Leases

3 Months Ended

Mar. 31, 2019

(16) Leases

The Company’s leases relate primarily to office facilities that expire on various dates from 2019 through 2024. The terms of the Company's non-cancelable operating lease arrangements typically contain fixed lease payment which increases over the term of the lease at fixed rates, rent holidays and provide for additional renewal periods. Lease expense is recognized over the term of the lease on a straight-line basis. All of the Company’s leases are classified as operating leases. The Company has determined that periods covered by options to extend our leases are excluded from the lease term as the Company is not reasonably certain we will exercise such options. Operating lease expense, including expenses related to short-term leases, were $1.1 million and $0.8 million for the three months ended March 31, 2019 and 2018, respectively.

The Company records its ROU Assets within other assets (long term) and its operating lease liabilities within other current and long term liabilities.

Additional information related to the Company’s leases as of and for the three months ended March 31, 2019, is as follows:

(in thousands, except lease term and discount rate)	March 31, 2019
Balance sheet information
ROU assets	$	13,943
Lease liabilities, current	$	2,900
Lease liabilities, non-current		13,471
Total lease liabilities	$	16,371
Supplemental data
Weighted average remaining lease term	4.95 years
Weighted average discount rate		7.00	%
Cash paid for amounts included in lease liabilities	$	404
ROU assets obtained in exchange for lease obligations	$	16,919

Maturities of lease liabilities as of March 31, 2019 were as follows:

(in thousands)	March 31, 2019
Year ending December 31,
2019 (remaining)	$	2,919
2020		3,861
2021		3,765
2022		3,753
2023		3,776
Thereafter		1,354
Total undiscounted lease payments		19,428
Less: imputed interest		(3,057	)
Total lease liabilities	$	16,371

The following table presents components of lease expense for the three months ended March 31, 2019 (in thousands):

	Three Months Ended
	March 31, 2019
Operating lease expense	$	742
Short-term lease expense(a)		401
		1,143
Less: Sublease income		(3	)
Total lease expense	$	1,140

(a)	Short-term lease expense includes all leases with lease terms ranging from less than one month to one year.

As of March 31, 2019, we do not have any leases that have not yet commenced that create significant rights and obligations.

Fiscal year 2018 lease commitments in accordance with prior guidance

Future minimum lease payments under non-cancelable operating leases, including short-term leases as of March 31, 2019 were as follows (in thousands):

	Amounts
2019 (for the remaining nine months)	$	3,000
2020		3,861
2021		3,765
2022		3,753
2023		3,776
2024 and thereafter		1,354
Total minimum lease payments	$	19,509