Leases

The Company primarily leases office space and certain office equipment using noncancelable operating leases. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the implicit rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate, which takes into consideration the relevant term of the underlying lease, in determining the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease terms. Certain of our lease agreements include variable lease payments, primarily related to common area maintenance, insurance and taxes. The variable portion of payments is not included in the initial measurement of the right-of-use asset or lease liability due to the uncertainty of the payment amount and are recorded as lease expense in the period incurred.

The Company's leases have original lease periods expiring between 2020 and 2027, which may include the option to extend the lease when it is reasonably certain the Company will exercise that option. The Company does not have lease agreements with residual value guarantees, sale leaseback terms or material restrictive covenants.

The components of lease expense, lease term and discount rate are as follows (in thousands):



	Three Months Ended March 31, 2020			Three Months Ended March 31, 2019
Operating lease cost	$	1,101		$	1,266
Short-term lease cost	17			21
Variable lease cost	194			43
Sublease income	(18		)	(17		)
Total lease cost	$	1,294		$	1,313

As of March 31, 2020, the weighted average remaining lease term and weighted average discount rate for the Company's operating leases were as follows:



	Operating Leases
Weighted Average Remaining Lease Term	3.3 years
Weighted Average Discount Rate	3.8	%

The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2020 (in thousands):



	Operating Leases
The remainder of 2020	$	3,998
2021	3,342
2022	1,549
2023	1,065
2024	509
Thereafter	282
Total undiscounted cash flows	10,745
Less imputed interest	(602		)
Present value of lease liabilities	$	10,143

Supplemental cash flow information related to the Company's operating leases are as follows (in thousands):



	Three Months Ended March 31, 2020
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	—
Operating cash flows:
Cash paid for amounts included in the measurement of lease liabilities	$	1,070