Derivatives

3 Months Ended

Dec. 31, 2011

Derivative Instruments and Hedging Activities Disclosure [Abstract]

5. Derivatives

5. Derivatives

The Company manages exposure to changes in market interest rates. The Company's use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates, the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt. The interest rate swaps effectively fix the Company's interest payments on certain LIBOR indexed variable rate debt. The Company monitors its positions and the credit ratings of its counterparties and does not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes.

Original variable rate debt amount			Agreement Date	Effective Date	Expiration Date	Designated cash flow hedge date
(Unaudited)
(In millions)
$	142.3	(a),(b)	11/15/2005	5/10/2006	4/10/2012	5/31/2006
	50.0	(a)	6/21/2006	7/10/2006	7/10/2013	6/9/2006
	144.9	(a),(b)	6/9/2006	10/10/2006	10/10/2012	6/9/2006
	300.0	(a)	8/16/2006	8/18/2006	8/10/2018	8/4/2006
	30.0	(a)	2/9/2007	2/12/2007	2/10/2014	2/9/2007
	20.0	(a)	3/8/2007	3/12/2007	3/10/2014	3/8/2007
	20.0	(a)	3/8/2007	3/12/2007	3/10/2014	3/8/2007
	19.3	(a),(b)	4/8/2008	8/15/2008	6/15/2015	3/31/2008
	19.0	(a)	8/27/2008	8/29/2008	7/10/2015	4/10/2008
	30.0	(a)	9/24/2008	9/30/2008	9/10/2015	9/24/2008
	15.0	(a),(b)	3/24/2009	3/30/2009	3/30/2016	3/25/2009
	14.7	(a),(b)	7/6/2010	8/15/2010	7/15/2017	7/6/2010
	25.0	(a),(b)	4/26/2011	6/1/2011	6/1/2018	6/1/2011
	50.0	(a),(b)	7/29/2011	8/15/2011	8/15/2018	7/29/2011
	20.0	(a),(b)	8/3/2011	9/12/2011	9/10/2018	8/3/2011
(a)interest rate swap agreement
(b)forwardswap

As of December 31, 2011, the total notional amount of the Company's variable interest rate swaps was $522.1 million.

The derivative fair values located in accounts payable and accrued expenses in the balance sheets were as follows:

	Liability Derivatives Fair Value as of
	December 31, 2011		March 31, 2011
	(Unaudited)
	(In thousands)
Interest rate contracts designated as hedging instruments	$	63,515	$	51,052

	The Effect of Interest Rate
	Contracts on the Statements of Operations
	December 31, 2011			December 31, 2010
	(Unaudited)
	(In thousands)
Loss recognized in income on interest rate contracts	$	17,314		$	18,173
(Gain) loss recognized in AOCI on interest rate contracts (effective portion)	$	13,133		$	3,706
Loss reclassified from AOCI into income (effective portion)	$	17,984		$	18,697
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)	$	(670	)	$	(524	)

Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. At December 31, 2011, the Company expects to reclassify $19.9 million of net losses on interest rate contracts from accumulated other comprehensive income to earnings that will offset interest payments over the next twelve months.