Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments [Abstract]

Schedule of Notional Amounts of Derivative Instruments

The following table summarizes information related to derivative instruments:

	March 31,		December 31,
Non-hedge derivatives	2014		2013
Notional amount of interest rate swaption	$	225,000,000	$	-
Notional amount of interest rate swaps		17,200,000		17,200,000
Total notional amount	$	242,200,000	$	17,200,000

Schedule of Fair Value of Derivative Instruments

The following table presents the fair value of the Company's derivative instruments and their balance sheet location:

			March 31,			December 31,
Derivative instruments	Designation	Balance Sheet Location	2014			2013
Interest rate swaption	Non-hedge	Derivative assets, at fair value	$	2,261,459		$	-
Interest rate swaps	Non-hedge	Derivative (liabilities)/assets, at fair value	$	(25,705	)	$	284,454
Exchangeable Senior Notes
conversion option	Non-hedge	Derivative liabilities, at fair value	$	(1,580,711	)	$	(1,471,607	)

Schedule of Gains / (Losses) Related to Derivatives

The following table summarizes gains and losses related to derivatives:

		Three Months Ended
		March 31,			March 31,
Non-hedge derivatives	Income Statement Location	2014			2013
Interest rate swaption	Gain/(loss) on derivative instruments	$	(2,542,292	)	$	-
Interest rate swaps	Gain/(loss) on derivative instruments	$	(457,285	)	$	(55,302	)
Exchangeable Senior Notes conversion option	Gain/(loss) on derivative instruments	$	(109,104	)	$	-
TBAs	Gain/(loss) on derivative instruments	$	-		$	336,446

Schedule of Information Related to Derivative Instruments, by Maturity

     The following table presents information about the Company's interest rate swap agreements as of March 31, 2014:

			Weighted		Weighted		Weighted
	Notional		Average Pay		Average		Average Years
Maturity	Amount		Rate		Receive Rate		to Maturity
2023	$	17,200,000	2.72	%	0.24	%	9.3
Total/Weighted average	$	17,200,000	2.72	%	0.24	%	9.3

Restricted cash at March 31, 2014 included $0.9 million of cash pledged as collateral against interest rate swap agreements.

The following table presents information about the Company's interest rate swaption agreement as of March 31, 2014:

	Notional
Swaption Expiration	Amount		Strike Rate		Swap Maturity
2015	$	225,000,000	3.64	%	2025

Restricted cash at March 31, 2014 included $2.5 million of cash pledged as collateral against an interest rate swaption agreement.

The following table presents information about the Company's interest rate swap agreements as of December 31, 2013:

			Weighted		Weighted		Weighted
	Notional		Average Pay		Average		Average Years
Maturity	Amount		Rate		Receive Rate		to Maturity
2023	$	17,200,000	2.72	%	0.24	%	9.6
Total/Weighted average	$	17,200,000	2.72	%	0.24	%	9.6