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Commitments and Contingencies
 12 Months Ended
Dec. 31, 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 years ended December 31, 2014, 2013, and 2012 were approximately $3,157, $2,323 and $1,338, respectively.

Future minimum lease payments with respect to non-cancelable operating leases at December 31, 2014 are approximately as follows:

 

2015

 $ 3,200   

2016

   2,905   

2017

   2,778   

2018 and thereafter

   32,414   
  

 

 

  

Total

 $ 41,297   
  

 

 

  

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 December 31, 2014 was $509.

Letter of Credit

The Company collateralized its office lease through a standby letter of credit. At December 31, 2014 and December 31, 2013, the Company provided letters of credit totaling $1,384 and $1,803, respectively, the collateral of 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.