Derivatives

3 Months Ended

Jun. 30, 2011

Derivative Instruments and Hedging Activities Disclosure [Abstract]

5. Derivatives

5. Derivatives

The Company manages exposure to changes in market interest rates. The Company's use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates, the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt. The interest rate swaps effectively fix the Company's interest payments on certain LIBOR indexed variable rate debt. The Company monitors its positions and the credit ratings of its counterparties and does not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes.

Original variable rate debt amount			Agreement Date	Effective Date	Expiration Date	Designated cash flow hedge date
(Unaudited)
(In millions)
$	142.3	(a), (b)	11/15/2005	5/10/2006	4/10/2012	5/31/2006
	50.0	(a)	6/21/2006	7/10/2006	7/10/2013	6/9/2006
	144.9	(a), (b)	6/9/2006	10/10/2006	10/10/2012	6/9/2006
	300.0	(a)	8/16/2006	8/18/2006	8/10/2018	8/4/2006
	30.0	(a)	2/9/2007	2/12/2007	2/10/2014	2/9/2007
	20.0	(a)	3/8/2007	3/12/2007	3/10/2014	3/8/2007
	20.0	(a)	3/8/2007	3/12/2007	3/10/2014	3/8/2007
	19.3	(a), (b)	4/8/2008	8/15/2008	6/15/2015	3/31/2008
	19.0	(a)	8/27/2008	8/29/2008	7/10/2015	4/10/2008
	30.0	(a)	9/24/2008	9/30/2008	9/10/2015	9/24/2008
	15.0	(a), (b)	3/24/2009	3/30/2009	4/15/2016	3/25/2009
	14.7	(a), (b)	7/6/2010	8/15/2010	7/15/2017	7/6/2010
	25.0	(a), (b)	4/26/2011	6/1/2011	6/1/2018	7/1/2011
(a) interest rate swap agreement
(b) forward swap

As of June 30, 2011, the total notional amount of the Company's variable interest rate swaps was $498.3 million.

The derivative fair values located in Accounts payable and accrued expenses in the balance sheets were as follows:

	Liability Derivatives
	Fair Value as of
	June 30, 2011	March 31, 2011
	(Unaudited)
	(In thousands)
Interest rate contracts designated as hedging instruments	$54,799	$51,052

	The Effect of Interest Rate Contracts on the Statement of Operations
	June 30, 2011			June 30, 2010
	(Unaudited)
	(In thousands)
Loss recognized in income on interest rate contracts	$	5,790		$	6,081
Loss recognized in AOCI on interest rate contracts (effective portion)	$	3,860		$	12,083
Loss reclassified from AOCI into income (effective portion)	$	5,903		$	6,260
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)	$	(113	)	$	(179	)

Gains or losses recognized in income on derivatives are recorded to interest expense in the statement of operations. At June 30, 2011, the Company expects to reclassify $21.5 million of net losses on interest rate contracts from accumulated other comprehensive income to earnings that will offset interest payments over the next twelve months.