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Lease Assets and Obligations
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Lease Assets and Obligations Lease Assets and Obligations
Lease obligations include the following.
Current portion of lease obligationsJune 30,
2024		December 31,
2023
Finance lease liabilities$1,274 $1,258 
Finance obligations4,479 4,826 
Operating lease liabilities8,653 8,771 
Total current portion of lease obligations$14,406 $14,855 
Long-term lease obligations
Finance lease liabilities$3,328 $3,581 
Finance obligations61,098 56,471 
Operating lease liabilities28,480 26,337 
Total long-term lease obligations$92,906 $86,389 
Nature of Leases
Steak n Shake and Western Sizzlin operate restaurants that are located on sites owned by us or leased from third parties. In addition, they own sites and lease sites from third parties that are leased and/or subleased to franchisees.
Lease Costs
A significant portion of our operating and finance lease portfolio includes restaurant locations. We recognize fixed lease expense for operating leases on a straight-line basis over the lease term. For finance leases, we recognize amortization expense on the right-of-use asset and interest expense on the lease liability over the lease term.
Total lease cost consists of the following.
Second QuarterFirst Six Months
2024202320242023
Finance lease costs:
Amortization of right-of-use assets$221 $242 $447 $484 
Interest on lease liabilities83 86 167 177 
Operating and variable lease costs2,948 3,081 5,777 6,248 
Sublease income(2,986)(3,054)(5,975)(6,145)
Total lease costs$266 $355 $416 $764 
Supplemental cash flow information related to leases is as follows.
 First Six Months
 20242023
Cash paid for amounts included in the measurement of lease liabilities:  
Financing cash flows from finance leases$621 $636 
Operating cash flows from finance leases$167 $177 
Operating cash flows from operating leases$5,409 $6,689 
Supplemental balance sheet information related to leases is as follows.
June 30,
2024		December 31,
2023
Finance leases:
Property and equipment, net$3,423 $3,574 
Weighted-average lease terms and discount rates are as follows.
June 30,
2024
Weighted-average remaining lease terms:
Finance leases4.62 years
Operating leases6.00 years
Weighted-average discount rates:
Finance leases7.0 %
Operating leases7.0 %
Maturities of lease liabilities as of June 30, 2024 are as follows.
YearOperating
Leases		Finance
Leases
Remainder of 2024$5,636 $756 
202510,198 1,486 
20267,709 1,163 
20275,337 828 
20284,518 437 
After 202811,849 729 
Total lease payments45,247 5,399 
Less interest8,114 797 
Total lease liabilities$37,133 $4,602 
Lease Income
The components of lease income recorded in restaurant operations are as follows.
Second QuarterFirst Six Months
2024202320242023
Operating lease income$4,236 $4,044 $8,417 $8,129 
Variable lease income1,824 1,921 3,623 3,705 
Total lease income$6,060 $5,965 $12,040 $11,834 
The following table displays the Company’s future minimum rental receipts for non-cancelable leases and subleases as of June 30, 2024. Franchise partner leases and subleases are short-term leases and have been excluded from the table.

Operating Leases
YearSubleasesOwned Properties
Remainder of 2024$292 $198 
2025544 404 
2026225 407 
2027206 415 
202886 424 
After 2028— 2,435 
Total future minimum receipts$1,353 $4,283 
Lease Assets and Obligations Lease Assets and Obligations
Lease obligations include the following.
Current portion of lease obligationsJune 30,
2024		December 31,
2023
Finance lease liabilities$1,274 $1,258 
Finance obligations4,479 4,826 
Operating lease liabilities8,653 8,771 
Total current portion of lease obligations$14,406 $14,855 
Long-term lease obligations
Finance lease liabilities$3,328 $3,581 
Finance obligations61,098 56,471 
Operating lease liabilities28,480 26,337 
Total long-term lease obligations$92,906 $86,389 
Nature of Leases
Steak n Shake and Western Sizzlin operate restaurants that are located on sites owned by us or leased from third parties. In addition, they own sites and lease sites from third parties that are leased and/or subleased to franchisees.
Lease Costs
A significant portion of our operating and finance lease portfolio includes restaurant locations. We recognize fixed lease expense for operating leases on a straight-line basis over the lease term. For finance leases, we recognize amortization expense on the right-of-use asset and interest expense on the lease liability over the lease term.
Total lease cost consists of the following.
Second QuarterFirst Six Months
2024202320242023
Finance lease costs:
Amortization of right-of-use assets$221 $242 $447 $484 
Interest on lease liabilities83 86 167 177 
Operating and variable lease costs2,948 3,081 5,777 6,248 
Sublease income(2,986)(3,054)(5,975)(6,145)
Total lease costs$266 $355 $416 $764 
Supplemental cash flow information related to leases is as follows.
 First Six Months
 20242023
Cash paid for amounts included in the measurement of lease liabilities:  
Financing cash flows from finance leases$621 $636 
Operating cash flows from finance leases$167 $177 
Operating cash flows from operating leases$5,409 $6,689 
Supplemental balance sheet information related to leases is as follows.
June 30,
2024		December 31,
2023
Finance leases:
Property and equipment, net$3,423 $3,574 
Weighted-average lease terms and discount rates are as follows.
June 30,
2024
Weighted-average remaining lease terms:
Finance leases4.62 years
Operating leases6.00 years
Weighted-average discount rates:
Finance leases7.0 %
Operating leases7.0 %
Maturities of lease liabilities as of June 30, 2024 are as follows.
YearOperating
Leases		Finance
Leases
Remainder of 2024$5,636 $756 
202510,198 1,486 
20267,709 1,163 
20275,337 828 
20284,518 437 
After 202811,849 729 
Total lease payments45,247 5,399 
Less interest8,114 797 
Total lease liabilities$37,133 $4,602 
Lease Income
The components of lease income recorded in restaurant operations are as follows.
Second QuarterFirst Six Months
2024202320242023
Operating lease income$4,236 $4,044 $8,417 $8,129 
Variable lease income1,824 1,921 3,623 3,705 
Total lease income$6,060 $5,965 $12,040 $11,834 
The following table displays the Company’s future minimum rental receipts for non-cancelable leases and subleases as of June 30, 2024. Franchise partner leases and subleases are short-term leases and have been excluded from the table.

Operating Leases
YearSubleasesOwned Properties
Remainder of 2024$292 $198 
2025544 404 
2026225 407 
2027206 415 
202886 424 
After 2028— 2,435 
Total future minimum receipts$1,353 $4,283