Derivative Instruments

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS

The Company's Senior Credit Agreement requires the Company to maintain derivative instruments for protection from fluctuating interest rates, for at least fifty percent of the outstanding balance of the term loan. Accordingly, the Company entered into an interest rate swaps. The Company entered into a new interest rate swap in February 2016 having an initial value of $48.8 million and a forward start date of May 9, 2016. Under this swap, the Company pays a fixed rate of 1.09% and receives a floating rate that resets monthly based on LIBOR. Under the swap expiring in 2017, the Company pays a fixed rate of 1.1825% and receives a floating rate that resets monthly based on LIBOR.

The outstanding interest rate swaps are not designated as hedges for accounting purposes. The effects of future fluctuations in LIBOR interest rates on derivatives held by the Company will result in the recording of unrealized gains and losses into the statement of operations. The Company recorded net gains on derivatives of $1.0 million, $0.9 million and $1.1 million for the years ending December 31, 2016, 2015 and 2014, respectively. The liability for outstanding derivatives is recorded in other liabilities and in accrued expenses. The table below provides information about the Company’s interest rate swaps (in thousands):

			December 31, 2016			December 31, 2015
Expiration Date	Stated Interest Rate		Notional Amount	Market Value (Liability)		Notional Amount	Market Value (Liability)
May 9, 2016	2.020	%	—	—		50,625	(247	)
June 30, 2017	1.183	%	43,125	(77	)	50,625	(252	)
May 5, 2021	1.090	%	43,125	547		—	—