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)

6 Months Ended

Jun. 30, 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 (in thousands). Our short-term lease costs and sublease income are de minimis.



	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease cost	$	1,486	$	3,263
Non-cash lease expense	$	1,353	$	2,521
Cash payments on lease liabilities	$	1,930	$	3,806
ROU assets obtained in exchange for new operating lease obligations	$	8,222	$	8,222

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 June 30, 2019
ROU assets	$	25,980
Lease liabilities	$	34,227
Weighted-average remaining lease term	5.1 years
Weighted-average discount rate (incremental borrowing rate)	5.06		%

Lessee, Operating Lease, Liability, Maturity

Maturities of our operating lease liabilities as of June 30, 2019 are as follows (in thousands):



Year ended December 31,
2019 (excluding the six months ended June 30, 2019)	$	4,148
2020	8,221
2021	7,416
2022	6,748
2023	5,935
Thereafter	6,663
Total payments	39,131
Less: imputed interest	(4,904		)
Present value of lease liabilities	$	34,227