Derivative Instruments

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS

We have utilized derivative instruments to manage interest rate risk.

Interest Rate Swap Agreements

The Company previously entered into floating-to-fixed interest rate swap arrangements in order to manage interest rate risk relating to its Credit Facility, which matured on June 30, 2011. We were a party to certain floating-to-fixed interest rate swap agreements with an aggregate notional amount of $500 million, whereby we received payments based upon the three-month LIBOR and made payments based upon a stipulated fixed rate. These interest rate swap agreements modified the Company's exposure to interest rate risk by synthetically converting a portion of the Company's floating rate debt to a fixed rate.

Derivatives that are not designated as hedges for accounting purposes must be adjusted to fair value through income. During the three and six months ended June 30, 2011, we designated certain interest rate swaps as cash flow hedges.

Classification of Changes in Fair Value

The effect of derivative instruments on the condensed consolidated statements of operations for the three and six months ended June 30, 2011 was as follows (in thousands):

			Location of Gain	Gain (Loss)
			(Loss) Reclassified	Reclassified
	Gain Recognized in		from AOCI	from AOCI
Derivatives in a Cash Flow Hedging Relationship -	OCI on Derivative		into Income	Into Income
Interest Rate Swap Contracts	(Effective Portion)		(Ineffective Portion)	(Ineffective Portion)
Three Months Ended
June 30, 2011	$	—	Interest expense	$	(6,063	)
Six Months Ended
June 30, 2011	$	—		$	(11,824	)

	Location of Gain	Gain (Loss)
	(Loss) Reclassified	Reclassified
	from AOCI	from AOCI
Derivatives Not Designated as Hedging Instruments -	into Income	Into Income
Interest Rate Swap Contracts	(Ineffective Portion)	(Ineffective Portion)
Three Months Ended
June 30, 2011	Fair value adjustment of derivative instruments	$	48
Six Months Ended
June 30, 2011	Fair value adjustment of derivative instruments	$	265

Due to the maturity of the floating-to-fixed interest rate swaps in June 2011, there was no interest expense recorded during the three and six months ended June 30, 2012.

Due to the de-designation of the floating-to-fixed interest rate swaps in October 2010, we recognized a $0.3 million loss on the change in fair value of these swaps during the six months ended June 30, 2011. In addition, the Company amortized $6.1 million and $11.8 million during the three and six months ended June 30, 2011, respectively, through other comprehensive income related to these and other derivatives that were previously de-designated as hedging instruments.