LEASES

3 Months Ended

Mar. 31, 2021

Leases

Leases

6. LEASES

The Company leases certain vehicles, seismic recording equipment, real property and office equipment under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating lease or finance lease for financial reporting purposes. The majority of our operating leases are non-cancelable operating leases for office and shop space in Midland, Plano, Houston, Denver, Oklahoma City and Calgary, Alberta.

The components of lease cost for the three months ended March 31, 2021 and 2020 were as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Finance lease cost
Amortization of right-of-use assets	$	325	$	347
Interest on lease liabilities		1		24
Total finance lease cost		326		371
Operating lease cost		335		388
Short-term lease cost		—		—
Total lease cost	$	661	$	759

Supplemental cash flow information related to leases for the three months ended March 31, 2021 and 2020 was as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(344)	$	(392)
Operating cash flows from finance leases	$	(2)	$	(25)
Financing cash flows from finance leases	$	(13)	$	(725)
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	1	$	—
Finance leases	$	—	$	—

Supplemental balance sheet information related to leases as of March 31, 2021 and December 31, 2020 was as follows (in thousands):

	March 31, 2021		December 31, 2020
Operating leases
Operating lease right-of-use assets	$	5,241	$	5,494
Operating lease liabilities - current	$	1,089	$	1,109
Operating lease liabilities - long-term		4,659		4,899
Total operating lease liabilities	$	5,748	$	6,008
Finance leases
Property and equipment, at cost	$	8,663	$	8,663
Accumulated depreciation		(5,229)		(4,624)
Property and equipment, net	$	3,434	$	4,039
Finance lease liabilities - current	$	50	$	54
Finance lease liabilities - long-term		36		44
Total finance lease liabilities	$	86	$	98
Weighted average remaining lease term
Operating leases		5.4 years		5.6 years
Finance leases		1.3 years		1.6 years
Weighted average discount rate
Operating leases		5.04%		5.04%
Finance leases		5.00%		5.00%

Maturities of lease liabilities as of March 31, 2021 are as follows (in thousands):

	Operating Leases		Finance Leases
April 2021 - March 2022	$	1,352	$	54
April 2022 - March 2023		1,169		36
April 2023 - March 2024		1,180		—
April 2024 - March 2025		1,101		—
April 2025 - March 2026		884		—
Thereafter		901		—
Total payments under lease agreements		6,587		90
Less imputed interest		(839)		(4)
Total lease liabilities	$	5,748	$	86