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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2018
Commitments and Contingencies |
Commitments and Contingencies | 16. Commitments and Contingencies From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. Although the Company cannot predict the outcomes of any such legal proceedings, management believes that the resolution of pending legal actions will not have a material adverse effect on the Company’s financial condition, results of operations or liquidity, as the Company believes it is adequately indemnified and insured. The Company experiences contractual disputes with its clients from time to time regarding the payment of invoices or other matters. While the Company seeks to minimize these disputes and maintain good relations with its clients, the Company has experienced in the past, and may experience in the future, disputes that could affect its revenues and results of operations in any period. The Company has non-cancelable operating leases for office and shop space in Midland, Plano, Denison, Houston, Denver, Oklahoma City and Calgary, Alberta. The following table summarizes payments due in specific periods related to the Company’s contractual obligations with initial terms exceeding one year as of December 31, 2018 (in thousands):
|  | Payments Due by Period (in thousands) |
|  |  |  |  | Within |  |  |  |  |  |  |  | After |
|  | Total |  | 1 Year |  | 2-3 Years |  | 4-5 Years |  | 5 Years |
Operating lease obligations (office space) |  | $ | 9,761 |  | $ | 1,521 |  | $ | 2,870 |  | $ | 2,321 |  | $ | 3,049 |
Some of the Company’s operating leases contain predetermined fixed increases of the minimum rental rate during the initial lease term. For these leases, the Company recognizes the related expense on a straight-line basis and records deferred rent as the difference between the amount charged to expense and the rent paid. Rental expense under the Company’s operating leases with initial terms exceeding one year was $1,604,000 for the year ended December 31, 2018, $1,785,000 for the year ended December 31, 2017, and $1,907,000 for the year ended December 31, 2016. As of December 31, 2018, the Company had three letters of credit issued by Veritex Bank. The first letter of credit is in the amount of $1,767,000 to support payment of our insurance obligations. The principal amount of this letter of credit is collateralized by certain of our core equipment. The second letter of credit is in the amount of $583,000 to support the Company’s workers’ compensation insurance and is secured by a certificate of deposit. The third letter of credit is unsecured and in the amount of $75,000 to support certain of our performance obligations of the Company. None of the letters of credit count as funds borrowed under our Line of Credit.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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