Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Lease, Cost

Components of operating lease expense were as follows:

	Three Months Ended March 31,
	2021		2020
	(Dollars in thousands)
Operating lease cost 1	$	1,977	$	2,046
Less: Sublease income (Note 19)	(39)		(38)
Net lease cost	$	1,938	$	2,008

1Includes variable lease costs, which are immaterial.

Schedule of Lease Cash Flow Information

Supplemental cash flow information related to leases was as follows:

	Three Months Ended March 31,
	2021		2020
	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,858	$	1,906
Leased assets obtained in exchange for new operating lease liabilities	$	830	$	2,645

Schedule of Lease Terms and Discount Rates

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

	March 31, 2021
Weighted-average remaining lease term (in years)	5.1
Weighted-average discount rate	5.5	%

Lessee, Operating Lease, Liability, Maturity

Maturities of operating lease liabilities were as follows:

	Year Ended December 31,
	(Dollars in thousands)
2021 (excluding the three months ended March 31, 2021)	$	5,051
2022	7,387
2023	6,416
2024	5,717
2025	5,493
Thereafter	4,869
Total operating lease payments	$	34,933
Less: Interest	4,561
Present value of operating lease liabilities 1	$	30,372

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1Homebuilding and financial services operating lease liabilities of $29.7 million and $0.6 million, respectively, are included as a component of accrued and other liabilities and accounts payable and accrued liabilities, respectively, in the homebuilding and financial services section of our consolidated balance sheet at March 31, 2021.