Annual report pursuant to Section 13 and 15(d)

Leases

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Leases
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases

5. Leases

The Company has entered into operating leases primarily for commercial buildings. These leases have terms which range from 2 years to 11 years, some of which include options to extend the leases for up to 5 years. There are no economic penalties for the Company to extend the lease, and it is not reasonably certain that the Company will exercise the extension options. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. The operating leases do not contain material residual value guarantees or material restrictive covenants.

Rent expense, including short-term lease cost, was $4,095, $2,864, and $2,288 for the years ended December 31, 2021, 2020 and 2019, respectively.

Information related to the Company’s right-of-use assets and related operating lease liabilities were as follows:

 

(amounts in thousands)

 

Year ended

December 31, 2021

 

 

Year ended

December 31, 2020

 

Cash paid for operating lease liabilities

 

$

3,319

 

 

$

2,342

 

Operating lease cost

 

 

3,854

 

 

 

2,622

 

Non-cash right-of-use assets obtained in exchange for new operating lease obligations

 

 

19,417

 

 

 

5,237

 

Weighted-average remaining lease term

 

2.8 years

 

 

2.8 years

 

Weighted-average discount rate

 

 

2.9

%

 

 

3.3

%

 

Maturities of lease liabilities due in the 12-month period ending December 31,

 

 

 

 

 

 

2022

 

$

3,960

 

 

 

2023

 

 

3,962

 

 

 

2024

 

 

3,667

 

 

 

2025

 

 

2,717

 

 

 

2026

 

 

2,708

 

 

 

Thereafter

 

 

12,100

 

 

 

 

 

 

29,114

 

 

 

Less imputed interest

 

 

(2,440

)

 

 

Total lease liabilities

 

$

26,674

 

 

 

 

 

 

 

 

 

 

Operating lease liability - current

 

$

3,393

 

 

 

Operating lease liability - noncurrent

 

 

23,281

 

 

 

Total lease liabilities

 

$

26,674