We have historically entered into operating leases for local branches, our corporate headquarters and certain equipment. The Company’s current leases have expiration dates through 2031. Certain of our arrangements have free rent periods and/or escalating rent payment provisions. We recognize rent expense on a straight-line basis over the lease term. Certain of the Company’s leases include termination options and renewal options for periods ranging from one to five years. Because we are not reasonably certain to exercise these renewal options, the options generally are not considered in determining the lease term, and payments associated with the option years are excluded from lease payments.

When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement.

Amounts reported in the Company’s Unaudited Condensed Consolidated Balance Sheets as of September 30, 2020 and Audited Consolidated Balance Sheets as of December 31, 2019 for our operating leases were as follows:

	September 30, 2020		December 31, 2019
	(Amounts in Thousands)
Operating lease assets, net	$	35,842	$	21,111

Short-term operating lease liabilities (in accrued expenses)		8,057		7,234
Long-term operating lease liabilities		33,977		14,301
Total operating lease liabilities	$	42,034	$	21,535

The Company signed an eleven-year lease agreement to expand its Frisco corporate headquarters from 31,000 square feet to approximately 75,000 square feet which resulted in an increase in the operating lease asset, net, and operating lease liability by approximately $17.3 million and $22.2 million, respectively, during the three and nine months ended September 30, 2020.

Components of lease cost were reported in general and administrative expenses in the Company’s Unaudited Condensed Consolidated Statements of Income as follows:

	For the Three Months Ended September 30, (Amounts in Thousands)				For the Nine Months Ended September 30, (Amounts in Thousands)
	2020		2019		2020		2019
Operating lease costs	$	2,285	$	1,897	$	6,524	$	5,101
Short-term lease costs		147		222		575		382
Total lease cost	$	2,432	$	2,119	$	7,099	$	5,483

	September 30, 2020			December 31, 2019
Operating leases:
Weighted average remaining lease term		7.24			3.42
Weighted average discount rate		4.33	%		5.14	%

A summary of our remaining operating lease payments as of September 30, 2020 were as follows:

	Operating Leases
	(Amounts in Thousands)
Due in the 12-month period ended September 30,
2021	$	9,176
2022		8,704
2023		6,366
2024		4,704
2025		3,549
Thereafter		16,783
Total future minimum rental commitments		49,282
Less: Imputed interest		(7,248	)
Total lease liabilities	$	42,034

	For the Nine Months Ended September 30, (Amounts in Thousands)
	2020		2019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,472	$	5,393

Right-of-use assets, net obtained in exchange for lease obligations:
Operating leases		21,399		5,536