Leases

6 Months Ended

Jun. 30, 2022

Leases

Leases

12. Leases

The Company has various non-cancelable, long-term operating leases, the largest of which are for office space including the corporate headquarters, VIP claims centers and law offices. Other operating leases consist of auto leases and various office equipment. The Company has no finance leases. Our leases have remaining lease terms of one year to eight years, some of which include options to extend the leases for up to five years.

In calculating lease liabilities the Company uses its incremental borrowing rate as of the application date based on original lease terms. The components of lease expense were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Operating lease cost	$	1,069	$	1,148	$	2,141	$	2,296

Other information related to leases was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,205	$	1,267	$	2,413	$	2,534
Weighted average remaining lease term
Operating leases						6.23 Years		7.16 Years
Weighted average discount rate
Operating leases						2.35%		2.35%

Maturities of lease liabilities were as follows:

	Operating Leases
2022	$	2,326
2023		4,312
2024		4,234
2025		3,835
2026		3,857
Thereafter		7,715
Total lease payments		26,279
Less imputed interest		(931)
Total	$	25,348