Annual report pursuant to Section 13 and 15(d)

Derivative Instruments and Hedging Activities

v2.4.0.8
Derivative Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
At December 31, 2013 and 2012, the following table presents information about the fair value amounts of the Company’s derivative instruments: 
 
Derivatives as of December 31,
 
2013
 
2012
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Derivatives Designated as Hedging Instruments:
 
 
 

 
 
 
 

Interest rate swap contracts
Other assets
 
$
1,553,224

 
Other assets
 
$
—

Interest rate swap contracts
Other liabilities
 
$
4,267,644

 
Other liabilities
 
$
5,590,519

Derivatives Not Designated as Hedging Instruments:
 
 
 
 
 
 
 
Interest rate swap contracts
Other liabilities
 
$
—

 
Other liabilities
 
$
2,624,063


 All but one derivative were designated as hedging instruments prior to March 29, 2013. All were designated as hedging instruments for the remainder of the year ended December 31, 2013. All but one derivative were designated as hedging instruments for the year ended December 31, 2012.
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 (loss):
 
Location of (Gain) Loss Recognized in
 
Amount of (Gain) Loss Recognized in Income on Derivative for the Year Ended December 31,
 
Income on Derivative
 
2013
 
2012
 
2011
Derivatives Designated as Hedging Instruments:
 
 
 
 
 
 
 
Interest rate swap contracts
Other expenses, net
 
$
(1,192,644
)
 
$
—

 
$
—

Derivatives Not Designated as Hedging Instruments:
 
 
 
 
 
 
 
Interest rate swap contracts
Other expenses, net
 
$
(266,414
)
 
$
98,026

 
$
1,313,587


 
As of December 31, 2013
 
Loss Recognized in Accumulated Other Comprehensive Income
Derivatives Designated as Hedging Instruments:
 
Interest rate swap contracts
$
3,426,903