Leases

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Note 16. Leases

Operating lease expense was as follows:


		For the Years Ended December 31,
Lease Type	Classification	2022		2021		2020
Parking leases	Compensation and benefits	$	398	$	518	$	520
Office leases (1)	Occupancy	18,979		14,463		14,991
Variable lease cost (2)	Occupancy	351		110		135
Short-term lease cost (2)	Occupancy	710		455		343
Sublease income	Occupancy	(133)		(267)		(429)
Office equipment leases	Communication and technology	134		247		281
Total operating lease expense		$	20,439	$	15,526	$	15,841
(1) Office lease expense includes impairment charges of $1.4 million and $0.9 million for the years ended December 31, 2022 and 2020, respectively, related to the abandonment of leased office space.
(2) Variable and short-term lease costs are excluded from the measurement of operating lease liabilities.

During the year ended December 31, 2022, the Company recognized asset impairment loss of $1.4 million related to the abandonment of a leased office location. The loss is recorded in occupancy expense based on the present value of expected future cash flows.

The table below presents the maturity of operating lease liabilities:


	As of December 31, 2022
2023	$	18,698
2024	18,619
2025	18,524
2026	17,783
2027	16,540
Thereafter	53,592
Total undiscounted lease payments	143,756
Adjustment to discount to present value	(22,909)
Operating lease liabilities	$	120,847

As of December 31, 2022, 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,
	2022		2021		2020
Weighted average discount rate	4.1	%	4.4	%	4.6	%
Weighted average remaining lease term	9.0 years		8.3 years		7.4 years
Operating cash flows for operating leases	16,393		16,821		16,546