INTEREST RATE SWAPS	12 Months Ended
Dec. 31, 2018
INTEREST RATE SWAPS
INTEREST RATE SWAPS	11. INTEREST RATE SWAPS The Company enters into interest rate swap contracts to hedge variable interest rate risk related to certain variable rate borrowings. These interest rate swap contracts are designated as cash flow hedges for the purposes of hedge accounting treatment and any unrealized gains or losses that result from changes in the fair value of the interest rate swap contracts are reported in “Accumulated other comprehensive loss” as a component of shareholders’ equity. The Company measures hedge effectiveness on a quarterly basis. The Company does not use derivative financial instruments for speculative purposes. In 2018, the Company became a party to two pay-fixed and receive-floating interest rate swaps, which are effective on March 29, 2019 and terminate on March 31, 2022. The combined notional amount of the interest rate swaps was $290.6 million at December 31, 2018. At December 31, 2018, the fair value of the interest rate swaps (derivative liability) was $4,292. The Company recognized other comprehensive loss of $4,292 (a valuation allowance was established against the full amount of the net deferred tax benefit of $1,099).

11. INTEREST RATE SWAPS

The Company enters into interest rate swap contracts to hedge variable interest rate risk related to certain variable rate borrowings. These interest rate swap contracts are designated as cash flow hedges for the purposes of hedge accounting treatment and any unrealized gains or losses that result from changes in the fair value of the interest rate swap contracts are reported in “Accumulated other comprehensive loss” as a component of shareholders’ equity. The Company measures hedge effectiveness on a quarterly basis. The Company does not use derivative financial instruments for speculative purposes.

In 2018, the Company became a party to two pay-fixed and receive-floating interest rate swaps, which are effective on March 29, 2019 and terminate on March 31, 2022. The combined notional amount of the interest rate swaps was $290.6 million at December 31, 2018. At December 31, 2018, the fair value of the interest rate swaps (derivative liability) was $4,292. The Company recognized other comprehensive loss of $4,292 (a valuation allowance was established against the full amount of the net deferred tax benefit of $1,099).