Under ASC 842, the Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset.

We primarily enter into operating leases for the right to use office space, and computer and office equipment, which have lease terms that generally range from 1 to 7 years and often include one or more options to renew. We include renewal terms in the lease term when it is reasonably certain that we will exercise the option. For leases entered into after January 1, 2019, we establish a right of use asset and a lease liability at the commencement date of the lease based on the present value of future minimum lease payments. As the rate implicit in each lease is not readily determinable, we utilize our incremental borrowing rate in determining the present value of future minimum payments. Our incremental borrowing rate is determined based on information available at the commencement date. We account for the lease components and non-lease components as a single lease component. As of September 30, 2019, the Company had $16.8 million and $17.4 million recognized as a right of use asset and lease liability, respectively, which are presented on the consolidated balance sheet within prepaid expenses and other assets and accrued expenses and other liabilities, respectively. The Company has entered into various short-term operating leases, primarily for marketing billboards, with an initial term of twelve months or less. These leases are not recorded on the Company's condensed consolidated balance sheet.

Under both ASC 840 and ASC 842, operating lease expense is recognized on a straight-line basis over the lease term and was $1.6 million and $1.1 million for the three months ended September 30, 2019 and 2018, respectively. Operating lease expense was $4.3 million and $2.8 million for the nine months ended September 30, 2019 and 2018, respectively.

Information related to the Company’s right of use asset and lease liability were as follows (in thousands):



	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
Cash paid for operating lease liabilities	$	1,460		$	4,183
Right-of-use assets obtained in exchange for new operating lease obligations	$	1,275		$	2,785
Weighted-average remaining lease term		4.05 years			4.05 years
Weighted-average discount rate		6.38	%		6.38	%

Maturities of lease liabilities as of September 30, 2019 were as follows (in thousands):


Due in 12 month period ended September 30,
2020	$	5,136
2021		5,191
2022		3,734
2023		3,083
2024		2,029
Thereafter		622
Total		19,795
Less: discount		(2,415)
Total lease liabilities	$	17,380