Derivative Instruments

12 Months Ended

Dec. 31, 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 sheets at fair value with changes in fair value recorded to interest expense in the consolidated statements of operations. As of December 31, 2015, we have not designated any of our derivatives as accounting hedges.

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

	December 31, 2015
(Dollars in thousands)	Notional		Current Assets		Other Assets		Other Current Liabilities		Other Long-Term Liabilities
Interest rate swap	$	52,413	$	--	$	--	$	156	$	--
Interest rate cap		7,500		--		1		--		--

	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		--

The following table summarizes the unrealized gains or losses due to changes in fair values of the derivatives that are recorded in interest expense in the consolidated statements of operations, for 2015, 2014, and 2013:

(Dollars in thousands)	2015		2014		2013
Net unrealized gains on interest rate derivatives	$	2,021	$	1,036	$	2,642