Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments and Hedging Activities

v2.4.0.8
Derivative Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
At September 30, 2013 and December 31, 2012, the following table presents information about the fair value amounts of the Company’s derivative instruments:
 
 
Derivatives as of
 
 
September 30, 2013
 
December 31, 2012
 
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Derivatives Designated as Hedging Instruments:
 
 
 
 
 
 
 
 
Interest rate swap contracts
 
Other assets
 
$
903,415

 
Other assets
 
$
—

Interest rate swap contracts
 
Other liabilities
 
$
4,865,116

 
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 for the year ended December 31, 2012 (see Note 2).
The following table presents information about the effects of the Company’s derivative instruments on the condensed consolidated statements of income and condensed consolidated statements of comprehensive income:
 
 
Location of (Gain) Loss Recognized in Income
 
Amount of (Gain) Loss Recognized in Income for the Three Months Ended September 30,
 
Amount of (Gain) Loss Recognized in Income for the Nine Months Ended September 30,
 
 
 
 
2013
 
2012
 
2013
 
2012
Derivatives Designated as Hedging Instruments:
 
 
 
 
 
 
 
 
 
 
Interest rate swap contracts
 
Other expenses, net
 
$
(124,980
)
 
$
—

 
$
(1,111,625
)
 
$
—

Derivatives Not Designated as Hedging Instruments:
 
 
 
 
 
 
 
 
 
 
Interest rate swap contracts
 
Other expenses, net
 
$
—

 
$
59,061

 
$
(266,414
)
 
$
178,813


 
 
For the Nine Months Ended September 30, 2013
 
 
Gain Recognized in Accumulated Other Comprehensive Income
 
Interest Expense Reclassified from Accumulated Other Comprehensive Income
Derivatives Designated as Hedging Instruments:
 
 
 
 
Interest rate swap contracts
 
$
2,620,900

 
$
1,538,930