Note 13 - Leases

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

13. LEASES

The Company’s operating lease expense as presented in general and administrative expense in the Consolidated Statements of Income was $4.3 million, $4.6 million, and $4.3 million for the twelve months ended December 31, 2024, 2023, and 2022, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $4.3 million and $4.4 million for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the weighted-average remaining lease term was 6.6 years and 7.3 years, respectively, and the weighted-average incremental borrowing rate was 6%. As of December 31, 2024, the Company did not have any leases that had not yet commenced.

The table below presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of  December 31, 2024 and 2023 (in thousands).

		Year Ended December 31,
		2024		2023
Assets	Classification
Operating lease right-of-use assets	Operating lease right of use assets, net	$	17,453	$	20,114
Total leased assets		$	17,453	$	20,114
Liabilities
Operating lease liabilities, current	Accounts payable and accrued expenses	$	2,802	$	2,974
Operating lease liabilities, noncurrent	Operating lease liability, noncurrent		17,366		20,247
Total operating lease liabilities		$	20,168	$	23,221

The table below presents the maturities of lease liabilities under non-cancellable leases as of  December 31, 2024 (in thousands).

2025	$	3,943
2026		3,650
2027		3,385
2028		3,453
2029		3,522
Thereafter		6,640
Total undiscounted lease payments	$	24,593
Less imputed interest		4,425
Total lease liabilities	$	20,168