Quarterly report pursuant to Section 13 or 15(d)

Interest Rate Hedge Swaps (Tables)

v3.3.0.814
Interest Rate Hedge Swaps (Tables)
 9 Months Ended
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative assets and liabilities at fair value
The table below presents the Company's hedged derivative asset measured at fair value on a recurring basis as well as their classification on the Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall. Hedges that are valued as receivable by the Company are considered Asset Derivatives and those that are valued as payable by the Company are considered Liability Derivatives.
 
 
Balance Sheet
Classification
 
Fair Value Hierarchy
Balance Sheet Line Item
 
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
September 30, 2015
Hedged derivative liability
 
Liability
 
$
—

 
$
(193,259
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
Hedged derivative receivable
 
Asset
 
$
—

 
$
351,807

 
$
—

Outstanding derivative and financial instruments
As of September 30, 2015, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
Outstanding Derivatives Designated as Cash Flow Hedges of Interest Rate Risk
Interest Rate Derivative
 
Number of Instruments
 
Notional Amount Outstanding
 
 
 
 
 
Floating Rate Received
 
Fixed Rate Paid
 
 
 
Effective Date
 
Termination Date
 
 
Interest Rate Swap
 
2
 
$52,500,000
 
February 5, 2013
 
December 5, 2017
 
1-month US Dollar LIBOR
 
0.865%
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
The tables below present the effect of the Company's derivative financial instruments on the Income Statement for the three and nine months ended September 30, 2015 and 2014.
 
 
For the Three Months Ended
 
For the Nine Months Ended
Derivatives in Cash Flow Hedging Relationship
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)
 
$
(348
)
 
$
187,642

 
$
(812
)
 
$
(385,232
)
Amount of Gain (Loss) Reclassified from AOCI on Derivatives (Effective Portion) Recognized in Net Income1
 
(72
)
 
(77,135
)
 
(219
)
 
(228,716
)
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion, Amounts Excluded from Effectiveness Testing)1
 
(4
)
 
148

 
(5
)
 
(434
)
(1) Included in "Interest Expense" on the face of the Consolidated Statements of Income and Comprehensive Income.
Derivative Financial Instruments, Liabilities, Fair Value Disclosure
The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of September 30, 2015, and December 31, 2014. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Balance Sheets. There were no offsetting derivative liabilities as of September 30, 2015, and December 31, 2014.
Offsetting Derivatives
 
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Balance Sheets
 
Net Amounts of Assets presented in the Balance Sheets
 
Gross Amounts Not
Offset in the Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Instruments
 
Cash Collateral Received
 
Net Amount
Offsetting Derivative Assets as of September 30, 2015
 
$
(193,259
)
 
$
—

 
$
(193,259
)
 
$
—

 
$
—

 
$
(193,259
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Offsetting Derivative Assets as of December 31, 2014
 
$
351,807

 
$
—

 
$
351,807

 
$
—

 
$
—

 
$
351,807