LEASES:We have operating leases for corporate offices and certain office equipment. The lease terms of our corporate offices vary and have remaining lease terms ranging from one to six years. The corporate office lease payments are fixed and are based upon contractual monthly rates. The majority of our corporate office leases do not include options to extend or terminate the leases. We lease office equipment for a period of two years. We analyzed our weighted average discount rate during the calculation of our lease liability and reviewed the corporate debt environment in 2019 to determine a collateralized discount rate of 5%. We have not entered into any significant new operating leases since the determination to use a 5% discount rate. In June 2019, we entered into an agreement to sublease a portion of our corporate office. The sublease agreement has a term of seven years, and the sublease income is included in "Other income" on our Consolidated Statements of Comprehensive Income (Loss).
The following table presents the components of lease costs related to our leases (amounts in thousands):
| | | | | | | | | | | | | | | | | |
| Years Ended December 31, |
| 2020 | | 2019 | | 2018 |
| Operating lease costs | $ | 2,033 | | | $ | 1,796 | | | $ | 1,706 | |
| Sublease income | 135 | | | 144 | | | — | |
The following table presents supplemental cash flow information related to our leases (amounts in thousands):
| | | | | | | | | | | | | | | | | |
| Years Ended December 31, |
| 2020 | | 2019 | | 2018 |
| Operating cash flows from operating leases | $ | 2,091 | | | $ | 2,095 | | | $ | 1,909 | |
| Right-of-use assets obtained in exchange for lease obligations | $ | 59 | | | $ | — | | | $ | 1,010 | |
Operating lease costs are included in "General and administrative" expense on our Consolidated Statements of Comprehensive Income (Loss). We lease our offices under non-cancelable operating lease agreements with expiration dates that run through 2026.
The following table presents information regarding our operating leases (in thousands, except years and rates):
| | | | | | | | | | | |
| December 31, |
| 2020 | | 2019 |
| Operating lease right-of-use assets | $ | 6,103 | | | $ | 7,562 | |
| | | |
| Operating lease liabilities | $ | 1,718 | | | $ | 1,584 | |
| Non-current lease liabilities | 6,121 | | | 7,762 | |
| Total lease liabilities | $ | 7,839 | | | $ | 9,346 | |
| | | |
| Weighted-average remaining lease term (in years) | 4.9 | | 5.7 |
| Weighted-average discount rate | 5.0 | % | | 5.0 | % |
The maturities of lease liabilities are as follows (in thousands):
| | | | | |
| Year ending December 31, | Operating Leases |
| 2021 | $ | 2,127 | |
| 2022 | 1,730 | |
| 2023 | 1,733 | |
| 2024 | 1,563 | |
| 2025 | 1,528 | |
| Thereafter | 331 | |
| Total undiscounted lease payments | $ | 9,012 | |
| Less: discount | (1,173) | |
| Total lease liabilities | $ | 7,839 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.