Annual report pursuant to Section 13 and 15(d)

Derivative Instruments and Hedging Activities

v2.4.0.6
Derivative Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
At December 31, 2012 and 2011, the following table presents information about the fair value amounts of the Company’s derivative instruments: 
 
 
Liability Derivatives as of December 31,
 
 
2012
 
2011
 
 
 
 
 
 
 
 
(Restated)
 
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Derivatives Designated as Hedging Instruments:
 
 
 
 

 
 
 
 

Interest rate swap contracts
 
Other liabilities
 
$
5,590,519

 
Other liabilities
 
$
4,185,925

Derivatives Not Designated as Hedging Instruments:
 
 
 
 
 
 
 
 
Interest rate swap contracts
 
Other liabilities
 
$
2,624,063

 
Other liabilities
 
$
2,526,036


 aAll but one derivative were designated as hedging instruments for the years ended December 31, 2012 and 2011 (see Note 2). 
The following tables present information about the effects of the Company’s derivative instruments on the consolidated statements of income and consolidated statements of comprehensive income:
 
Location of Loss Recognized in
 
Amount of Loss Recognized in Income on Derivative for the Years Ended December 31,
 
Income on Derivative
 
2012
 
2011
 
2010
 
 
 
 
 
(Restated)
 
(Restated)
Derivatives Not Designated as Hedging Instruments:
 
 
 
 
 
 
 
Interest rate swap contracts
Interest expense
 
$
98,026

 
$
1,313,587

 
$
1,346,041


 
 
As of December 31, 2012
 
 
Loss Recognized in Accumulated Other Comprehensive Income
 
Loss Reclassified from Accumulated Other Comprehensive Income
Derivatives Designated as Hedging Instruments:
 
 
 
 
Interest rate swap contracts
 
$
666,563

 
$
1,306,270