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Operating Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Operating Leases OPERATING LEASES
The Company leases office space in various locations in Alabama, Pennsylvania, Minnesota, Maryland, and Mississippi. These leases have terms expiring from 2022 through 2030 but do contain optional extension terms. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense on a straight-line basis over the lease term.
On July 28, 2021, the Company terminated its lease agreement for approximately 45,000 square feet of office space in Fairhope, Alabama. Pursuant to a Termination of Lease Agreement dated July 28, 2021, the Company paid $0.9 million to the landlord as consideration for the early termination. In connection with the lease termination, the Company derecognized the assets and liabilities associated with the operating lease and recorded a $0.3 million loss on the disposal of leasehold improvements.
Supplemental balance sheet information related to operating leases is as follows:
(In thousands)December 31, 2021
Operating lease assets:
Operating lease assets$7,097 
Operating lease liabilities:
Other accrued liabilities1,592 
Operating lease liabilities, net of current portion5,505 
Total operating lease liabilities$7,097 
Weighted average remaining lease term in years6
Weighted average discount rate4.6%
Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We used the incremental borrowing rate on January 1, 2019, for operating leases that commenced prior to that date.
The future minimum lease payments payable under these operating leases subsequent to December 31, 2021 are as follows:
(In thousands)
2022$1,592 
20231,520 
20241,411 
20251,202 
20261,225 
Thereafter1,115 
Total lease payments8,065 
Less imputed interest(968)
Total$7,097 
Total rent expense for the years ended December 31, 2021, 2020, and 2019 was $1.8 million, $1.7 million, and $2.2 million, respectively.
Total cash paid for amounts included in the measurement of lease liabilities within operating cash flows from operating leases for the year ended December 31, 2021 was $1.8 million.