Derivative Instruments

12 Months Ended

Dec. 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 sheets at fair value with changes in fair value recorded to interest expense in the consolidated statements of operations. As of December 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:

				December 31, 2016
(Dollars in thousands)	Hedged Exposure	Notional		Other Assets		Other Liabilities
Interest rate swap	Interest rate variability - Trust Preferred Debt Securities and Bank of America Credit Facility	$	48,913	$	--	$	58
Interest rate cap	Interest rate variability - Mezzanine loan tranche of Union Square construction financing		7,500		1
Interest rate cap	Interest rate variability - Minetta and Orpheum Theatres Term Loan		7,500		--		--
Total		$	63,913	$	1	$	58

				December 31, 2015
(Dollars in thousands)	Hedged Exposure	Notional		Other Assets		Other Liabilities
Interest rate swap	Interest rate variability - Trust Preferred Debt Securities and Bank of America Credit Facility	$	52,413	$	--	$	156
Interest rate cap	Interest rate variability - Minetta and Orpheum Theatres Term Loan		7,500		1		--
Total		$	59,913	$	1	$	156

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 the fiscal years 2016, 2015 and 2014:  

(Dollars in thousands)	2016		2015		2014
Net unrealized gains on interest rate derivatives	$	98	$	2,021	$	1,036