Derivative Instruments and Hedging Activity (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of our derivative instruments measured as outlined above as of June 30, 2014 was as follows:

($ amounts in thousands)

	June 30,			Quoted Prices		Significant Other Observable Inputs			Significant Other Unobservable Inputs
Description	2014			Level 1		Level 2			Level 3
ASSETS
Current Assets
Derivatives	$	—		$	—	$	—		$	—
	$	—		$	—	$	—		$	—
LIABILITIES
Current Liabilities
Derivatives	$	(5,868	)	$	—	$	(5,868	)	$	—
	$	(5,868	)	$	—	$	(5,868	)	$	—

The following table summarizes the fair value and presentation in our condensed consolidated balance sheets for derivative instruments as of June 30, 2014 and December 31, 2013:

($ amounts in thousands)

	Asset Derivatives					Liability Derivatives
		June 30, 2014		December 31, 2013			June 30, 2014			December 31, 2013
	Balance Sheet Location	Fair Value		Fair Value		Balance Sheet Location	Fair Value			Fair Value
Derivatives designated as hedging instruments under ASC 815
Interest rate cap contracts		$	—	$	—	Other Current Liabilities	$	(5,410	)	(4,002		)
Interest rate cap contracts		—		—		Other Non-Current (Liabilities) / Other Assets	(458		)	2,813
Total derivatives designated as hedging instruments under ASC 815		$	—	$	—		$	(5,868	)	$	(1,189	)
Total derivatives		$	—	$	—		$	(5,868	)	$	(1,189	)

Offsetting Liabilities

The following tables summarize our nine interest cap agreements with two counterparties and that each agreement represented a net liability for us and none of our interest cap agreements represented a net asset as of June 30, 2014:

($ amounts in thousands)

Offsetting of Derivative Liabilities
As of June 30, 2014
										Gross Amounts Not Offset in the Statement of Financial Position
Description		Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities Presented in the Statement of Financial Position			Financial Instruments			Cash Collateral Pledged		Net Amount
Derivatives by counterparty
	Counterparty 1	$	(4,283	)	$	3	$	(4,280	)	$	(3	)	$	—	$	(4,283	)
	Counterparty 2	(1,585		)	—		(1,585		)	—			—		(1,585		)
Total		$	(5,868	)	$	3	$	(5,865	)	$	(3	)	$	—	$	(5,868	)

Offsetting Assets

($ amounts in thousands)

Offsetting of Derivative Assets
As of June 30, 2014
								Gross Amounts Not Offset in the Statement of Financial Position
Description		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets Presented in the Statement of Financial Position		Financial Instruments			Cash Collateral Pledged		Net Amount
Derivatives by counterparty
	Counterparty 1	$	—	$	3	$	3	$	(3	)	$	—	$	—
	Counterparty 2	—		—		—		—			—		—
Total		$	—	$	3	$	3	$	(3	)	$	—	$	—

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes information about the fair values of our derivative instruments on the condensed consolidated statements of other comprehensive loss for the six months endedJune 30, 2014 (Pre-tax):

Other Comprehensive Loss Rollforward:	Amount ($ thousands)
Beginning Balance Gain/(Loss) (Pre-tax), December 31, 2013	$	(1,189	)
Amount Recognized in Other Comprehensive Loss on Derivative (Pre-tax)	(6,674		)
Amount Reclassified from Other Comprehensive Loss into Interest Expense (Pre-tax)	1,995
Ending Balance Gain/(Loss) (Pre-tax), June 30, 2014	$	(5,868	)

Derivative Instruments, Gain (Loss)

The following table summarizes the effect and presentation of derivative instruments, including the effective portion or ineffective portion of our cash flow hedges, on the condensed consolidated statements of operations for the periods ending June 30, 2014 and 2013:

($ amounts in thousands)

The Effect of Derivative Instruments on the Statement of Financial Performance
For the Six Months Ended June 30, 2014
Derivatives in ASC 815 Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion)					Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Loss)  (Effective Portion)					Location of Gain or (Loss) Recognized in Income (Loss) on Derivative (Ineffective Portion )	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion )
	2014			2013			2014			2013			2014		2013
Interest rate cap contracts	$	(6,674	)	$	—	Interest Expense	$	(1,995	)	$	—	Interest Expense	$	—	$	—
Total	$	(6,674	)	$	—		$	(1,995	)	$	—		$	—	$	—