Note 15 - Leases

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

15.  Leases

We have leases for office and shop space, as well as for equipment primarily utilized in our construction projects. As of  March 31, 2020, our lease contracts were classified as operating leases and had terms ranging from month-to-month to 23 years. As of March 31, 2020, December 31, 2019 and March 31, 2019, right of use (“ROU”) assets and long term lease liabilities were separately presented and short term lease liabilities of $17.9 million, $17.0 million, and $14.3 million, respectively, were included in accrued and other current liabilities on our condensed consolidated balance sheets.

As of  March 31, 2020, December 31, 2019 and March 31, 2019, we had no lease contracts that had not yet commenced but created significant rights and obligations.

Lease expense was $5.2 million and $4.3 million during the three months ended March 31, 2020, and 2019, respectively. As of  March 31, 2020, December 31, 2019 and March 31, 2019 our weighted-average remaining lease term was 5.6 years, 5.8 years and 6.6 years, respectively, and the weighted-average discount rate was 3.94%, 3.97% and 4.13%, respectively. As of  March 31, 2020, December 31, 2019 and March 31, 2019, the lease liability was equal to the present value of the remaining lease payments, discounted using the incremental borrowing rate on our secured debt, using one maturity discount rate that is updated quarterly, as it is not materially different than the discount rates applied to each of the leases in the portfolio.

The following table summarizes our undiscounted lease liabilities outstanding as of March 31, 2020 (in thousands):

Remainder of 2020	$	15,568
2021		19,643
2022		17,502
2023		12,001
2024		7,138
2025 through 2036		13,510
Total future minimum lease payments		85,362
Less: imputed interest		(9,435	)
Total	$	75,927