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Note 7 - Leases | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | (7) LEASES We have operating leases primarily for office space, temporary residences, automobiles and office equipment. Contracts containing assets that we benefit from and control are recognized on our balance sheet. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognized lease expense for these leases on a straight-line basis over the lease term. We combine the lease and non-lease components for all lease agreements. Certain leases include one or more options to renew with renewal terms that can extend the lease term from one to twenty-six years. The exercise of lease renewal options is at our sole discretion and lease renewal options are not included in our lease terms if they are not reasonably certain to be exercised. Our lease agreements generally do not contain any residual value guarantees or restrictive covenants or options to purchase the leased property. The amount of right of use assets and lease liabilities recorded on our Consolidated Balance Sheet at December 31, 2024 and 2023, respectively, are as follows.
Leases (In Thousands) | Classification |  | December 31, 2024 |  |  | December 31, 2023 |
Assets: |  |  |  |  |  |  |  |  |
Operating | Other assets |  | $ | 11,152 |  |  | $ | 7,212 |
Liabilities: |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Operating | Other current liabilities |  |  | 4,904 |  |  |  | 1,793 |
Noncurrent |  |  |  |  |  |  |  |  |
Operating | Other liabilities |  |  | 5,914 |  |  |  | 5,302 |
Total lease liabilities |  | $ | 10,818 |  |  | $ | 7,095 |
Future payments to be made on our operating lease liabilities at December 31, 2024 will be as follows.
Maturity of lease liabilities (In Thousands) |  | Operating leases |
2025 |  | $ | 5,846 |
2026 |  |  | 1,898 |
2027 |  |  | 1,352 |
2028 |  |  | 987 |
2029 |  |  | 686 |
After 2029 |  |  | 1,606 |
Total lease payments |  |  | 12,375 |
Less: Interest |  |  | (1,557 | )
Present value of lease liabilities |  | $ | 10,818 |
As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease costs included in general and administrative expense for the years ended December 31, 2024, 2023 and 2022, respectively, are as follows.
(In Thousands) |  |  | Year Ended |  |  | Year Ended |  |  | Year Ended |
Lease costs | Classification |  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Operating lease costs | General and administrative |  | $ | 1,699 |  |  | $ | 1,798 |  |  | $ | 1,485 |
Short-term leases | General and administrative |  |  | 2,587 |  |  |  | 2,496 |  |  |  | 3,088 |
Variable lease costs | General and administrative |  |  | 381 |  |  |  | 648 |  |  |  | 494 |
Net lease cost |  |  | $ | 4,667 |  |  | $ | 4,942 |  |  | $ | 5,067 |
Our weighted average remaining lease term and weighted average discount rate at December 31, 2024 is as follows.
Lease term and discount rate |  | December 31, 2024 |
Weighted average remaining lease term in years |  |  | 2.0 |
Weighted average discount rate |  |  | 7.69 | %
The cash paid for operating leases included in operating cash flows and in the measurement of lease liabilities for the years ended December 31, 2024, 2023 and 2022 was $3.5 million, $3.8 million and $2.4 million, respectively. Right of use assets obtained in exchange for operating lease obligations were $6.7 million, $3.1 million and $5.0 million, for the years ended December 31, 2024, 2023 and 2022, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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