Derivative Instruments

6 Months Ended

Jun. 30, 2015

Derivative Instruments [Abstract]

Derivative Instruments

Note 16 – Derivative Instruments

We  enter into interest rate derivative instruments to hedge the interest rate risk that results from the characteristics of our floating-rate borrowings. Our use of derivative transactions is intended to reduce long-term fluctuations in cash flows caused by market movements. All derivative instruments are recorded on the balance sheet at fair value with changes in fair value through interest expense in the Consolidated Statement of Operations. Please refer to our form 10-K for 2014 for additional information.

The following table sets forth the terms of our interest rate swap and cap derivative instruments at June 30, 2015:

Type of Instrument		Notional	Pay Fixed Rate	Receive Variable Rate	Maturity Date
Interest rate swap	$	43,142,000	5.50%	2.090%	June 30, 2016
Interest rate swap		27,913,000	1.20%	0.275%	October 31, 2017
Interest rate swap		28,000,000	1.15%	0.187%	October 31, 2017
Interest rate cap		7,500,000	4.00%	n/a	June 1, 2018

As ofJune 30, 2015, we recorded our interest rate derivatives at $1.7 million, which represents $1.4 million in other current liabilities, $329,000 in other long-term liabilities, and $10,500 in other long-term assets. As of December 31, 2014, we recorded our interest rate derivatives at $2.2millionas other long-term liabilities.We recorded a decrease in interest expense of $525,000and $459,000for the current quarter and currentsix-month period, respectively compared to an increase of $124,000and a decrease of $70,000in interest expense for the prior-year quarter and prior-yearsix-month period, respectively. As of June 30, 2015, we have not designated any of our derivatives as accounting hedges in accordance with FASB ASC 815-10-35.