Leases

3 Months Ended

Mar. 31, 2019

Lessee Disclosure [Abstract]

Leases

(14) Leases

We have operating leases for our executive office operations and other real estate leases of office space and finance leases for certain office equipment. Our leases have remaining lease terms of 1 year to 12 years, some of which include options to extend the leases for

up to 10 years, and some of which include options to terminate the leases within 1 year, exercisable at the Company’s discretion. Operating lease right-of-use assets and operating lease liabilities are presented separately in our condensed consolidated balance sheets.  As of March 31, 2019, finance right-of-use assets of $0.7 million and finance lease liabilities of $0.8 million were recorded within other assets and other liabilities, respectively, within our condensed consolidated balance sheets. The Company determines its lease liabilities, which are measured at the present value of future lease payments, using the Company’s incremental secured borrowing rate that is commensurate with the term of the underlying lease or the rate implicit in the lease if readily determinable.

The components of lease expense were as follows:

	Three months ended March 31,
	2019
	(In thousands)
Operating lease cost
Operating lease cost	$	1,914
Variable lease cost (includes taxes, common area maintenance and insurance)	$	156
Finance lease cost
Depreciation of finance lease assets	$	69
Interest on lease liabilities		10
Total lease cost	$	2,149

Other information related to leases was as follows:

	Three months ended March 31,
	2019
	(In thousands)
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	1,880
Operating cash flows from finance leases (1)		12
Financing cash flows from finance leases		70
	March 31, 2019
Weighted Average Remaining Lease Term
Operating leases	9  years
Finance leases	3  years
Weighted Average Discount Rate
Operating leases		5.4	%
Finance leases		4.6	%

⁽¹⁾Included in change in other operating assets and liabilities, net in the accompanying condensed consolidated statements of cash flows.

Future minimum lease payments under non-cancellable leases were as follows:

		Operating Leases		Finance Leases
Year Ended December 31,		(In thousands)
2019  (excluding the three months ended March 31, 2019)		$	5,681	$	233
	2020		7,254		287
	2021		7,124		232
	2022		7,189		64
	2023		7,195		4
Thereafter			35,650		-
Total minimum rental commitments for operating leases			70,093		820
Less imputed interest			13,381		57
Total lease liabilities		$	56,712	$	763

The following disclosures for the comparative periods presented in accordance with ASC 840 have been carried forward.

Total minimum rent expense for operating leases for the three months ended March 31, 2018 was $1.8 million. We had no contingent rent expense during the three months ended March 31, 2018.

As of December 31, 2018, the minimum aggregate rental commitments for operating leases were as follows:

		December 31, 2018
		(In thousands)
	2019	$	7,459
	2020		7,174
	2021		7,038
	2022		7,120
	2023		7,094
Thereafter			34,901
Total minimum rental commitments for operating leases		$	70,786

As of December 31, 2018, the aggregate balance of our capital lease liabilities was not material.