Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Financial Instruments [Abstract]

Schedule of Derivative Instruments

Derivative Assets (Liability), at Fair Value

The table below summarizes fair value information about our derivative assets and liability as of March 31, 2014 and December 31, 2013.

(in thousands)
Derivative Instruments and Related Accounts	Balance Sheet Location	March 31, 2014		December 31, 2013
Assets
Eurodollar futures - Margin posted to counterparty	Restricted cash	$	3,513	$	2,446
Payer swaption	Derivative assets, at fair value		1,549		-
		$	5,062	$	2,446
Liability
Payer swaption - Margin posted by counterparty	Other liabilities	$	(1,505)	$	-

Schedule of Eurodollar Positions

The tables below presents information related to the Company’s Eurodollar futures positions at March 31, 2014 and December 31, 2013.

	March 31, 2014					December 31, 2013
			Average					Average
	Weighted		Contract			Weighted		Contract
	Average		Notional		Open	Average		Notional		Open
Expiration Year	LIBOR Rate		Amount		Equity(1)	LIBOR Rate		Amount		Equity(1)
2014	0.32%	$	400,000	$	(211)	0.40%	$	262,500	$	(189)
2015	0.78%		400,000		(264)	0.80%		275,000		(146)
2016	1.90%		400,000		1,354	1.90%		250,000		1,367
2017	2.85%		400,000		1,777	3.03%		250,000		2,291
2018	3.44%		350,000		797	3.77%		250,000		1,575
Total / Weighted Average	2.01%	$	390,625	$	3,453	2.02%	$	257,353	$	4,898

Schedule Of Interest Rate Swaption Agreements Outstanding [Table Text Block]

The table below presents information related to the Company’s interest rate swaption position at March 31, 2014.

(in thousands)
	Option					Underlying Swap
								Fixed	Receive
				Fair	Months to		Notional	Pay	Rate	Term
Expiration		Cost		Value	Expiration		Amount	Rate	(LIBOR)	(Years)
≤ 1 year	$	1,705	$	1,549	12	$	100,000	2.53%	3 Month	5

Income Statement Effect of Derivatives [Table Text Block]

Gain (Loss) From Derivative Instruments, Net

The table below presents the effect of the Company’s derivative financial instruments on the statements of operations for thethree months ended March 31, 2014 and 2013.

(in thousands)
		2014		2013
Eurodollar futures contracts (short positions)	$	(1,537)	$	(484)
Payer swaption		(156)		-
	$	(1,693)	$	(484)