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Leases | 9 Months Ended
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Sep. 30, 2022
Leases [Abstract] |
Lessee, Operating Leases | Leases The Company enters into lease agreements that are primarily used for office space. These leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the term of the lease. A portion of the Company's current leases include an option to extend or cancel the lease term. The exercise of such an option is solely at the Company's discretion. The operating lease liability recorded in the unaudited Consolidated Balance Sheets includes lease payments related to options to extend or cancel the lease term if the Company determined at the date of adoption that the lease was expected to be renewed or extended. The Company, in determining the present value of lease payments, utilized the average rate over a 10-year term based upon the Moody's seasoned Aaa corporate bond yields, as explicit rates of interest were not readily determinable in the lease contracts. The Company does not carry debt; thus no incremental borrowing rate was available to the Company. Lease expense is included in office and technology expenses in the unaudited Consolidated Statements of Operations. Information regarding the Company’s operating leases follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) | 2022 | 2021 | 2022 | 2021
Operating leases | $ | 697 |  | $ | 350 |  | $ | 1,876 |  | $ | 1,002 |
Short-term leases (b) | 64 |  | 93 |  | 177 |  | 249 |
Lease expense | $ | 761 |  | $ | 443 |  | $ | 2,053 |  | $ | 1,251 |
Sub-lease income | — |  | — |  | — |  | — |
Lease cost | $ | 761 |  | $ | 443 |  | $ | 2,053 |  | $ | 1,251 |
(b) |  | Leases with an initial term of twelve months or less are not recorded on the unaudited Consolidated Balance Sheets.
Components of the operating lease liability presented on the unaudited Consolidated Balance Sheets are as follows:
(in thousands) | As of September 30, 2022 | As of December 31, 2021
Current: |  |
Operating lease liabilities | $ | 2,083 |  | $ | 1,547 |
Non-current: |  |
Operating lease liabilities | 4,306 |  | 3,782 |
Total operating lease liabilities | $ | 6,389 |  | $ | 5,329 |
The future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of September 30, 2022, are summarized as follows:
Year Ended (in thousands) |
2022 | $ | 544 |
2023 | 2,168 |
2024 | 1,729 |
2025 | 1,194 |
2026 | 893 |
Thereafter | 316 |
Total undiscounted payments | $ | 6,844 |
Less: present value adjustment | (455) |
Operating lease liabilities | $ | 6,389 |
Supplemental lease information is as follows:
| As of September 30, 2022 | As of December 31, 2021
Weighted average remaining lease term (years) | 3.62 | 4.13
Weighted average discount rate | 3.9 | % | 4.2 | %
The Company does not have any material pending operating or financing lease agreements that become effective in future periods.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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