Derivative Instruments

3 Months Ended

Mar. 31, 2016

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. As of March 31, 2016, 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:

	As of March 31, 2016
(Dollars in thousands)	Notional		Other Assets		Other Current Liabilities
Interest rate swap	$	52,413	$	-	$	375
Interest rate cap		7,500		1		-
Total	$	59,913	$	1	$	375

	As of December 31, 2015
(Dollars in thousands)	Notional		Other Assets		Other Current Liabilities
Interest rate swap	$	52,413	$	-	$	156
Interest rate cap		7,500		1		-
Total	$	59,913	$	1	$	156

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 three months ended March 31, 2016 and March 31, 2015.  

	Three Months Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Net unrealized losses on interest rate derivatives	$	219	$	-