16. Leases

We have operating leases, primarily relating to certain office facilities, some of which include renewal options and escalation clauses. Certain leases also include both lease components (fixed payments including rent, taxes and insurance costs) and non-lease components (common area or other maintenance costs) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. Most of our leases include one or more options to renew. The exercise of lease renewal options is typically at our sole discretion and are included in our ROU assets and lease liabilities if they are reasonably certain of exercise. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments.

The cost components of our operating leases follows:

	Three Months Ended March 31, 2019
	(In thousands)
Operating lease cost	$	564
Variable lease cost		23
Short-term lease cost		5
Total	$	592

Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for our leased facilities.

Supplemental balance sheet information related to our operating leases follows:

	March 31, 2019
	(In thousands)
Lease right of use asset	$	7,199
Lease liabilities	$	7,202

Weighted average remaining lease term (years)		5.65
Weighted average discount rate		3.2	%

Maturity analysis of our lease liabilities at March 31, 2019 based on required contractual payments follows:

	(In thousands)

Nine months ending December 31, 2019	$	1,662
2020		1,711
2021		1,248
2022		963
2023		925
2024 and thereafter		1,423
Total lease payments		7,932
Less imputed interest		(730	)
Total	$	7,202