Leases (Notes)

9 Months Ended

Sep. 30, 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 September 30, 2022, the Company had net operating lease right-of-use assets of $4.8 million and net finance lease right-of-use assets of $0.2 million. At September 30, 2022, our operating lease liabilities were $5.9 million and our finance lease liabilities were $0.2 million.

The weighted-average remaining lease term and discount rate related to the Company’s operating lease liabilities as of September 30, 2022 were 4.34 years and 4.4%, respectively. The weighted-average remaining lease term and discount rate related to the Company’s finance lease liabilities as of September 30, 2022 were 3.38 years and 7.4%, respectively. The Company's uses the discount rates implicit in each lease, or an estimate of the Company's incremental borrowing rate if the rate implicit in a lease cannot be readily determined.

    As of September 30, 2022 and December 31, 2021 our right-of-use assets and lease liabilities consisted of the following (in thousands):

Leases	Classification	September 30, 2022		December 31, 2021
Right-of-use assets
Operating leases	Other assets	$	4,752	$	4,625
Finance leases	Property and equipment, net	207		180
Total right-of-use assets		$	4,959	$	4,805
Current portion of lease liabilities
Operating leases	Accrued expenses	$	1,498	$	1,493
Finance leases	Current portion of finance leases	65		68
Long-term portion of lease liabilities
Operating leases	Other long-term liabilities	4,406		4,318
Finance leases	Finance leases, excluding current portion	102		66
Total lease liabilities		$	6,071	$	5,945

As of September 30, 2022 the Company's minimum future lease payments on operating and finance leases were as follows (in thousands):

	September 30, 2022
Maturity of lease liabilities	Operating Leases		Finance Leases
Remaining 2022	$	474	$	21
2023	1,724		68
2024	1,666		43
2025	1,060		22
2026	695		21
Thereafter	916		9
Total minimum lease payments	$	6,535	$	184
Imputed interest	(631)		(17)
Present value of minimum lease payments	$	5,904	$	167