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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2014
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

5. Commitments and Contingencies

Contractual Obligations

The Company has entered into obligations under operating leases with initial non-cancelable terms in excess of one year for office space, telephone, and data services. Expenses recorded under these agreements for the three months ended June 30, 2014 and 2013 were approximately $768, and $368, respectively, and for the six months ended June 30, 2014 and 2013 were approximately $1,594 and $730, respectively.

Future minimum lease payments with respect to non-cancelable operating leases at June 30, 2014 are approximately as follows:

 

Remainder of 2014

    $ 1,641   

2015

      2,963   

2016

      2,783   

2017 and thereafter

      35,126   
  

 

 

  

Total

    $ 42,513   
  

 

 

  

The Company’s prior office lease expired in January 2014. In August 2013, the Company entered into a new 16 year lease agreement. Pursuant to the new lease agreement, the Company received lease incentives which include a deferred rent period and a leasehold improvement allowance equal to $3,223. The Company recorded a receivable of $3,223 due from the lessor of its new office space related to its leasehold improvement allowance, which was included in accounts receivable on the Company’s Consolidated Balance Sheet at December 31, 2013. The balance at June 30, 2014 was $509.

Letter of Credit

The Company collateralized its office lease through a standby letter of credit. At June 30, 2014 and December 31, 2013, the Company provided letters of credit totaling $1,384 and $1,803, respectively, which are included in investments on the Company’s Consolidated Balance Sheet.

Contingencies

The Company is subject to various routine reviews and inspections by regulatory authorities as well as legal proceedings arising in the ordinary course of business. The Company is not currently party to any litigation or other legal proceedings that are expected to have a material impact on its business, financial position or results of operations.