Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Lease, Cost

Components of operating lease expense were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in thousands)
Operating lease cost 1	$	2,083	$	1,841	$	6,249	$	5,811
Less: Sublease income (Note 19)	(38)		(37)		(114)		(112)
Net lease cost	$	2,045	$	1,804	$	6,135	$	5,699

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 September 30,				Nine Months Ended September 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	$	1,792	$	1,834	$	5,439	$	5,397
Leased assets obtained in exchange for new operating lease liabilities	$	—	$	646	$	4,050	$	2,676

Schedule of Lease Terms and Discount Rates

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

	September 30, 2020
Weighted-average remaining lease term (in years)	5.6
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 nine months ended September 30, 2020)	$	1,343
2021	7,421
2022	7,115
2023	6,203
2024	5,607
Thereafter	10,096
Total operating lease payments	$	37,785
Less: Interest	5,290
Present value of operating lease liabilities 1	$	32,495

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1Homebuilding and financial services operating lease liabilities of $31.6 million and $0.9 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 September 30, 2020.