Derivative Instruments

9 Months Ended

Sep. 30, 2015

Derivative Instruments [Abstract]

Derivative Instruments

Note 15 – 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. As of September 30, 2015, we have not designated any of our derivatives as accounting hedges in accordance with ASC 815, Derivatives and Hedging. Please refer to our Form 10-K for 2014 for additional information.

The Company’s derivative positions measured at fair value are summarized in the following tables:

	As of September 30, 2015
(Dollars in thousands)	Notional		Current Assets		Other Assets		Other Current Liabilities		Other Long-Term Liabilities
Interest rate swap	$	93,646	$	-	$	-	$	962	$	520
Interest rate cap		7,500		-		4		-		-
Total	$	101,146	$	-	$	4	$	962	$	520

	As of December 31, 2014
(Dollars in thousands)	Notional		Current Assets		Other Assets		Other Current Liabilities		Other Long-Term Liabilities
Interest rate swap	$	105,360	$		$		$		$	2,153
Interest rate cap		7,500								24
Total	$	112,860	$	-	$	-	$	-	$	2,177

The following table summarizes the unrealized gains or losses due to changes in fair value of the derivatives that are recorded in interest expense in the Consolidated Statement of Operations, for the quarter and nine months ended September 30, 2015 and September 30, 2014.  

	Quarter Ended				Nine Months Ended
(Dollars in thousands)	September 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014
Net unrealized gains on interest rate derivatives	$	239	$	958	$	698	$	1,028