Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Lease, Cost

Components of operating lease expense were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in thousands)
Operating lease cost 1	$	2,220	$	2,107	$	4,376	$	4,238
Less: Sublease income	(148)		(142)		(292)		(225)
Net lease cost	$	2,072	$	1,965	$	4,084	$	4,013

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,
	2023		2022		2023		2022
	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,235	$	1,999	$	4,296	$	4,021
Leased assets obtained in exchange for new operating lease liabilities	$	248	$	547	$	1,894	$	4,295

Schedule of Lease Terms and Discount Rates

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

	June 30, 2023		June 30, 2022
Weighted-average remaining lease term (in years)	3.7		4.4
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 six months ended June 30, 2023)	$	3,227
2024	7,895
2025	7,815
2026	6,553
2027	1,339
Thereafter	710
Total operating lease payments	$	27,539
Less: Effects of discounting	2,632
Present value of operating lease liabilities 1	$	24,907

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1Homebuilding and financial services operating lease liabilities of $24.7 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 June 30, 2023.