Derivative Instrument

9 Months Ended

Oct. 02, 2011

Derivative Instrument [Abstract]

Derivative Instrument

4. Derivative Instrument:

Cash Flow Hedge

In May 2008, we entered into a $150.0 million notional amount interest rate swap contract and designated the interest rate swap contract as a cash flow hedge. The interest rate swap contract converted $150.0 million of borrowings from our 2007 Revolving Credit Facility from a variable interest rate to a fixed interest rate. As of January 2, 2011, we had recorded an estimated fair value derivative instrument liability of $2.0 million associated with our interest rate swap contract that we realized during the first five months of 2011. Gains or losses from changes in the interest rate swap contract were reported in our unaudited condensed consolidated balance sheets as a component of "accumulated other comprehensive income."

The interest rate swap contract expired in May 2011 and, as of October 2, 2011, we have not entered into any new interest rate swap contracts. The following table summarizes the effect of our interest rate swap contract in accumulated other comprehensive income ("OCI") and income:

	Three Months Ended					Nine Months Ended
	October 2, 2011		October 3, 2010			October 2, 2011			October 3, 2010
	(in thousands, excluding income tax effects)
Derivative in cash flow hedging relationship:
Loss recognized in accumulated OCI – effective portion:
Interest rate swap contract	$	—	$	(408	)	$	(15	)	$	(1,291	)
Loss reclassified from accumulated OCI into income – effective portion:
Interest expense	$	—	$	(1,213	)	$	(1,991	)	$	(3,723	)