Interest Rate Swaps (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement

The following table sets forth a summary of our interest rate swaps at June 30, 2017 and December 31, 2016 (dollars in thousands):

					Fair Value				Current Notional Value(1)
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate		June 30, 2017		December 31, 2016		June 30, 2017		December 31, 2016
Assets(2):
Interest Rate Swap	2/14/2018	1/14/2022	1.349	%	$	2,588	$	3,245	$	—	$	—
Interest Rate Swap	8/14/2018	1/14/2022	1.406	%	$	1,811	$	2,349	$	—	$	—
Liabilities(3):
Interest Rate Swap	1/15/2015	2/15/2019	1.826	%	$	175	$	338	$	30,000	$	30,000
Interest Rate Swap	7/15/2015	2/15/2019	2.010	%	$	253	$	440	$	29,282	$	29,674
Interest Rate Swap	8/14/2015	12/14/2018	1.790	%	$	255	$	529	$	50,000	$	50,000
Interest Rate Swap	2/16/2016	12/14/2018	2.005	%	$	411	$	738	$	50,000	$	50,000

(1) Represents the notional value of swaps that are effective as of the balance sheet date presented. 

(2) The fair value of these interest rate swaps is included in the line item “Interest rate swap asset” in the accompanying consolidated balance sheets.

(3) The fair value of these interest rate swaps is included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets.

Summary of Impact of Interest Rate Swaps on Consolidated Financial Statements

The following table sets forth the impact of our interest rate swaps on our consolidated statements of operations for the periods presented (in thousands): 

	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of loss recognized in AOCI on derivatives (effective portion)	$	(1,358	)	$	(3,243	)	$	(1,054	)	$	(5,501	)
Amount of loss reclassified from AOCI into earnings under “Interest expense” (effective portion)	$	(362	)	$	(593	)	$	(810	)	$	(1,094	)
Amount of gain (loss) recognized in earnings under “Interest expense” (ineffective portion and amount excluded from effectiveness testing)	$	—		$	—		$	—		$	—