Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2014 and December 31, 2013.

(in thousands)
Derivative Instruments and Related Accounts	Balance Sheet Location	June 30, 2014		December 31, 2013
Assets
Eurodollar futures - Margin posted to counterparty	Restricted cash	$	3,584	$	2,446
Payer swaption	Derivative assets, at fair value		1,200		-
		$	4,784	$	2,446
Liability
Payer swaption - Margin posted by counterparty	Other liabilities	$	(1,266)	$	-

Schedule of Eurodollar Positions

The tables below presents information related to the Company’s Eurodollar futures positions at June 30, 2014 and December 31, 2013.

($ in thousands)
	June 30, 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	-	$	-	$	-	0.40%	$	262,500	$	(189)
2015	0.65%		550,000		(789)	0.80%		275,000		(146)
2016	1.54%		550,000		159	1.90%		250,000		1,367
2017	2.46%		400,000		202	3.03%		250,000		2,291
2018	2.98%		400,000		(452)	3.77%		250,000		1,575
Total / Weighted Average	1.71%	$	480,000	$	(880)	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 June 30, 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	$	1,520	$	1,200	11.5	$	100,000	2.38%	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 thesix and three months ended June 30, 2014 and 2013.

(in thousands)
		Six Months Ended June 30,				Three Months Ended June 30,
		2014		2013		2014		2013
Eurodollar futures contracts (short positions)	$	(6,136)	$	6,368	$	(4,599)	$	6,852
Payer swaptions		(1,285)		-		(1,129)		-
	$	(7,421)	$	6,368	$	(5,728)	$	6,852