Leases (Notes)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

LEASES

The Company has entered into contractual lease arrangements to rent office space and equipment from third-party lessors. See Note 5 to the consolidated financial statements in our 2021 Annual Report.

    As of March 31, 2022, the Company had net operating lease right-of-use (“ROU”) assets of $4.8 million and net finance lease right-of-use assets of $0.2 million. At March 31, 2022, our operating lease liabilities were $5.9 million and our finance lease liabilities were $0.1 million.

The weighted-average remaining lease term and discount rate related to the Company’s operating lease liabilities as of March 31, 2022 were 4.5 years and 4.1%, respectively. The weighted-average remaining lease term and discount rate related to the Company’s finance lease liabilities as of March 31, 2022 were 2.6 years and 5.1%, respectively. The Company's lease discount rates are generally based on estimates of its incremental borrowing rate, as discount rates implicit in the Company's leases cannot be readily determined.

    As of March 31, 2022 and December 31, 2021 our leased assets and liabilities consisted of the following (in thousands):

Leases	Classification	March 31, 2022		December 31, 2021
Right-of-use assets
Operating leases	Other assets	$	4,836	$	4,625
Finance leases	Property and equipment, net	174		180
Total right-of-use assets		$	5,010	$	4,805
Current portion of lease liabilities
Operating leases	Accrued expenses	$	1,527	$	1,493
Finance leases	Current portion of finance leases	60		68
Long-term portion of lease liabilities
Operating leases	Other long-term liabilities	4,386		4,318
Finance leases	Finance leases, excluding current portion	70		66
Total lease liabilities		$	6,043	$	5,945

As of March 31, 2022 the Company's minimum future lease payments on operating and financing leases were as follows (in thousands):

	March 31, 2022
Maturity of lease liabilities	Operating Leases		Financing Leases
Remaining 2022	1,351		51
2023	1,356		52
2024	1,338		27
2025	947		6
2026	707		5
Thereafter	919		1
Total minimum lease payments	$	6,618	$	142
Imputed interest	(704)		(13)
Present value of minimum lease payments	$	5,914	$	129