Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Lease, Cost

Components of operating lease expense were as follows:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Operating lease cost 1	$	2,125	$	2,156
Less: Sublease income	(149)		(144)
Net lease cost	$	1,976	$	2,012

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,
	2024		2023
	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,146	$	2,061
Leased assets obtained in exchange for new operating lease liabilities	$	1,657	$	1,646

Schedule of Lease Terms and Discount Rates

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

	March 31, 2024		March 31, 2023
Weighted-average remaining lease term (in years)	3.2		3.8
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)
2024 (excluding the three months ended March 31, 2024)	$	5,737
2025	8,562
2026	7,357
2027	2,120
2028	1,178
Thereafter	81
Total operating lease payments	$	25,035
Less: Effects of discounting	2,080
Present value of operating lease liabilities 1	$	22,955

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1Homebuilding and financial services operating lease liabilities of $22.8 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, 2024.