Operating Leases (Notes)

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Operating Leases

Operating Leases

The Company currently leases office space of approximately 36,700 square feet at three locations, which in 2015 will be expanding to 42,400 square feet of office space. The following table summarizes the total lease and operating expenses for the years ended December 31, 2014, 2013 and 2012:

For the year ended December 31,
2014		2013		2012
$	905,061	$	730,845	$	686,747

The approximate future minimum lease payments under the operating leases are as follows:

		Future Minimum Lease Payments by Year
Total		2015		2016		2017		2018		2019		Thereafter
$	6,282,000	$	697,000	$	696,000	$	696,000	$	632,000	$	596,000	$	2,965,000

The total approximate future minimum lease payments of $6.3 million include $0.3 million of obligations that will be reimbursed to the Company under an expense reimbursement agreement ("Expense Agreement") with a third party. Under the Expense Agreement, these amounts are required to be reimbursed to the Company by the third party. The obligation of the third party to reimburse the Company for these expenses survives the termination of the Expense Agreement.

In addition to the above lease payments, the Company is also responsible for normal operating expenses of the properties. Such operating expenses were approximately $0.3 million in 2014.