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Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments designated as hedging instruments The following table presents a summary of the Company’s derivative instruments designated as hedging instruments (dollars in thousands):
Derivative
Instrument
Effective
Date
Maturity
Date
Interest
Rate
Strike
Fair ValueNotional Amount
June 30, 2020December 31, 2019June 30, 2020December 31, 2019
Assets:
Interest rate cap12/1/20145/4/20214.0 %$—  $—  $50,000  $50,000  
Interest rate cap9/1/20152/3/20204.0 %—  —  —  50,000  
Total$—  $—  $50,000  $100,000  
Schedule of effects of derivative financial instruments on consolidated statements of operations
The following table presents the effect of the Company’s derivative financial instruments on its accompanying consolidated statements of operations for the three and six months ended June 30, 2020 and 2019 (dollars in thousands):
For the Three Months Ended June 30,For the Six Months Ended June 30,
2020201920202019
Interest rate caps in cash flow hedging relationships:
Amount of gain recognized in AOCI on derivatives (effective portion)$—  $89  $—  $176  
Amount of gain reclassified from AOCI into interest expense (effective portion)$46  $89  $119  $176