Lease Commitments

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

LEASE COMMITMENTS

LEASE COMMITMENTS

The Company has operating leases consisting of office space, vehicle leases, computer equipment, and office equipment. Lease terms and options vary in the Company's operating leases dependent upon the underlying leased asset. As of March 31, 2025, we have leases with remaining terms of one year to six years, some of which may include no options for renewal and others with options to extend the lease terms from six months to five years.

As of March 31, 2025, the Company is the lessor for five lease agreements related to office space and parking. The terms of the leases vary depending on the property and range from two years to eight years, which may include options for renewal or to extend the lease terms. Lessor income and sublease income are included in net income in the statement of comprehensive income.

The components of our operating leases were as follows for the three-month periods ended March 31, 2025 and 2024:

	Three months ended March 31,
	2025		2024
Components of lease expense:
Operating lease expense	$	2,294	$	2,400
Less lessor income	143		145
Less sublease income	133		133
Net lease expense	$	2,018	$	2,122
Cash flows information related to leases:
Operating cash outflow from operating leases	$	2,034	$	2,103

There have been no allowances for credit losses recorded or write-offs against our receivables related to our lessor agreements because, due to the nature of the operating leases and history of collectability, there is no expectation of credit quality concerns.