Meritage Homes Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

LEASES (Tables)

3 Months Ended

Mar. 31, 2019

Lease cost included in our consolidated income statements in General and administrative expenses and Commissions and other sales costs is in the table below (dollars in thousands). Our short-term lease costs and sublease income are de minimis.



	Three Months Ended March 31, 2019
Operating lease cost	$	1,777

ROU assets are classified within Prepaids, other assets and goodwill on our consolidated balance sheet, while lease liabilities are classified within Accrued liabilities on our consolidated balance sheet. The following table contains additional information about our leases (dollars in thousands):



	At March 31, 2019
ROU assets	$	19,140
Lease liabilities	$	27,194
ROU assets obtained in exchange for new operating lease obligations ⁽¹⁾	$	—
Non-cash lease expense	$	1,168
Cash payments on lease liabilities	$	1,876
Weighted-average remaining lease term	4.8 years
Weighted-average discount rate (incremental borrowing rate)	5.06		%


(1)	No new lease commitments commenced during the three months ended March 31, 2019.

Lessee, Operating Lease, Liability, Maturity

Maturities of our operating lease liabilities as of March 31, 2019 are as follows (in thousands):



Year ended December 31,
2019 (excluding the three months ended March 31, 2019)	$	5,577
2020	6,843
2021	5,681
2022	5,077
2023	4,243
Thereafter	3,415
Total payments	30,836
Less: imputed interest	(3,642		)
Present value of lease liabilities	$	27,194