COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2015

13. COMMITMENTS AND CONTINGENCIES

Commitments

The Company leases space for its offices under noncancellable operating leases that expire at various dates through 2023.

As of December 31, 2015, the Company’s future minimum rental payments required under operating leases with noncancellable terms in excess of one year were as follows:


(in thousands)
For the calendar year	Operating Leases ⁽¹⁾
2016	$	13,087
2017		13,101
2018		13,057
2019		11,281
2020		10,294
2021 & Thereafter		26,604

	$	87,424

⁽¹⁾	Operating leases include future minimum rent payments, net of estimated sublease income for facilities that the Company has vacated pursuant to its restructuring activities, as discussed in Note 12.

Rent expense under operating leases is recognized on a straight-line basis to account for scheduled rent increases and landlord tenant allowances. In connection with the Company’s amended lease for its office headquarters dated November 11, 2014, the Company has a landlord tenant allowance totaling approximately $9.4 million, of which $8.4 million was used and reimbursed to the Company as of December 31, 2012 and will be amortized as a reduction to rent expense on a straight-line basis over the term of the lease. Total rent expense under operating leases was approximately $12.3 million, $12.5 million, and $11.7 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Contingencies

The Company is a party in various contractual disputes, litigation and potential claims arising in the ordinary course of business. The Company does not believe that the resolution of these matters will have a material adverse effect on its financial position or results of operations.