Note 15 - Other Comprehensive Loss

12 Months Ended

Dec. 31, 2011

Other Comprehensive Income, Noncontrolling Interest [Text Block]

NOTE 15 – OTHER COMPREHENSIVE LOSS:

IntegraMed is exposed to the risk that its earnings and cash flows could be adversely impacted by market driven fluctuations in the level of interest rates. It is our policy to manage these risks by using a mix of fixed and floating rate debt and derivative instruments. As such, as part of its credit agreement with lending institutions, IntegraMed entered into an interest rate swap agreement associated with its term loan in order to help mitigate the associated interest rate risk.

As a result of this swap agreements, our net income for the twelve months ended December 31, 2011, 2010 and 2009  included additional financing costs of approximately $83,000, $280,000 and $390,000,  respectively. In addition to the costs included in our reported net income, the interest rate swap is accounted for as a hedge and has also generated a non-recognized after-tax loss of approximately $43,000 and $55,000 as of December 31, 2011 and 2010, respectively, which is reported as part of our comprehensive income.

This fair value of this cash flow hedge was calculated in accordance with ASC 820, utilizing Level 2 inputs of quoted prices for similar liabilities in active markets.

We deem this hedge to be highly effective as it shares the same amortization schedule as the underlying debt subject to the hedge and any change in fair value inversely mimics the appropriate portion of the hedged item. As of December 31, 2011, we had no other hedge or derivative transactions.

The following table summarizes total comprehensive income (loss) for the applicable periods (000's omitted):

	For the years ended December 31,
	2011		2010		2009
Net income as reported	$	4,600	$	4,725	$	4,494
Net non-recognized gain on derivative transactions		13		133		187
Total comprehensive income	$	4,613	$	4,858	$	4,681