Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

Leases

We have operating leases for office facilities and finance leases for computer and office equipment. The components of lease expense were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Operating lease cost	$	2,327	$	1,100	$	4,811	$	2,081
Finance lease cost
Amortization of ROU assets	$	76	$	155	$	186	$	308
Interest on lease liabilities	1		1		3		3
Total finance lease cost	$	77	$	156	$	189	$	311

Rent expense for short-term leases in the three and six months ended June 30, 2020 and 2019 was not material.

Supplemental information related to leases was as follows:

	June 30, 2020	December 31, 2019
Operating leases
Weighted average remaining lease term	10.3 years	10.0 years
Weighted average discount rate	5.7%	5.8%

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
ROU assets obtained in exchange for lease obligations
Operating leases	$	704	$	—	$	704	$	2,198
Finance leases	—		—		—		11

In the three and six months ended June 30, 2020, we received proceeds from lease incentives of $8.6 million.

Maturities of operating lease liabilities at June 30, 2020 were as follows:

(in thousands)
Year ending December 31,
2020(1)	$	2,558
2021	7,195
2022	7,300
2023	6,997
2024	7,151
Thereafter	50,952
Total lease payments	82,153
Less: Imputed interest	(22,521		)
Less: Tenant incentives	(5,607		)
Total	$	54,025

_______________

(1)    Represents the six months ending December 31, 2020.

Leases

Leases

We have operating leases for office facilities and finance leases for computer and office equipment. The components of lease expense were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Operating lease cost	$	2,327	$	1,100	$	4,811	$	2,081
Finance lease cost
Amortization of ROU assets	$	76	$	155	$	186	$	308
Interest on lease liabilities	1		1		3		3
Total finance lease cost	$	77	$	156	$	189	$	311

Rent expense for short-term leases in the three and six months ended June 30, 2020 and 2019 was not material.

Supplemental information related to leases was as follows:

	June 30, 2020	December 31, 2019
Operating leases
Weighted average remaining lease term	10.3 years	10.0 years
Weighted average discount rate	5.7%	5.8%

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
ROU assets obtained in exchange for lease obligations
Operating leases	$	704	$	—	$	704	$	2,198
Finance leases	—		—		—		11

In the three and six months ended June 30, 2020, we received proceeds from lease incentives of $8.6 million.

Maturities of operating lease liabilities at June 30, 2020 were as follows:

(in thousands)
Year ending December 31,
2020(1)	$	2,558
2021	7,195
2022	7,300
2023	6,997
2024	7,151
Thereafter	50,952
Total lease payments	82,153
Less: Imputed interest	(22,521		)
Less: Tenant incentives	(5,607		)
Total	$	54,025

_______________

(1)    Represents the six months ending December 31, 2020.