12. Leases

The Company leases its retail store locations and certain office space and equipment. Leases for store locations are typically for a term of five years with options to extend for one or more five-year periods. The Company analyzes all leases at inception to determine if a right-of-use asset and lease liability should be recognized. Leases with an initial term of 12 months or less and leases with mutual termination clauses are not included on the condensed consolidated balance sheets. The lease liability is measured at the present value of future lease payments as of the lease commencement date.

Total lease cost is comprised of operating lease costs, short-term lease costs, and variable lease costs, which include rent paid as a percentage of sales, common area maintenance, real estate taxes and insurance for the Company’s real estate leases. Lease costs consisted of the following (in thousands):


	Thirteen Weeks Ended
	May 2, 2020		May 4, 2019
Operating lease cost	$	12,553	$	11,777
Variable lease cost		1,793		2,316
Short term lease cost		364		256
Total lease cost	$	14,710	$	14,349

Future minimum lease payments as of May 2, 2020 are as follows (in thousands):


Fiscal Year	Lease Costs
Remainder of 2020	$	43,471
2021		45,090
2022		34,296
2023		26,843
2024		19,203
Thereafter		30,698
Total future minimum lease payments		199,601
Less: imputed interest		(15,600)	(1)
Total present value of lease liabilities	$	184,001	(2)

(1)

Calculated using the discount rate for each lease.

(2)

Includes short-term and long-term operating leases.

Certain operating leases provide for fixed monthly rents, while others provide for contingent rents computed as a percentage of net sales and others provide for a combination of both fixed monthly rents and contingent rents computed as a percentage of net sales.

Supplemental cash flows and other information related to operating leases are as follows (in thousands, except for weighted average amounts):


	Thirteen Weeks Ended
	May 2, 2020		May 4, 2019
Cash paid for operating leases	$	4,032	$	12,594
Right of use assets obtained in exchange for new operating lease liabilities	$	8,962	$	26,826

Weighted average remaining lease term (years) - operating leases		5.20		4.29
Weighted average discount rate - operating leases		3.45%		3.81%