Financial Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Financial Derivative Instruments [Abstract]

Interest Rate Swap Agreements

Listed below are the interest rate swap agreements outstanding as of June 30, 2013 which were designated as cash flow hedges of interest rate risk and have the effect of locking our interest rates on a portion of our existing variable interest rate debt.

Interest Rate Swap Agreement Effective Dates	Notional Amount		Rate
September 2011 - September 2014	$	24,000,000		1.66	%
September 2011 - March 2015	$	24,000,000		1.91	%
September 2011 - September 2015	$	24,000,000		2.14	%

Fair Value of Derivative Instruments

The following tables present the fair value of our derivative instruments included in our Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012.

	Derivative Assets				Derivative Liabilities
	Fair Value as of
Derivatives Designated as Cash Flow Hedges	June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012
Interest rate derivatives
Balance sheet location	Financial Derivative Instruments		Financial Derivative Instruments		Financial Derivative Instruments		Financial Derivative Instruments
Pay-fixed swaps	$	-	$	-	$	1,838	$	-

	Derivative Assets				Derivative Liabilities
	Fair Value as of
Derivatives Not Designated as Cash Flow Hedges	June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012
Interest rate derivatives
Balance sheet location	Financial Derivative Instruments		Financial Derivative Instruments		Financial Derivative Instruments		Financial Derivative Instruments
Pay-fixed swaps	$	-	$	-	$	-	$	2,432

Effect of Derivative Instruments on Consolidated Operations

The tables below illustrate the effect of derivative instruments on consolidated operations for the three and six month periods ended June 30, 2013 and 2012. Our derivative instruments were designated as cash flow hedges for the periods ended June 30, 2013. For the periods ended June 30, 2012 our derivative instruments were not designated as hedges.

Derivatives Designated as Cash Flow Hedges	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)					Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)				Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
For the quarter ended June 30,	2013			2012		(Effective Portion)	2013		2012		Effectiveness Testing)	2013			2012
Interest rate derivatives
Pay-fixed swaps	$	(41	)	$	-	Interest expense	$	25	$	-	Interest expense	$	(6	)	$	-

Derivatives Designated as Cash Flow Hedges	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)					Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)				Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
For the six months ended June 30,	2013			2012		(Effective Portion)	2013		2012		Effectiveness Testing)	2013		2012
Interest rate     derivatives
Pay-fixed swaps	$	(15	)	$	-	Interest expense	$	46	$	-	Interest expense	$	1	$	-

Derivatives Not Designated as Cash Flow Hedges	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)				Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
For the quarter ended June 30,	2013		2012		(Effective Portion)	2013		2012			2013		2012
Interest rate derivatives
Pay-fixed swaps	$	-	$	-	Interest expense	$	-	$	-	Interest expense	$	-	$	(117	)

Derivatives Not Designated as Cash Flow Hedges	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)				Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
For the six months ended June 30,	2013		2012		(Effective Portion)	2013		2012			2013		2012
Interest rate derivatives
Pay-fixed swaps	$	-	$	-	Interest expense	$	-	$	-	Interest expense	$	-	$	(164	)