DERIVATIVES AND HEDGING ACTIVITIES (Block)

3 Months Ended

Mar. 31, 2013

Derivative Instruments And Hedging Activities Disclosure Abstract

Derivative Instruments And Hedging Activities Disclosure Text Block

5. DERIVATIVES AND HEDGING ACTIVITIES

The Company from time to time enters into derivative financial instruments, including interest rate exchange agreements (“Swaps”) and interest rate collar agreements (“Collars”), to manage its exposure to fluctuations in interest rates.

As of March 31, 2013, there were no derivative interest rate transactions outstanding.

Non-Hedge Accounting Treatment

       For the interest rate transaction which expired on May 28, 2012, the Company recognized non-hedge accounting treatment for the period from November 23, 2011 through May 28, 2012.

Expired Derivatives
Three Month Ended March 31, 2012
Type					Fixed
Of	Notional		Effective		LIBOR	Expiration
Hedge	Amount		Date	Collar	Rate	Date
	(amounts
	(in millions)
Swap	$	100.0	May 28, 2008	n/a	3.62%	May 28, 2012

The following is a summary of the gains (losses) related to the Company's cash flow hedges for the periods indicated:

	Three Months Ended
	March 31,
Description	2012
	(amounts in thousands)
Type Of Derivative Designated As A Cash Flow Hedge	Interest Rate
Amount Of Gain (Loss) Recognized In Other
Comprehensive Income (Loss) ("OCI")	$	-
Location Of Gain (Loss) Reclassified From
Accumulated OCI To Statement Of Operations	Interest Expense
Amount Of Gain (Loss) Reclassified From
Accumulated OCI To Statement Of Operations	$	-
Location Of Gain (Loss) In Statement Of Operations	Interest Expense
Amount Of Gain (Loss) In Statement Of Operations
Due To Ineffectiveness	$	788

The fair value of these derivatives was determined using observable market-based inputs (a Level 2 measurement) and the impact of credit risk on a derivative's fair value (the creditworthiness of the transaction's counterparty for assets and the creditworthiness of the Company for liabilities).