In connection with its interest rate risk management strategy, the Company economically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts. The Company has not elected hedging treatment under GAAP, and as such all gains and losses on these instruments are reflected in earnings for all periods presented.

As of March 31, 2013, such instruments were comprised entirely of Eurodollar futures contracts. Eurodollar futures are cash settled futures contracts on an interest rate, with gains and losses credited and charged to the Company's account on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The Company is exposed to the changes in value of the futures by the amount of margin held by the broker. The table below presents information related to the Company's Eurodollar futures positions at March 31, 2013. As of December 31, 2012, the Company had no outstanding futures positions.

(in thousands)

			Average
	Weighted		Contract
	Average		Notional		Open
Expiration Year	LIBOR Rate		Amount		Equity⁽¹⁾
2013	0.37%	$	250,000	$	54
2014	0.48%		250,000		14
2015	0.75%		250,000		(98)
2016	1.29%		250,000		(155)
2017	1.99%		250,000		(299)
	1.01%			$	(484)
Cash posted as collateral, included in restricted cash				$	2,031

The table below presents the effect of the Company's derivative financial instruments on the income statement for the three months ended March 31, 2013 and 2012.

(in thousands)
	Three Months Ended March 31,
		2013		2012
Eurodollar futures contracts (short positions)	$	(484)	$	(24)