DEFERRED FINANCING COSTS

3 Months Ended

Mar. 31, 2013

DEFERRED FINANCING COSTS

DEFERRED FINANCING COSTS

9 - DEFERRED FINANCING COSTS

Deferred financing costs include fees, commissions and legal expenses associated with securing loan facilities and amending existing loan facilities.  These costs are being amortized over the life of the related loan facility, and are included in interest expense.

The Company has unamortized deferred financing costs of $1,708 and $1,823 at March 31, 2013 and December 31, 2012, respectively, associated with the 2010 Credit Facility.  Accumulated amortization of deferred financing costs as of March 31, 2013 and December 31, 2012 was $1,319 and $1,204, respectively.  The Company has incurred deferred financing costs of $3,027 for the existing 2010 Credit Facility as of March 31, 2013 and December 31, 2012, which includes fees incurred in order to negotiate the amendment to the 2010 Credit Facility.  Amortization expense of deferred financing costs for the three months ended March 31, 2013 and 2012 was $115 and $117, respectively.