The Company’s operating leases primarily consist of office and equipment leases expiring at various dates through April 2035. The Company has lease agreements with lease and non-lease components and has elected to account for such components as a single lease component. The Company recognizes and measures contracts containing a lease and determines lease classification at commencement. Right of use operating assets and lease liabilities are measured based on the estimated present value of lease payments over the lease term. In determining the present value of lease payments, the Company used its estimated incremental borrowing rate when the rate implicit in the lease cannot be readily determined. The estimated incremental borrowing rate is based upon information available at lease commencement including publicly available data for debt instruments. The lease term includes periods covered by options to extend when it is reasonably certain the Company will exercise such options as well as periods subsequent to an option to terminate the lease if it is reasonably certain the Company will not exercise the termination option. Certain of the lease agreements have rent abatement and escalating rental payment provisions. Operating lease costs are recognized on a straight-line basis over the lease term. Variable lease costs are recognized as incurred. The Company’s lease agreements do not contain any material residual value guarantees or

material restrictive covenants. The Company does not have material short-term leases and does not engage in subleasing activities.

As of December 31, 2021, operating leases have a remaining weighted average lease term of 9.5 years and operating lease liabilities were measured using a weighted average discount rate of 4.9%. The total operating lease costs for the fiscal years ended December 31, 2021, 2020 and 2019 were $7.5 million, $5.3 million and $5.7 million, respectively. Variable lease costs for fiscal years ended December 31, 2021 and 2020 were approximately $1.4 million and $1.1 million, respectively. Finance leases for the Company are immaterial.

The following is a summary of the operating lease liabilities as of December 31:


($ in thousands)	2021		2020
Operating lease liabilities, net of current portion	$	34,984	$	27,986
Current portion		5,760		3,179
Total operating lease liabilities	$	40,744	$	31,165

The following provides future maturities of operating lease liabilities as of December 31, 2021:


($ in thousands)
2022	$	7,361
2023		6,731
2024		6,264
2025		4,794
2026		4,324
Thereafter		23,498
Total minimum payments		52,972
Less: amount representing interest		(12,228	)
Total	$	40,744