Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases

Summary of net lease expense

The components of the Company’s net lease expense for the three months ended March 31, 2019 were as follows:

	March 31,
(dollars in thousands)	2019
Operating lease expense	$	2,316
Short-term lease expense		185
Variable lease expense		223
Finance lease expense:
Amortization of right-of-use assets		1
Interest on lease liabilities		—
Total finance lease expense		1
Less: Sublease income		(225)
Net lease expense	$	2,500

Summary of other information related to the Company’s lease liabilities

	March 31,
(dollars in thousands)	2019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	1,757
Operating cash flows paid for finance leases		28
Financing cash flows paid for finance leases		—
Weighted Average Remaining Lease Term
Operating leases		15.2 years
Finance leases		3.2 years
Weighted Average Discount Rate
Operating leases		3.43	%
Finance leases		6.78	%

Summary of future minimum rental payments under noncancellable leases

The following table sets forth future minimum rental payments under noncancelable leases with terms in excess of one year as of March 31, 2019:

	Net Operating
	Lease
(dollars in thousands)	Payments
Year ending December 31:
2019 (excluding the three months ended March 31, 2019)	$	7,040
2020		8,691
2021		7,984
2022		5,125
2023		2,632
Thereafter		34,638
Total future minimum lease payments	$	66,110
Less: Imputed interest		(17,172)
Total	$	48,938

The following table presents future minimum rental payments under leases with terms in excess of one year as of December 31, 2018 presented in accordance with ASC Topic 840, “Leases”:

	Operating		Less		Net Operating
	Lease		Sublease		Lease
(dollars in thousands)	Payments		Income		Payments
Year ending December 31:
2019	$	8,780	$	903	$	7,877
2020		8,668		903		7,765
2021		7,961		892		7,069
2022		5,101		—		5,101
2023		2,632		—		2,632
Thereafter		34,638		—		34,638
Total future minimum lease payments	$	67,780	$	2,698	$	65,082

Summary of future minimum rental income under noncancellable operating leases

	Minimum
	Rental
(dollars in thousands)	Income
Year ending December 31:
2019 (excluding the three months ended March 31, 2019)	$	4,492
2020		5,747
2021		5,439
2022		3,719
2023		2,795
Thereafter		5,837
Total	$	28,029