DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2013

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of outstanding interest rate swaps, all designated as cash flow hedges

The following interest rate swaps were outstanding at June 30, 2013:

(In thousands)	Notional Amount		2013 Balance Sheet Location	Fair Value
Cash Flow Hedges:
Fixed to 1-month floating LIBOR	$	275,000	Other long-term liabilities	$	(2,779)
Fixed to 1-month floating LIBOR	100,000		Current portion of derivative liability	(371)
Total Fair Values				$	(3,150)

The following interest rate swaps were outstanding at December 31, 2012:

(In thousands)	Notional Amount		2012 Balance Sheet Location	Fair Value
Cash Flow Hedges:
Fixed to 1-month floating LIBOR	$	200,000	Other long-term liabilities	$	(2,758)
Fixed to 1-month floating LIBOR	100,000		Current portion of derivative liability	(1,069)
Forward starting fixed to
1-month floating LIBOR	75,000		Other long-term liabilities	(1,161)
De-designated Hedges:
Fixed to 3-month floating LIBOR	130,000		Current portion of derivative liability	(1,300)
3-month floating LIBOR minus spread to 1-month floating LIBOR	130,000		Current portion of derivative liability	(16)
Fixed to 1-month floating LIBOR	200,000		Current portion of derivative liability	(779)
Total Fair Values				$	(7,083)

Schedule of gains and losses on cash flow hedge transactions

	Quarter Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2013		2012		2013		2012
Gain recognized in AOCI, pretax	$	1,161	$	932	$	1,838	$	2,508
Deferred losses reclassed from AOCI to interest expense	$	-	$	13	$	(2,912)	$	1
Gain arising from ineffectiveness reducing interest expense	$	-	$	15	$	-	$	31

Schedule of other information regarding cash flow hedge transactions

	June 30,		December 31,
(In thousands, except months)	2013		2012
Aggregate notional value of current derivatives outstanding	$	375,000	$	630,000
Aggregate notional value of forward derivatives outstanding	$	-	$	75,000
Period through which derivative positions currently exist	March 2016		March 2016
Fair value of derivatives	$	(3,150)	$	(7,083)
Deferred losses included in AOCI (pretax)	$	3,149	$	7,899
Losses included in AOCI to be recognized in the next 12 months	$	-	$	2,912
Number of months over which loss in AOCI is to be recognized	N/A		3