Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

21. Leases

Right-of-use assets are included in the other assets line item and lease liabilities are included in the other liabilities line item of the consolidated balance sheet. We determine if a contract contains a lease at inception and recognize operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. Since our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Lease agreements have lease and non-lease components, which are accounted for as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.

The Company’s operating lease obligations predominately pertain to office leases utilized in the operation of our business. Our leases have remaining terms of 1 to 13 years, some of which include options to extend the leases. The components of lease expense and other lease information as of and during the three and nine month periods ended September 30, 2021 and 2020 were as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2021		2020		2021		2020
Operating lease cost	$	526	$	750	$	1,620	$	2,291
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	543	$	758	$	1,627	$	1,749
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	436	$	—

Other lease information as of September 30, 2021 and December 31, 2020 are as follows (in thousands):

	September 30,		December 31,
	2021		2020
Operating lease right-of-use assets	$	13,501	$	13,986
Operating lease liabilities	$	15,369	$	15,862
Weighted-average remaining lease term - operating leases		11.6		10.2
Weighted-average discount rate - operating leases		6.22%		5.88%

We incurred $0.2 million in short-term lease payments not included in our lease liability during the nine months ended September 30, 2021.

Future minimum lease payments under non-cancellable leases as of September 30, 2021 and December 31, 2020 were as follows (in thousands):

	September 30,		December 31,
	2021		2020
2021	$	544	$	2,172
2022		2,171		2,171
2023		2,023		1,885
2024		2,216		1,941
2025		2,450		1,975
Thereafter		18,264		11,350
Total future minimum lease payments	$	27,668	$	21,494
Less imputed interest	$	(12,299)	$	(5,632)
Total operating lease liability	$	15,369	$	15,862