
	Three Months Ended March 31,
	2021			2020
Lease cost:
Operating lease cost	$	697		$	798
Short-term lease cost		295			342

Total lease cost	$	992		$	1,140

Other information:
Cash paid for amounts included in the measurement of operating liabilities (operating leases)	$	918		$	926

Right-of-use assets obtained in exchange for new operating lease liabilities		n/a			n/a

Weighted-average remaining lease term (in years) – operating leases		8.9			9.2

Weighted-average discount rate – operating leases		6.3	%		6.3	%

None of the Company’s leases include variable payments, residual value guarantees or any restrictions or covenants relating to the Company’s ability to pay dividends or incur additional financing obligations.

The Company’s lease of its headquarters, which expires

August 2029, includes an option to extend for an additional five years. Rent payable under the option is equal to the fair market rent of the premises as determined by the landlord approximately six months prior to the commencement of the extension term. The lease also includes a cancellation option which is effective on August 21, 2024 and requires notice to be provided to the landlord at least 12 months prior. Triggering this option requires a cancellation payment of $4,236. The cancellation and extension options were not reasonably certain of being exercised and were therefore not recognized as part of the

right-of-use

asset and lease liability.

Other leases also include extension, automatic renewal and termination provisions. These provisions were also not reasonably certain of being exercised and were therefore not recognized as part of the

right-of-use

asset and lease liability.

During the three months ended March 31, 2021, the Company recognized an impairment charge of $303

resulting from the derecognition of a right-of-use asset upon exiting its London office in February 2021, as well as costs incurred to restore the office space to its original condition.

The following table discloses future minimum lease payments at March 31, 2021 with respect to the Company’s operating lease liabilities:


Remainder of 2021	$	2,218
2022		2,958
2023		2,958
2024		3,037
2025		3,148
2026 and thereafter		11,456

Total future minimum lease payments (undiscounted)	$	25,775

The following table reconciles the future minimum lease payments at March 31, 2021 (disclosed above) to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheet:


Amounts recognized in the Company’s Consolidated Balance Sheet
Lease liability – short term	$	2,958
Lease liability – long term		17,012

Subtotal		19,970
Difference between undiscounted and discounted cash flows		5,805

Total future minimum lease payments (undiscounted)	$	25,775