Annual report pursuant to Section 13 and 15(d)

Other Income (Expense), Net

v2.4.0.6
Other Income (Expense), Net
 12 Months Ended
Dec. 31, 2011
Other Income and Expenses [Abstract]  
Other Income and Other Expense Disclosure [Text Block]
OTHER INCOME (EXPENSES), NET
Other income (expenses), net, consisted of the following items at December 31, 2009, 2010 and 2011: 
 
2009
 
2010
 
2011
Gain realized from derivative
$
2,493,980

 
$
—

 
$
—

Unrealized gain (loss) from derivatives
2,263,802

 
(133,591
)
 
—

Interest expense, net of interest income
(2,993,250
)
 
(4,380,183
)
 
(4,130,350
)
Amortization of deferred financing fees
(201,622
)
 
(566,772
)
 
(1,061,782
)
 
$
1,562,910

 
$
(5,080,546
)
 
$
(5,192,132
)

During 2009, the Company purchased an interest rate cap from a major bank to mitigate effects of rising interest rates on a fixed rate customer contract for approximately $2,200,000. The Company terminated the agreement in 2009 and realized a gain of approximately $2,500,000. The Company did not designate this derivative as a cash flow hedge; therefore hedge accounting was not applied.