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Operating Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Operating Leases OPERATING LEASES
The Company leases office space in various locations in Alabama, Pennsylvania, Minnesota, Maryland, Mississippi and Washington. These leases have terms expiring from 2022 through 2030 but do contain optional extension terms. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense on a straight-line basis over the lease term.
On July 28, 2021, the Company terminated its lease agreement for approximately 45,000 square feet of office space in Fairhope, Alabama. Pursuant to a Termination of Lease Agreement dated July 28, 2021, the Company paid $0.9 million to the landlord as consideration for the early termination. In connection with the lease termination, the Company derecognized the assets and liabilities associated with the operating lease and recorded a $0.3 million loss on the disposal of leasehold improvements.
Supplemental balance sheet information related to operating leases is as follows:
(In thousands)December 31, 2022
Operating lease assets:
Operating lease assets$7,567 
Operating lease liabilities:
Other accrued liabilities2,063 
Operating lease liabilities, net of current portion5,651 
Total operating lease liabilities$7,714 
Weighted average remaining lease term in years5
Weighted average discount rate4.4%
Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We used the incremental borrowing rate on January 1, 2019, for operating leases that commenced prior to that date.
The future minimum lease payments payable under these operating leases subsequent to December 31, 2022 are as follows:
(In thousands)
2023$2,063 
20241,994 
20251,258 
20261,225 
2027911 
Thereafter1,154 
Total lease payments8,605 
Less imputed interest(891)
Total$7,714 
Total rent expense for the years ended December 31, 2022, 2021, and 2020 was $2.2 million, $1.8 million, and $1.7 million, respectively.
Total cash paid for amounts included in the measurement of lease liabilities within operating cash flows from operating leases for the year ended December 31, 2022, 2021, and 2020 was $2.2 million, $1.8 million, and $1.7 million, respectively.