / gain on derivatives, net<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.05pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">(1,373,225)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.1pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">(488,690)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Georgia;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Net loss on derivatives<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.05pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$(481,590)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:97.1pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$20,126<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:131.55pt;" /><td style="margin:0;padding:0;border:none;width:138.8pt;" /><td style="margin:0;padding:0;border:none;width:87.8pt;" /><td style="margin:0;padding:0;border:none;width:86.05pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><br clear="all" style="page-break-before:always" />&#160;<!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>Financial Instruments and Assets that are measured at fair value on a recurring basis<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><i>Interest rate swaps<!--Exclude empty div--></i><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The fair value of the Company&#8217;s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap yield rates.&#160;LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in accordance with the fair value hierarchy.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The following table summarizes the valuation of the Company&#8217;s interest rate swaps as of December 31, 2012 and June 30, 2013. <!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Georgia;;width:428.3pt;border-collapse:collapse;margin-left:-36.45pt;"><tr style=";height:0;"><td rowspan="2" style="vertical-align:top;font-family:Georgia;;width:198.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Financial Instruments<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Georgia;;width:229.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Significant Other Observable Inputs (Level 2)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Georgia;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>December 31, 2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>June 30, 2013<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Georgia;;width:198.6pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Interest rate swaps &#8211; asset<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$(196,991)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Georgia;;width:198.6pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Interest rate swaps &#8211; liability<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">2,553,296<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">1,683,124<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Georgia;;width:198.6pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b>Total<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$2,553,296<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$1,486,133<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:198.6pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><i>Marketable securities &#8211; shares of Korea Line Corporation (&#8220;KLC&#8221;):<!--Exclude empty div--></i><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">On March 28, 2013, the Seoul Central District Court approved an amended KLC rehabilitation plan, under which nine-tenths of the remaining cash payments due to the Company under the agreement will be paid in shares of KLC rather than in cash, reducing the outstanding amount of cash the Company is entitled to receive from KLC from $5,798,363 to $579,836, which will be payable to the Company in nine annual installments of varying amounts. In addition, a 15-for-1 reverse stock split over the outstanding shares of KLC was approved.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">On May 9, 2013, the 15-for-1 reverse stock split was effectuated. Accordingly, the reverse stock split adjusted the number of KLC shares held by the Company from 111,201 to 7,413. In addition, pursuant to the amended KLC rehabilitation plan, on May 9, 2013, 58,483 additional shares of KLC were issued to the Company, which will be secured at the Korean Securities Depository until November 10, 2013, increasing the total number of KLC shares held by the Company to 65,896 on a reverse stock split adjusted basis. Based on the closing price of KLC shares as of May 9, 2013, the fair value of the 58,483 additional KLC shares was $3,113,306, which was recognized as gain from marketable securities and is included in the accompanying unaudited interim condensed consolidated statements of comprehensive loss for the six months ended June 30, 2013.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The fair value of the total 65,896 KLC shares as of June 30, 2013, based on the respective latest publicly available information, was $3,669,672. The corresponding loss on change in the fair value of $10,922 was recognized in accumulated other comprehensive income / (loss).<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The fair value of the KLC shares is based on quoted prices of KLC share of stock (Korea SE: KS) and is considered to be determined through Level 1 inputs of the fair value hierarchy.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The following table summarizes the valuation of the KLC shares as of December 31, 2012 and June 30, 2013.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Georgia;;width:428.3pt;border-collapse:collapse;margin-left:-36.45pt;"><tr style=";height:0;"><td rowspan="2" style="vertical-align:top;font-family:Georgia;;width:198.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Financial Assets<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Georgia;;width:229.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Quoted Prices in Active Markets (Level 1)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Georgia;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>December 31, 2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>June 30, 2013<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Georgia;;width:198.6pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">KLC Shares &#8211; Marketable Securities<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$567,288<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Georgia;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$3,669,672<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:198.6pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As of December 31, 2012 and June 30, 2013, the Company did not have any assets or liabilities measured at fair value on a recurring or non-recurring basis, other than the ones discussed above.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for derivatives and fair value of assets and liabilities.No definition available.false0Financial Instruments and Fair Value DisclosuresfalseFinancial Instruments and Fair Value DisclosuresUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.prgn.com/20130630/role/FairValueDisclosures12