| Schedule of lease expense |
During the three and six months ended June 30, 2020 and 2019, the Company recorded the following as lease expense, which was recorded in general and administrative expense on the Company's Condensed Consolidated Statement of Operations:
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|
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
($in thousands) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Lease Cost |
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|
|
|
|
|
|
|
|
|
|
|
Operating lease cost |
|
$ |
811 |
|
$ |
803 |
|
$ |
1,620 |
|
$ |
1,599 |
Shared lease costs |
|
|
(470) |
|
|
(452) |
|
|
(940) |
|
|
(929) |
Variable lease cost |
|
|
(31) |
|
|
337 |
|
|
233 |
|
|
415 |
Total lease expense |
|
$ |
310 |
|
$ |
688 |
|
$ |
913 |
|
$ |
1,085 |
The following tables summarize quantitative information about the Company's operating leases, under the adoption of Topic 842, Leases:
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Six Months Ended June 30, |
|
($in thousands) |
|
2020 |
|
2019 |
|
Operating cash flows from operating leases |
|
$ |
(1,286) |
|
$ |
(1,540) |
|
Right-of-use assets exchanged for new operating lease liabilities |
|
$ |
20,675 |
|
$ |
22,255 |
|
Weighted-average remaining lease term – operating leases (years) |
|
|
6.0 |
|
|
6.5 |
|
Weighted-average discount rate – operating leases |
|
|
6.2 |
% |
|
6.2 |
% |
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|
|
|
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Future Lease |
($ in thousands) |
|
Liability |
Six months ended December 31, 2020 |
|
$ |
1,680 |
Year ended December 31, 2021 |
|
|
3,114 |
Year ended December 31, 2022 |
|
|
3,084 |
Year ended December 31, 2023 |
|
|
3,137 |
Year ended December 31, 2024 |
|
|
3,190 |
Other |
|
|
20,273 |
Total operating lease liabilities |
|
|
34,478 |
Less: present value discount |
|
|
(9,475) |
Net operating lease liabilities, short-term and long-term |
|
$ |
25,003 |
|