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LEASES | 12 Months Ended
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Dec. 31, 2023
LEASES |
LEASES | NOTE 8—LEASES ​ The Company recognizes lease payments in the consolidated statements of income on a straight-line basis over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments. The Company leases its office space and office equipment under long-term operating lease agreements which expire at various dates through November 2030, some of which include options to extend the leases for up to 3 years, and some of which included options to terminate the leases within 1 year. Under the operating leases, the Company pays certain operating expenses relating to the office equipment and leased property. The components of lease expense were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2023 |  | 2022
Lease cost | ​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | ​ | $ | 2,501 | ​ | $ | 2,128
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | ​ | 121 | ​ | ​ | 375
Interest on lease liabilities | ​ | ​ | 7 | ​ | ​ | 40
Short-term lease cost | ​ |  | 45 | ​ |  | 44
Variable lease cost | ​ |  | 159 | ​ |  | 225
Sublease income | ​ |  | — | ​ |  | (187)
Total lease cost | ​ | $ | 2,833 | ​ | $ | 2,625
​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental cash flow information related to leases was as follows | ​ | ​ | ​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from finance leases | ​ | $ | 7 | ​ | $ | 40
Operating cash flows from operating leases | ​ | $ | 2,562 | ​ | $ | 2,594
Financing cash flows from finance leases | ​ | $ | 132 | ​ | $ | 381
​ Supplemental balance sheet information related to leases was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands, except lease term and discount rate) | ​ | Years Ended December 31,
​ |  | 2023 |  | 2022
Operating leases | ​ | ​ | ​ | ​ | ​ | ​
Operating lease right-of-use assets | ​ | $ | 7,473 | ​ | $ | 6,780
​ | ​ | ​ | ​ | ​ | ​ | ​
Current operating lease liabilities (1) | ​ | $ | 2,589 | ​ |  | 2,399
Non-current operating lease liabilities | ​ |  | 5,287 | ​ |  | 4,857
Total operating lease liabilities | ​ | $ | 7,876 | ​ | $ | 7,256
​ | ​ | ​ | ​ | ​ | ​ | ​
Finance leases | ​ | ​ | ​ | ​ | ​ | ​
Finance lease right-of-use assets (2) | ​ | $ | 188 | ​ | $ | 110
​ | ​ | ​ | ​ | ​ | ​ | ​
Current finance lease liabilities (1) | ​ | $ | 120 | ​ |  | 381
Non-current finance lease liabilities | ​ |  | 64 | ​ |  | 46
Total finance lease liabilities | ​ | $ | 184 | ​ | $ | 427
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term (in years) | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 4.7 | ​ | ​ | 3.8
Finance leases | ​ | ​ | 2.1 | ​ | ​ | 2.0
Weighted average discount rate | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 9.4% | ​ | ​ | 7.9%
Finance leases | ​ | ​ | 10.4% | ​ | ​ | 5.4%
​
| (1) | Current lease liabilities are included in “Accrued expenses and other current liabilities.”
| (2) | Finance lease right-of-assets are included in “Furniture, fixtures and equipment, net.”
​ Maturities of lease liabilities were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Finance
​ |  | Leases | ​ | Leases
Year Ending December 31, | ​ | ​ | ​ | ​ | ​ | ​
2024 | ​ | $ | 2,766 | ​ | $ | 123
2025 | ​ | ​ | 2,543 | ​ | ​ | 50
2026 | ​ | ​ | 1,850 | ​ | ​ | 8
2027 | ​ |  | 865 | ​ |  | 8
2028 | ​ |  | 543 | ​ |  | 8
Thereafter | ​ | ​ | 1,886 | ​ | ​ | 1
Total lease payments | ​ |  | 10,453 | ​ |  | 198
Less imputed interest | ​ | ​ | (2,577) | ​ | ​ | (14)
Total | ​ | $ | 7,876 | ​ | $ | 184
​

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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