DERIVATIVE INSTRUMENTS AND HEDGING (Tables)

9 Months Ended

Sep. 30, 2012

Outstanding Interest Rate Derivative Designated as Cash Flow Hedges of Interest Rate Risk

As of September 30, 2012, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands):

Interest Rate Derivative	Number of Instruments		Notional Amount
Interest Rate Swaps		3	$	29,280

Fair Value of Company's Derivative Financial Instruments

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the condensed consolidated balance sheet as of September 30, 2012 (amounts in thousands).  The Company had no active derivatives as of December 31, 2011.

	September 30, 2012
Derivative designated as hedging instruments:
Interest Rate Swaps, liability	$	(523	)

Gain or Loss Recognized on Interest Rate Derivatives Designated as Cash Flow Hedges Location in Financial Statements

The table below details the location in the financial statements of the loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2012 (amounts in thousands).  The Company had no active derivatives for the three and nine months ended September 30, 2011.

	Three months ended 9/30/12			Nine months ended 9/30/12
Amount of gain (loss) recognized in accumulated
other comprehensive income on interest rate
derivatives (effective portion)	$	(291	)	$	(587	)
Amount of gain (loss) reclassified from accumulated
other comprehensive income into income as interest
expense (effective portion)	$	(50	)	$	(66	)
Amount of gain (loss) recognized in income on
derivative instruments (ineffective portion and amounts
excluded from effectiveness testing)	$	(1	)	$	(2	)