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Leases | 9 Months Ended
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Sep. 30, 2020
Leases |
Leases | 9. Leases The Company has operating leases for classroom site locations, office space, office equipment, and optical fiber communication lines. These leases have terms that range from 1.5 years to 11 years. At lease inception, we determine the lease term by assuming no exercises of renewal options, due to the Company’s constantly changing geographical needs for its university partners. Leases with an initial term of 12 months or less are not recorded in the consolidated balance sheets and we recognize lease expense for these leases on a straight-line basis over the lease term. The Company had operating lease costs of $5,244 and $2,681 for the nine-month periods ended September 30, 2020 and 2019, respectively. As of September 30, 2020, the Company had a non-cancelable operating lease commitment in the amount of $1,396 for an off-site classroom and laboratory site, that had not yet commenced. This operating lease will commence in 2021 with a lease term of 6 years. The Company’s weighted-average remaining lease term relating to its operating leases is 8.74 years, with a weighted-average discount rate of 3.30%. As of September 30, 2020, the Company had no financing leases. Future payment obligations with respect to the Company’s operating leases, which were existing at September 30, 2020, by year and in the aggregate, are as follows: ​
​ | ​ | ​ | ​
Year Ending December 31, |  | Amount
2020 | ​ | $ | 1,951
2021 | ​ | ​ | 8,819
2022 | ​ | ​ | 8,443
2023 | ​ | ​ | 7,930
2024 | ​ | ​ | 7,402
Thereafter | ​ | ​ | 36,199
Total lease payments | ​ | $ | 70,744
Less interest | ​ | ​ | 9,301
Present value of lease liabilities | ​ | $ | 61,443
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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