Leases

12 Months Ended

Dec. 31, 2020

(18) Leases

The Company’s leases relate primarily to office facilities that expire on various dates from 2021 through 2029. 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 the Company’s leases are excluded from the lease term as the Company is not reasonably certain the Company will exercise such options. Operating lease expense, including expenses related to short-term leases, were $6.0 million, $4.8 million and $3.8 million for the years ended December 31, 2020, 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 is as follows (in thousands, except lease term and discount rate):

	As of December 31,
	2020			2019
Balance sheet information
ROU assets	$	15,045		$	13,071
Lease liabilities, current	$	4,259		$	3,567
Lease liabilities, non-current		14,403			11,823
Total lease liabilities	$	18,662		$	15,390
Supplemental data
Weighted average remaining lease term	4.57 years			4.11 years
Weighted average discount rate		7.00	%		7.00	%

	Year Ended December 31,
	2020		2019
Cash paid for amounts included in lease liabilities	$	4,891	$	3,986
ROU assets obtained in exchange for new lease obligations		5,870		17,724

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):

Year ending December 31,
2021	$	5,558
2022		5,268
2023		5,105
2024		2,635
2025		929
Thereafter		2,769
Total undiscounted lease payments		22,264
Less: imputed interest		(3,602	)
Total lease liabilities	$	18,662

The following table presents components of lease expense (in thousands):

	Year Ended December 31,
	2020			2019
Operating lease expense	$	5,024		$	3,879
Short-term lease expense⁽¹⁾		982			958
		6,006			4,837
Less: Sublease income		(236	)		(91	)
Total lease expense	$	5,770		$	4,746

⁽¹⁾	Short-term lease expense includes all leases with lease terms ranging from less than one month to one year.

As of December 31, 2020, the Company does not have any leases that have not yet commenced that create significant rights and obligations.