Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.2
Leases
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Leases Leases
Total Lease Cost
Individual components of the total lease cost incurred by the Company are as follows:
Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2021 2020 2021 2020
Operating lease cost $ 1,023  $ 1,035  $ 2,046  $ 2,069 
Finance lease cost:
Amortization of right-of-use assets 11  26  20  75 
Interest on finance lease liabilities 1  7  1  24 
Total lease cost $ 1,035  $ 1,068  $ 2,067  $ 2,168 
Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the unaudited condensed consolidated statement of operations.
Maturity of Leases
The amounts of undiscounted future minimum lease payments under leases as of June 30, 2021 are as follows:
(in thousands) Operating Finance
Remainder of 2021 $ 1,812  $ 23 
2022 3,665  37 
2023 3,699  28 
2024 3,549  14 
2025 3,619  — 
Thereafter 43,540  — 
Total undiscounted minimum future lease payments 59,884  102 
Imputed interest 26,676  4 
Present value of lease liabilities $ 33,208  $ 98 
Lease Term and Discount Rate
Weighted-average remaining lease term June 30, 2021 December 31, 2020
Operating leases 15.01 years 15.47 years
Finance leases 2.44 years 2.91 years
Weighted-average discount rate
Operating leases 8.34  % 8.33  %
Finance leases 2.65  % 2.44  %
During the three and six months ended June 30, 2021, no right-of-use assets were recognized in exchange for new operating lease liabilities.
Leases Leases
Total Lease Cost
Individual components of the total lease cost incurred by the Company are as follows:
Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2021 2020 2021 2020
Operating lease cost $ 1,023  $ 1,035  $ 2,046  $ 2,069 
Finance lease cost:
Amortization of right-of-use assets 11  26  20  75 
Interest on finance lease liabilities 1  7  1  24 
Total lease cost $ 1,035  $ 1,068  $ 2,067  $ 2,168 
Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the unaudited condensed consolidated statement of operations.
Maturity of Leases
The amounts of undiscounted future minimum lease payments under leases as of June 30, 2021 are as follows:
(in thousands) Operating Finance
Remainder of 2021 $ 1,812  $ 23 
2022 3,665  37 
2023 3,699  28 
2024 3,549  14 
2025 3,619  — 
Thereafter 43,540  — 
Total undiscounted minimum future lease payments 59,884  102 
Imputed interest 26,676  4 
Present value of lease liabilities $ 33,208  $ 98 
Lease Term and Discount Rate
Weighted-average remaining lease term June 30, 2021 December 31, 2020
Operating leases 15.01 years 15.47 years
Finance leases 2.44 years 2.91 years
Weighted-average discount rate
Operating leases 8.34  % 8.33  %
Finance leases 2.65  % 2.44  %
During the three and six months ended June 30, 2021, no right-of-use assets were recognized in exchange for new operating lease liabilities.