LEASES (Tables)

9 Months Ended

Sep. 30, 2019

LEASES

Summary of lease cost

	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
	(in thousands)
Operating lease cost	$	749	$	2,558
Short-term lease cost (1)		294		907
Total lease cost	$	1,043	$	3,465

(1) Represents automobile leases that have a lease term of 12 months. The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term.

Schedule of future operating lease liability maturities

The following table represents the future operating lease liability maturities as of September 30, 2019 (in thousands):

2019	$	556
2020		2,222
2021		2,279
2022		2,436
2023		2,500
2024 and thereafter		93,512
Total operating lease payments		103,505
Less: Imputed interest		(57,283)
Present value of operating lease liabilities	$	46,222