Leases

3 Months Ended

Mar. 31, 2021

3. Leases

Amounts reported in the Company’s Unaudited Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 for our operating leases were as follows:

	March 31, 2021		December 31, 2020
	(Amounts in Thousands)
Operating lease assets, net	$	38,325	$	37,991

Short-term operating lease liabilities (in accrued expenses)		9,498		9,283
Long-term operating lease liabilities		35,623		35,516
Total operating lease liabilities	$	45,121	$	44,799

Lease Costs

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 March 31, (Amounts in Thousands)
	2021			2020
Operating lease costs	$	2,777		$	2,118
Short-term lease costs		181			266
Less: sublease income		(151	)		(74	)
Total lease cost, net	$	2,807		$	2,310

Lease Term and Discount Rate

Weighted average remaining lease terms and discount rates were as follows:

	March 31, 2021			December 31, 2020
Operating leases:
Weighted average remaining lease term		6.83			6.97
Weighted average discount rate		4.04	%		4.18	%

Maturity of Lease Liabilities

A summary of our remaining operating lease payments as of March 31, 2021 were as follows:

	Operating Leases
	(Amounts in Thousands)
Due in the 12-month period ended March 31,
2022	$	10,919
2023		9,228
2024		7,308
2025		5,424
2026		3,266
Thereafter		15,771
Total future minimum rental commitments		51,916
Less: Imputed interest		(6,795	)
Total lease liabilities	$	45,121

Supplemental cash flows information

	For the Three Months Ended March 31, (Amounts in Thousands)
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,517	$	2,171

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		2,675		1,439