Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Lease, Cost

Components of operating lease expense were as follows:

	Three Months Ended March 31,
	2023		2022
	(Dollars in thousands)
Operating lease cost 1	$	2,156	$	2,131
Less: Sublease income	(144)		(83)
Net lease cost	$	2,012	$	2,048

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 March 31,
	2023		2022
	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,061	$	2,022
Leased assets obtained in exchange for new operating lease liabilities	$	1,646	$	3,748

Schedule of Lease Terms and Discount Rates

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

	March 31, 2023		March 31, 2022
Weighted-average remaining lease term (in years)	3.8		4.5
Weighted-average discount rate	5.5	%	5.5	%

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of operating lease liabilities were as follows:

	Year Ended December 31,
	(Dollars in thousands)
2023 (excluding the three months ended March 31, 2023)	$	5,148
2024	7,706
2025	7,621
2026	6,353
2027	1,133
Thereafter	552
Total operating lease payments 1	$	28,513
Less: Effects of discounting	2,842
Present value of operating lease liabilities 2	$	25,671

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1Operating lease payments exclude $1.2 million of legally binding lease payments for leases signed but not yet commenced.

2Homebuilding and financial services operating lease liabilities of $25.4 million and $0.2 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 sections of our consolidated balance sheet at March 31, 2023.