Leases

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Note 16. Leases

Operating lease expense was as follows:


		For the Years Ended December 31,
Lease Type	Classification	2021		2020		2019
Parking leases	Compensation and benefits	$	518	$	520	$	519
Office leases (1)	Occupancy	14,463		14,991		15,931
Variable lease cost (2)	Occupancy	110		135		118
Short-term lease cost (2)	Occupancy	455		343		369
Sublease income	Occupancy	(267)		(429)		(286)
Office equipment leases	Communication and technology	247		281		305
Total operating lease expense		$	15,526	$	15,841	$	16,956
(1) Office lease expense includes impairment charges of $0.9 million and $1.5 million for the years ended December 31, 2020 and 2019, respectfully, related to the abandonment of a leased office space.
(2) Variable and short-term lease costs are excluded from the measurement of operating lease liabilities.

The table below presents the maturity of operating lease liabilities:


	As of December 31, 2021
2022	$	16,310
2023	16,028
2024	15,114
2025	14,994
2026	14,260
Thereafter	43,091
Total undiscounted lease payments (1)	119,797
Adjustment to discount to present value	(19,494)
Operating lease liabilities	$	100,303
(1) Total undiscounted lease payments excludes $19.1 million of operating lease payments associated with leases that have been signed but have not yet commenced as of December 31, 2021. Leases that have been signed but have not yet commenced are also excluded from operating lease assets and operating lease liabilities within the Consolidated Statements of Financial Condition.

As of December 31, 2021, none of the options to extend lease terms were reasonably certain of being exercised. Other information related to leases was as follows:


	For the Years Ended December 31,
	2021		2020		2019
Weighted average discount rate	4.4	%	4.6	%	4.7	%
Weighted average remaining lease term	8.3 years		7.4 years		8.1 years
Operating cash flows for operating leases	16,821		16,546		14,183