Derivative Instruments

3 Months Ended

Mar. 31, 2017

Derivative Instruments [Abstract]

Derivative Instruments

Note 16 – Derivative Instruments

We enter into interest rate derivative instruments to hedge the interest rate risk that results from the characteristics of our floating-rate borrowings. Our use of derivative transactions is intended to reduce long-term fluctuations in cash flows caused by market movements. All derivative instruments are recorded on the balance sheet at fair value with changes in fair value through interest expense in the Consolidated Statement of Income. As of March 31, 2017, we have not designated any of our derivatives as accounting hedges.

The Company’s derivative positions measured at fair value are summarized in the following tables:

		As of March 31, 2017
(Dollars in thousands)	Hedged Exposure	Notional		Other Assets		Other Current Liabilities
Interest rate swap	Interest rate variability - Bank of America Credit Facility	$	21,000	$	-	$	4
Interest rate swap	Interest rate variability - Trust Preferred Debt Securities		27,913		10		-
Interest rate cap	Interest rate variability - Mezzanine loan tranche of Union Square construction financing		7,500		-		-
Interest rate cap	Interest rate variability - Minetta and Orpheum Theatres Term Loan		7,500		-		-
Total		$	63,913	$	10	$	4

		As of December 31, 2016
(Dollars in thousands)	Hedged Exposure	Notional		Other Assets		Other Current Liabilities
Interest rate swap	Interest rate variability - Bank of America Credit Facility	$	21,000	$	-	$	40
Interest rate swap	Interest rate variability - Trust Preferred Debt Securities		27,913		-		18
Interest rate cap	Interest rate variability - Mezzanine loan tranche of Union Square construction financing		7,500		1		-
Interest rate cap	Interest rate variability - Minetta and Orpheum Theatres Term Loan		7,500		-		-
Total		$	63,913	$	1	$	58

The following table summarizes the unrealized gains or losses due to changes in fair value of the derivatives that are recorded in interest expense in the Consolidated Statement of Income for the three months ended March 31, 2017 and March 31, 2016.

	Three Months Ended
(Dollars in thousands)	March 31, 2017		March 31, 2016
Net unrealized income/(losses) on interest rate derivatives	$	63	$	(219)