Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

10. Leases

The Company leases office space and equipment, and certain office space is subleased. Management determines if a contract is a lease at the inception of the arrangement and reviews all options to extend, terminate, or purchase its right-of-use assets at the inception of the lease and accounts for these options when they are reasonably certain of being exercised.

Leases with an initial term of greater than twelve months are recorded on the consolidated balance sheet. Lease expense is recognized on a straight-line basis over the lease term.

The Company’s lease contracts generally do not provide a readily determinable implicit rate. For these contracts, the estimated incremental borrowing rate is based on information available at the inception of the lease.

Operating lease cost consists of the following (in thousands):

	For the Three Months Ended March 31,
	2021			2020
Lease cost	$	558		$	527
Sublease income		(151	)		(151	)
Total lease cost	$	407		$	376

The maturity of operating lease liabilities is presented in the following table (in thousands):

	As of  March 31, 2021
	(unaudited)
2021	$	1,386
2022		1,615
2023		1,600
2024		1,226
2025		867
Thereafter		291
Total lease payments		6,985
Less imputed interest		(931	)
Present value of lease liabilities	$	6,054

Additional information relating to the Company’s operating leases follows:

	As of  March 31, 2021
	(unaudited)
Weighted average remaining lease term (years)		4.27
Weighted average discount rate		6.75	%