Note B - Operating Leases

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE B— OPERATING LEASES

The Company has entered into various non-cancelable operating lease agreements for certain of its offices and car leases. The Company's leases have original lease periods expiring between 2021 and 2030. Many leases include one or more options to renew. The Company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement date. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Total operating lease cost during the three months ended March 31, 2021 and 2020 was $831 and $709, respectively, out of which an amount of $831 and $709, respectively, represented the total cash paid for amounts included in the measurement of operating lease liabilities during the three months ended March 31, 2021 and 2020.

Other information about lease amounts recognized in the Company’s consolidated financial statements is summarized as follows:

	March 31, 2021			March 31, 2020
Weighted-average remaining lease term – operating leases (in years)		6.78			7.90
Weighted-average discount rate – operating leases		5.01	%		5.06	%

As of March 31, 2021 and 2020, the Company’s lease liabilities were as follows:

	March 31, 2021			March 31, 2020
Gross lease liabilities	$	14,783		$	15,078
Less: imputed interest		(2,411	)		(2,964	)
Present value of lease liabilities		12,372			12,114
Less: current portion of lease liabilities		(2,883	)		(2,388	)
Total long-term lease liabilities	$	9,489		$	9,726