Leases, Codification Topic 842

12 Months Ended

Dec. 31, 2019

LEASES:

We have operating leases for corporate offices and certain office equipment. The lease terms of our corporate offices vary and have remaining lease terms ranging from one to seven years. The corporate office lease payments are fixed and are based upon contractual monthly rates. The majority of our corporate office leases do not include options to extend or terminate the leases. We lease office equipment for a period of two years. We analyzed our weighted average discount rate during the calculation of our lease liability and reviewed the corporate debt environment in 2019 to determine a collateralized discount rate of 5%. We have not entered into any new operating leases since the determination to use a 5% discount rate. In June 2019, we entered into a sublease agreement for a portion of our corporate office. The sublease agreement has a term of seven years, and the sublease income is included in "Other income" on our Consolidated Statements of Comprehensive Income.

The following table presents the components of lease costs related to our leases (amounts in thousands):


	Years Ended December 31,
	2019		2018		2017
Operating lease costs	$	1,796	$	1,706	$	1,583
Sublease income	144		—		—

The following table presents supplemental cash flow information related to our leases (amounts in thousands):


	Years Ended December 31,
	2019		2018		2017
Operating cash flows from operating leases	$	2,095	$	1,909	$	1,860
Right-of-use assets obtained in exchange for lease obligations	$	—	$	1,010	$	—

Operating lease costs are included in "General and administrative" expense on our Consolidated Statements of Comprehensive Income. We lease our offices under non-cancelable operating lease agreements with expiration dates that run through 2026.

The following table presents information regarding our operating leases (in thousands, except years and rates):


	December 31,
	2019			2018
Operating lease right-of-use assets	$	7,562		$	8,698

Operating lease liabilities	$	1,584		$	1,432
Non-current lease liabilities	7,762			9,331
Total lease liabilities	$	9,346		$	10,763

Weighted-average remaining lease term (in years)	5.7			6.6
Weighted-average discount rate	5.0		%	5.0		%

The maturities of lease liabilities are as follows (in thousands):


Year ending December 31,	Operating Leases
2020	$	2,117
2021	2,081
2022	1,717
2023	1,719
2024	1,550
Thereafter	1,853
Total undiscounted lease payments	$	11,037
Less: discount	(1,691)
Total lease liabilities	$	9,346