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Derivative and Hedging Activities (Tables)
12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
As of December 31, 2013, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges:
Interest Rate Derivative
 
Number of Instruments
 
Notional Amount
Interest Rate Swaps
 
2
 
$125.0 million
Fair value of derivative instruments
The following table presents the fair value of our derivative financial instrument as well as the classification on the Consolidated Balance Sheets (see Note 12 for additional information regarding the fair value of this derivative instrument):
Fair Value of Derivative Instruments
 
Asset Derivatives
 
As of December 31, 2013
 
As of December 31, 2012
(In thousands)
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Derivatives designated
 
 
 
 
 
 
 
as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap
Other assets, net
 
$
1,573

 
Other assets, net
 
$


Fair Value of Derivative Instruments
 
Liability Derivatives
 
As of December 31, 2013
 
As of December 31, 2012
(in thousands)
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Derivatives designated
 
 
 
 
 
 
 
as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Accounts payable and
 
 
 
Accounts payable and
 
 
 
other liabilities
 
$
2,275

 
other liabilities
 
$
2,934

Effect of derivative instruments on the consolidated statements of operations
The following table presents the effect of our derivative financial instruments on the Consolidated Statements of Operations and Comprehensive Income:
The Effect of Derivative Instruments on the Consolidated Statements of Operations and Comprehensive Income
(In thousands)
 
 
 
 
 
 
 
 
 
 
Location of Gain or
 
Year Ended
Derivatives in Cash Flow Hedging
 
(Loss) Recognized
 
December 31,
 
December 31,
 
December 31,
Relationships (Interest Rate Swaps)
 
in Income on Derivative
 
2013
 
2012
 
2011
Amount of gain/(loss) recognized in OCI on derivative
 
 
 
$
1,454

 
$
(2,529
)
 
$
(405
)
 
 
 
 
 
 
 
 
 
Amount of loss reclassified from accumulated
 
 
 
 
 
 
 
 
OCI into interest expense
 
Interest expense
 
$
(778
)
 
$

 
$

 
 
 
 
 
 
 
 
 
Amount of gain or (loss) recognized in income
 
 
 
 
 
 
 
 
on derivative (ineffective portion and amount
 
 
 
 
 
 
 
 
excluded from effectiveness testing)
 
Other expense
 
$

 
$

 
$

Offsetting Assets [Table Text Block]
Offsetting of Derivative Assets and Liabilities
 
 
 
 
 
 
 
 
Gross Amounts Not Offset
 
 
 
 
 
 
 
 
 
 
in the Balance Sheets
 
 
 
 
 
 
 
 
Net Amounts of
 
 
 
 
 
 
 
 
Gross Amounts
 
Gross Amounts
 
Assets/(Liabilities)
 
 
 
Cash
 
 
 
 
of Recognized
 
Offset in the
 
Presented in the
 
Financial
 
Collateral
 
Net
(In thousands)
 
Assets/(Liabilities)
 
Balance Sheets
 
Balance Sheets
 
Instruments
 
Received
 
Amount
2013 Offsetting Derivative
 
 
 
 
 
 
 
 
 
 
 
 
     Assets
 
$
1,573

 
$

 
$
1,573

 
$

 
$

 
$
1,573

     Liabilities
 
$
(2,275
)
 
$

 
$
(2,275
)
 
$

 
$

 
$
(2,275
)
2012 Offsetting Derivative
 
 
 
 
 
 
 
 
 
 
 
 
     Assets
 
$

 
$

 
$

 
$

 
$

 
$

     Liabilities
 
$
(2,934
)
 
$

 
$
(2,934
)
 
$

 
$

 
$
(2,934
)