LEASES

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

LEASES

LEASES

The Company is a lessee to leases of corporate offices and certain office equipment. The majority of leases for corporate offices include one or more options to renew, with renewal terms ranging from two to five years. These renewal options have not been included in the calculation of right-of-use assets and lease liabilities, as the Company is not reasonably certain of the exercise of these renewal options. The Company used its incremental borrowing rate to calculate the right-of-use asset and lease liability for each lease.

As of December 31, 2019, right-of use assets totaling $25.5 million are included in other non-current assets and lease liabilities totaling $28.2 million are included in accrued expenses and other current liabilities and other non-current liabilities in the accompanying balance sheet.

Lease expense, which is included in general and administrative expense on the accompanying consolidated statements of operations and comprehensive income, consists of the following (in thousands):

	Year Ended December 31, 2019
Operating lease cost	$	6,346
Short-term lease cost	86
Total lease cost	$	6,432

Weighted average remaining lease term and discount rate for operating leases are as follows:

	December 31, 2019
Weighted average remaining lease term	5.0 years
Weighted average discount rate	4.7	%

Supplemental cash flow information related to leases is as follows (in thousands):

	Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,779
Right-of-use assets obtained in exchange for new operating lease liabilities	$	21,969

Maturities of lease liabilities as of December 31, 2019 are as follows (in thousands):

	Operating Leases
Year ending December 31, 2020	$	8,060
Year ending December 31, 2021	5,731
Year ending December 31, 2022	5,498
Year ending December 31, 2023	5,191
Year ending December 31, 2024	3,476
Thereafter	3,811
Total lease payments	31,767
Less: Interest	3,524
Present value of lease liabilities	$	28,243

Rental expense for all operating leases, except those with terms of a month or less that were not renewed, charged to continuing operations was $3.4 million in 2018 and $2.0 million in 2017, which is included in general and administrative expense in the consolidated statements of operations and comprehensive income.

The Company operated as a lessor in connection with the office buildings in Charlotte, North Carolina acquired in December 2016. The properties were sold in 2019 to an unrelated third party. See Note 7—Assets Held for Sale for further information.

Rental income of $0.3 million, $0.9 million and $1.6 million in 2019, 2018, and 2017 respectively, is included in other income on the accompanying consolidated statements of operations and comprehensive income.

LEASES

LEASES

The Company is a lessee to leases of corporate offices and certain office equipment. The majority of leases for corporate offices include one or more options to renew, with renewal terms ranging from two to five years. These renewal options have not been included in the calculation of right-of-use assets and lease liabilities, as the Company is not reasonably certain of the exercise of these renewal options. The Company used its incremental borrowing rate to calculate the right-of-use asset and lease liability for each lease.

As of December 31, 2019, right-of use assets totaling $25.5 million are included in other non-current assets and lease liabilities totaling $28.2 million are included in accrued expenses and other current liabilities and other non-current liabilities in the accompanying balance sheet.

Lease expense, which is included in general and administrative expense on the accompanying consolidated statements of operations and comprehensive income, consists of the following (in thousands):

	Year Ended December 31, 2019
Operating lease cost	$	6,346
Short-term lease cost	86
Total lease cost	$	6,432

Weighted average remaining lease term and discount rate for operating leases are as follows:

	December 31, 2019
Weighted average remaining lease term	5.0 years
Weighted average discount rate	4.7	%

Supplemental cash flow information related to leases is as follows (in thousands):

	Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,779
Right-of-use assets obtained in exchange for new operating lease liabilities	$	21,969

Maturities of lease liabilities as of December 31, 2019 are as follows (in thousands):

	Operating Leases
Year ending December 31, 2020	$	8,060
Year ending December 31, 2021	5,731
Year ending December 31, 2022	5,498
Year ending December 31, 2023	5,191
Year ending December 31, 2024	3,476
Thereafter	3,811
Total lease payments	31,767
Less: Interest	3,524
Present value of lease liabilities	$	28,243

Rental expense for all operating leases, except those with terms of a month or less that were not renewed, charged to continuing operations was $3.4 million in 2018 and $2.0 million in 2017, which is included in general and administrative expense in the consolidated statements of operations and comprehensive income.

The Company operated as a lessor in connection with the office buildings in Charlotte, North Carolina acquired in December 2016. The properties were sold in 2019 to an unrelated third party. See Note 7—Assets Held for Sale for further information.

Rental income of $0.3 million, $0.9 million and $1.6 million in 2019, 2018, and 2017 respectively, is included in other income on the accompanying consolidated statements of operations and comprehensive income.