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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swap Positions
The following summarizes the Company’s interest rate swap positions as at June 30, 2016:
 
 
Interest Rate
Notional Amount
Fair Value / Carrying Amount of Asset (Liability)
Remaining Term
Fixed Interest Rate
 
 Index
$
$
(years)
(%) (1)
LIBOR-Based Debt:
 
 
 
 
 
U.S. Dollar-denominated interest rate swap
LIBOR
200,000

(891
)
0.3
2.61
U.S. Dollar-denominated interest rate swaps (2)
LIBOR
200,000

(2,788
)
4.2
1.46
U.S. Dollar-denominated interest rate swaps
LIBOR
150,000

(4,220
)
4.5
1.55
U.S. Dollar-denominated interest rate swaps
LIBOR
50,000

(526
)
4.5
1.16
 
(1)
Excludes the margin the Company pays on its variable-rate debt, which, as of June 30, 2016, ranged from 0.30% to 2.00%.
(2)
Scheduled to commence in October 2016.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets.

 
Current portion of derivative assets
Derivative assets
Accrued liabilities
Current portion of derivative liabilities
Derivative liabilities
As at June 30, 2016

 

 

 

 

 
     Interest rate swaps
—

 
—

 
(1,182
)
 
(3,248
)
 
(5,177
)
 
     Stock purchase warrant
—

 
916

 
—

 
—

 
—

 
     Time-charter swap
1,345

 
—

 
(707
)
 
—

 
—

 
 
1,345

 
916

 
(1,889
)
 
(3,248
)
 
(5,177
)
 
 
 
 
 
 
 
 
 
 
 
 
As at December 31, 2015
 
 
 
 
 
 
 
 
 
 
     Interest rate swaps
—

 
—

 
(2,359
)
 
(6,330
)
 
(4,208
)
 
     Stock purchase warrant
—

 
5,164

 
—

 
—

 
—

 
     Time-charter swap
—

 
—

 
—

 
—

 
—

 
 
—

 
5,164

 
(2,359
)
 
(6,330
)
 
(4,208
)
 
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
Realized and unrealized (losses) gains relating to interest rate swaps, stock purchase warrant and the time-charter swap are recognized in earnings and reported in realized and unrealized (loss) gain on derivative instruments in the Company’s consolidated statements of income as follows:

 
Three Months Ended June 30,
 
Three Months Ended June 30,
 
 
2016
 
2015
 
 
Realized gains (losses)
Unrealized gains (losses)
Total
 
Realized gains (losses)
Unrealized gains (losses)
Total
 
Interest rate swaps
(1,276
)
 
(1,808
)
 
(3,084
)
 
(2,452
)
 
2,066

 
(386
)
 
Stock purchase warrant
—

 
(2,137
)
 
(2,137
)
 
—

 
909

 
909

 
Time-charter swap
126

 
1,345

 
1,471

 
—

 
—

 
—

 
 
(1,150
)
 
(2,600
)
 
(3,750
)
 
(2,452
)
 
2,975

 
523

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
Six Months Ended June 30,
 
 
2016
 
2015
 
 
Realized gains (losses)
Unrealized gains (losses)
Total
 
Realized gains (losses)
Unrealized gains (losses)
Total
 
Interest rate swaps
(10,868
)
 
2,114

 
(8,754
)
 
(4,916
)
 
2,983

 
(1,933
)
 
Stock purchase warrant
—

 
(4,248
)
 
(4,248
)
 
—

 
869

 
869

 
Time-charter swap
126

 
1,345

 
1,471

 
—

 
—

 
—

 
 
(10,742
)
 
(789
)
 
(11,531
)
 
(4,916
)
 
3,852

 
(1,064
)