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Financial Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2014
Financial Derivative Instruments [Abstract]  
Interest Rate Swap Agreements
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 June 30, 2014 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.

(Dollars in thousands)
Balance Sheet Location
 
June 30, 2014
  
December 31, 2013
 
Interest rate derivatives designated as cash flow hedges
 
 
  
 
Pay-fixed swaps liabilities
Financial derivative instruments
 
$
908
  
$
1,426
 
Effect of Derivative Instruments on Consolidated Operations
The table below illustrates the effect of derivative instruments on consolidated operations.

 
  
 
Three Months Ended June 30
  
Six Months Ended June 30
 
(Dollars in thousands)
Location of (Gain)/Loss
 
2014
  
2013
  
2014
  
2013
 
Interest rate derivatives designated as cash flow hedges
 
 
  
  
  
 
(Gains)/losses recognized on effective portion of derivative instruments
Other comprehensive income
 
$
29
  
$ 
(41
)
 
$
82
  
$ 
(15
)
Losses reclassified from accumulated other comprehensive income into income
Interest expense
 
$
34
  
$
25
  
$
66
  
$
46
 
(Gains)/losses recognized in income on ineffective portion and amount excluded from effectiveness testing
Interest expense
 
$
-
  
$ 
(6
)
 
$
-
  
$
1