Note 7 - LEASES

12 Months Ended

Dec. 31, 2021

LEASES

Note 7 - LEASES

7. LEASES

Lease expense was comprised of the following (in thousands):

	Year Ended December 31,
	2021		2020
Operating lease expense	$	1,860	$	1,828
Short-term lease and variable lease expense (1)		822		545
Total lease expense	$	2,682	$	2,373

(1) Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets, and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Variable lease expense for the periods presented primarily included common area maintenance charges.

Supplemental balance sheets information related to leases was as follows:

	December 31,
	2021			2020
Weighted average remaining lease term under operating ROU leases (in years)		5.7			6.4
Weighted average discount rate for operating lease liabilities		5.25	%		5.24	%

Maturity of operating lease liabilities as of December 31, 2021, are as follows (in thousands):

Year Ending December 31,	Amount (1)
2022	$	1,825
2023		1,459
2024		1,071
2025		1,087
2026		1,053
2027 and thereafter		1,649
Total future minimum lease payments	$	8,144
Less: Interest (2)		(1,128)
Present value of future minimum lease payments under operating lease liabilities (3)	$	7,016

(1) As of December 31, 2021, the total operating lease liability includes $1.1 million related to an option to extend a lease term that is reasonably certain to be exercised.

(2) Calculated using incremental borrowing interest rate for each lease.

(3) Includes the current portion of operating lease liabilities of $1.8 million as of December 31, 2021.