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Derivatives (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
The table below summarizes information about the Company’s derivative instruments treated as trading instruments on its consolidated balance sheet as of the dates indicated: | | | | | | | | | | | | | | | | | | | | September 30, 2014 | | | Derivative Assets | | Derivative Liabilities | Trading Instruments | | Fair Value | | Notional | | Fair Value | | Notional | Interest rate swaps | | $ | 6,958 |
| | $ | 800,000 |
| | $ | (437 | ) | | $ | 150,000 |
| Eurodollar futures (1) | | 339 |
| | 3,900,000 |
| | (17,621 | ) | | 12,700,000 |
| Total | | $ | 7,297 |
| | $ | 4,700,000 |
| | $ | (18,058 | ) | | $ | 12,850,000 |
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| | | | | | | | | | | | | | | | | | | | December 31, 2013 | | | Derivative Assets | | Derivative Liabilities | Trading Instruments | | Fair Value | | Notional | | Fair Value | | Notional | Interest rate swaps | | $ | 18,488 |
| | $ | 575,000 |
| | $ | (1,336 | ) | | $ | 215,000 |
| Eurodollar futures (1) | | — |
| | — |
| | (5,345 | ) | | 9,000,000 |
| Total | | $ | 18,488 |
| | $ | 575,000 |
| | $ | (6,681 | ) | | $ | 9,215,000 |
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| | (1) | The Eurodollar futures aggregate notional amount represents the total notional of the 3-month contracts with expiration dates from 2015 to 2020. The maximum notional outstanding for any future 3-month period did not exceed $1,300,000 as of September 30, 2014 and $1,175,000 as of December 31, 2013. |
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| Schedule of Derivative Instruments [Table Text Block] |
The following table summarizes the contractual maturities remaining for the Company’s outstanding interest rate swap agreements as of September 30, 2014: | | | | | | | | | | | | | | | | Remaining Maturity | | Pay-Fixed Interest Rate Swaps | | Pay-Fixed Weighted-Average Rate(1) | | Receive Fixed Interest Rate Swaps | | Receive-Fixed Weighted-Average Rate | 37-48 months | | $ | 185,000 |
| | 0.92 | % | | $ | — |
| | — | % | 49-60 months | | 235,000 |
| | 1.45 | % | | 250,000 |
| | 1.91 | % | 61-72 months | | 25,000 |
| | 1.61 | % | | — |
| | — | % | 73-84 months | | 50,000 |
| | 2.20 | % | | — |
| | — | % | 85-96 months | | — |
| | — | % | | — |
| | — | % | 97-108 months | | 30,000 |
| | 1.93 | % | | — |
| | — | % | 109-120 months | | 150,000 |
| | 2.17 | % | | 25,000 |
| | 2.71 | % |
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| Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
The following table summarizes the volume of activity related to derivative instruments for the periods indicated: | | | | | | | | | | | | | | | | | For the nine months ended September 30, 2014: | Beginning of Period Notional Amount | | Additions | | Settlement, Termination, Expiration or Exercise | | End of Period Notional Amount | Receive-fixed interest rate swaps | $ | — |
| | $ | 275,000 |
| | $ | — |
| | $ | 275,000 |
| Pay-fixed interest rate swaps | 790,000 |
| | 75,000 |
| | (190,000 | ) | | 675,000 |
| Eurodollar futures | 9,000,000 |
| | 7,600,000 |
| | — |
| | 16,600,000 |
| | $ | 9,790,000 |
| | $ | 7,950,000 |
| | $ | (190,000 | ) | | $ | 17,550,000 |
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| Schedule of Derivative Instruments Included in Trading Activities [Table Text Block] |
The table below provides detail of the Company's "gain (loss) on derivative instruments, net" by type of interest rate derivative for the periods indicated: | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, | | September 30, | Type of Derivative Instrument | | 2014 | | 2013 | | 2014 | | 2013 | Receive-fixed interest rate swaps | | $ | 339 |
| | $ | — |
| | $ | 339 |
| | $ | — |
| Pay-fixed interest rate swaps | | 646 |
| | (6,225 | ) | | (20,056 | ) | | 5,111 |
| Eurodollar futures | | 3,857 |
| | (17,794 | ) | | (11,937 | ) | | (17,794 | ) | Gain (loss) on derivative instruments, net | | $ | 4,842 |
| | $ | (24,019 | ) | | $ | (31,654 | ) | | $ | (12,683 | ) |
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| Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] |
The table below describes the components of the reclassification adjustments out of AOCI related to certain interest rate swaps that were formerly designated as cash flow hedges and recognized as a portion of "interest expense" on the Company statements of comprehensive income for the periods indicated: | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2014 | | 2013 | | 2014 | | 2013 | Reclassification adjustment due to amortization of de-designated cash flow hedges | $ | 1,442 |
| | $ | 2,583 |
| | $ | 5,339 |
| | $ | 2,583 |
| Reclassification adjustment due to recognition of interest expense from cash flow hedges | — |
| | — |
| | — |
| | 8,796 |
| Total reclassification adjustment related to cash flow hedges | $ | 1,442 |
| | $ | 2,583 |
| | $ | 5,339 |
| | $ | 11,379 |
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