Financial Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Financial Derivative Instruments [Abstract]

The fair value of our interest rate swap agreements were determined based on level 2 inputs. Listed below are the interest rate swap agreements outstanding as of December 31, 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 table presents the fair value of our derivative instruments included in our Consolidated Balance Sheets as either current or long-term liabilities as of December 31, 2013 and 2012.

		Fair value as of
(Dollars in thousands)	Balance Sheet Location	December 31, 2013			December 31, 2012
Interest rate derivatives designated as cash flow hedges
Pay-fixed swaps liabilities	Financial derivative instruments		$	1,426		$	-

Interest rate derivatives not designated as cash flow hedges
Pay-fixed swaps liabilities	Financial derivative instruments		$	-		$	2,432

Effect of derivative instruments on consolidated operations

The table below illustrates the effect of derivative instruments on consolidated operations for the years ended December 31, 2013, 2012 and 2011. Our derivative instruments were designated as cash flow hedges for the year ended December 31, 2013. For the years ended December 31, 2012 and 2011 our derivative instruments were not designated as hedges.

(Dollars in thousands)		Year Ended December 31
	Location of (Gain) Loss	2013		2012			2011
Interest rate derivatives designated as cash flow hedges
Losses recognized on effective portion of derivative instruments	Other comprehensive income	$	62	$	-		$	-
Losses reclassified from accumulated OCI into income	Interest expense		106		-			-
Losses recognized in income on ineffective portion and amount excluded from effectiveness testing	Interest expense		10		-			-

Interest rate derivatives not designated as cash flow hedges
(Gain) loss recognized on derivative instruments	Interest expense	$	-	$	(37	)	$	1,390