Leases (Tables)

3 Months Ended

Mar. 31, 2019

The following table summarizes lease information as of and for the three months ended March 31, 2019:

Lease cost
Operating lease cost	$	2,483,471
Finance lease cost:
Amortization of right-of-use assets		6,251
Interest on lease liabilities		3,472
Short-term lease cost		7,200
Total lease cost	$	2,500,394
Other information
Operating cash flows from operating leases	$	2,266,643
Operating cash flows from finance leases		3,472
Financing cash flows from finance leases		16,776
Right-of-use assets obtained in exchange for new operating lease liabilities		78,594
Right-of-use assets obtained in exchange for new finance lease liabilities		—
Weighted-average remaining lease term – operating leases		6.8 years
Weighted-average remaining lease term – finance leases		26.8 years
Weighted-average discount rate – operating leases		8.7	%
Weighted-average discount rate – finance leases		3.9	%

As of March 31, 2019,

future minimum payments for operating and finance leases for the next five years and thereafter are summarized as follows:

Year 1	$	10,017,692
Year 2		9,669,882
Year 3		8,814,694
Year 4		7,143,439
Year 5		6,047,100
Thereafter		21,757,196
Total lease payments		63,450,003
Less imputed interest		(21,066,412	)
Present value of lease liabilities	$	42,383,591

As of December 31, 2018, future minimum payments for operating and finance leases for the next five years and thereafter were summarized as follows: