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Note 8 - Leases

12 Months Ended

Dec. 31, 2021

8.	LEASES:

The following table summarizes the Company’s leases recorded on the Consolidated Balance Sheets (in thousands):

	December 31,
	2021		2020
Right-of-use assets:
Finance leases, net, included in Property and equipment (1)	$	1,730	$	1,288
Operating leases		98,507		30,813
Total right-of-use assets	$	100,237	$	32,101

Lease liabilities:
Finance leases	$	2,169	$	1,729
Operating leases		98,429		30,115
Total lease liabilities	$	100,598	$	31,844

(1)

Finance lease right-of-use assets are presented net of accumulated amortization of $1.1 million and $1.3 million as of December 31, 2021 and 2020, respectively.

Lease cost consists of the following (in thousands):

	Year Ended December 31,
	2021		2020		2019
Finance lease cost:
Amortization of right-of-use assets	$	413	$	422	$	435
Interest on lease liabilities		90		79		57
Operating lease cost		4,627		3,647		1,934
Short-term lease cost		993		745		1,442
Variable lease cost		158		199		141
Total lease cost	$	6,281	$	5,092	$	4,009

The future maturities of lease liabilities as of December 31, 2021 are as follows (in thousands):

	Finance Leases			Operating Leases

2022	$	574		$	6,802
2023		378			6,669
2024		692			6,499
2025		449			6,529
2026		360			6,431
Thereafter		-			88,557
Total lease payments		2,453			121,487
Amount representing interest		(284	)		(23,058	)
Present value of lease liabilities		2,169			98,429
Current portion of lease liabilities (1)		(475	)		(4,704	)
Long-term lease liabilities (2)	$	1,694		$	93,725

(1)

Current portion of finance lease liabilities are included in Accrued liabilities.

(2)

Long-term finance lease liabilities, less current portion are included in Other long-term liabilities.

The following table summarizes the lease terms and discount rates for the lease liabilities:

	December 31,
	2021			2020
Weighted-average remaining lease term (years)
Finance leases		3.56			3.67
Operating leases		18.42			18.21
Weighted-average discount rate
Finance leases		5.10	%		5.22	%
Operating leases		2.18	%		3.36	%

The following table presents other information related to the operating and finance leases (in thousands):

	Year Ended December 31,
	2021			2020			2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	(90	)	$	(79	)	$	(57	)
Operating cash flows from operating leases		(4,142	)		(3,481	)		(1,909	)
Financing cash flows from finance leases		(415	)		(420	)		(434	)
Right-of-use assets obtained in exchange for finance lease liabilities		853			507			819
Right-of-use assets obtained in exchange for operating lease liabilities		16,043			4,471			1,335