Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Lease, Cost

Components of operating lease expense were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(Dollars in thousands)
Operating lease cost 1	$	2,120	$	1,990	$	4,166	$	3,970
Less: Sublease income (Note 19)	(38)		(38)		(76)		(75)
Net lease cost	$	2,082	$	1,952	$	4,090	$	3,895

¹Includes variable lease costs, which are immaterial.

Schedule of Lease Cash Flow Information

Supplemental cash flow information related to leases was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,741	$	1,792	$	3,647	$	3,563
Leased assets obtained in exchange for new operating lease liabilities	$	1,405	$	553	$	4,050	$	2,030

Schedule of Lease Terms and Discount Rates

Weighted-average remaining lease term and discount rate for operating leases were as follows:

	June 30, 2020
Weighted-average remaining lease term (in years)	5.7
Weighted-average discount rate	5.5	%

Lessee, Operating Lease, Liability, Maturity

Maturities of operating lease liabilities were as follows:

	Year Ended December 31,
	(Dollars in thousands)
2020 (excluding the six months ended June 30, 2020)	$	3,152
2021	7,361
2022	7,054
2023	6,141
2024	5,543
Thereafter	9,914
Total operating lease payments	$	39,165
Less: Interest	5,772
Present value of operating lease liabilities 1	$	33,393

_______________________________________________________________

¹Homebuilding and financial services operating lease liabilities of $32.4 million and $1.0 million, respectively, are included as a component of accrued and other liabilities and accounts payable and accrued liabilities, respectively, in the homebuilding and financial services section of our consolidated balance sheet at June 30, 2020.