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Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases Leases
Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the right-of-use assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. Short-term and variable lease costs are not material to the Company’s condensed consolidated financial statements.
During the six months ended June 30, 2024, operating right-of-use assets obtained in exchange for new lease obligations was $4.1 million.
The components of lease cost were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating lease cost$2,028 $1,834 $4,047 $3,668 
Finance lease cost46 48 93 95 
Total lease cost$2,074 $1,882 $4,140 $3,763 
As of June 30, 2024, a weighted average discount rate of 3.13% and 2.24% has been applied to the remaining operating and finance lease payments, respectively, to calculate the lease liabilities included within the condensed consolidated balance sheets. The weighted average remaining lease term of operating and finance leases is 3.6 and 3.8 years, respectively, as of June 30, 2024.
As of June 30, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):
Operating LeasesFinance LeasesTotal
Remainder of 2024$4,193 $72 $4,265 
20256,407 149 6,556 
20266,572 153 6,725 
20275,212 158 5,370 
20281,813 41 1,854 
Total minimum lease payments24,197 573 24,770 
Less: imputed interest(1,218)(23)(1,241)
Total present value of lease liabilities$22,979 $550 $23,529 
Leases Leases
Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the right-of-use assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. Short-term and variable lease costs are not material to the Company’s condensed consolidated financial statements.
During the six months ended June 30, 2024, operating right-of-use assets obtained in exchange for new lease obligations was $4.1 million.
The components of lease cost were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating lease cost$2,028 $1,834 $4,047 $3,668 
Finance lease cost46 48 93 95 
Total lease cost$2,074 $1,882 $4,140 $3,763 
As of June 30, 2024, a weighted average discount rate of 3.13% and 2.24% has been applied to the remaining operating and finance lease payments, respectively, to calculate the lease liabilities included within the condensed consolidated balance sheets. The weighted average remaining lease term of operating and finance leases is 3.6 and 3.8 years, respectively, as of June 30, 2024.
As of June 30, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):
Operating LeasesFinance LeasesTotal
Remainder of 2024$4,193 $72 $4,265 
20256,407 149 6,556 
20266,572 153 6,725 
20275,212 158 5,370 
20281,813 41 1,854 
Total minimum lease payments24,197 573 24,770 
Less: imputed interest(1,218)(23)(1,241)
Total present value of lease liabilities$22,979 $550 $23,529