Pay vs Performance Disclosure - USD ($)
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12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Pay vs Performance Disclosure |
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| Pay vs Performance Disclosure, Table |
Year
(a) | | | Summary
Compensation
Table Total for
PEO(1)
(b) | | | Compensation
Actually Paid to
PEO(2)
(c) | | | Average
Summary
Compensation
Table Total for
Non-PEO
Named
Executives(3)
(d) | | | Average
Compensation
Actually Paid to
Non-PEO
Named Executives(2)
(e) | | | Value of Initial
Fixed $100
Investment
Based on Total
Shareholder
Return(4)
(f) | | | Net
Income
(g) | | | 2024 | | | | $ | 1,983,044 | | | | | $ | 1,189,510 | | | | | $ | 286,119 | | | | | $ | 271,373 | | | | | $ | 44.35 | | | | | $ | (39,570,938) | | | | 2023 | | | | $ | 1,708,436 | | | | | $ | 1,887,537 | | | | | | — | | | | | | — | | | | | $ | 81.16 | | | | | $ | 15,899,153 | | | | 2022 | | | | $ | 1,524,990 | | | | | $ | 1,202,148 | | | | | $ | 314,998 | | | | | $ | 284,758 | | | | | $ | 65.41 | | | | | $ | 20,908,651 | | |
(1)
For each year shown, the PEO was John L. Villano. The values reflected in this column represent the “Total” compensation set forth in the Summary Compensation Table (“SCT”) on page 16 above.
(2)
Compensation actually paid (“CAP”) is defined by the SEC and is computed in accordance with Item 402(v) of Regulation S-K as follows:
| Adjustments to Determine CAP to the PEO | | | 2024 | | | 2023 | | | 2022 | | | Total Compensation in the Summary Compensation Table | | | | $ | 1,983,044 | | | | | $ | 1,708,436 | | | | | $ | 1,524,990 | | | | Deduction for Amounts Reported under the “Stock Awards”
Column in the Summary Compensation Table | | | | $ | (506,712) | | | | | $ | (506,544) | | | | | $ | (500,000) | | | | Deduction for Amounts Reported under “Option Awards” Column in the Summary Compensation Table | | | | | — | | | | | | — | | | | | | — | | | | Add the fair value as of the end of the covered fiscal year of
all awards granted during the covered fiscal year that are
outstanding and unvested as of the end of the covered fiscal
year | | | | $ | 151,007 | | | | | $ | 489,529 | | | | | $ | 324,803 | | |
| Adjustments to Determine CAP to the PEO | | | 2024 | | | 2023 | | | 2022 | | | Add the amount equal to the change as of the end of the
covered fiscal year (from the end of the prior fiscal year) in
fair value (whether positive or negative) of any awards
granted in any prior fiscal year that are outstanding and
unvested as of the end of the covered fiscal year | | | | $ | (286,963) | | | | | $ | 42,061 | | | | | $ | (152,278) | | | | Add for awards that are granted and vest in the same year, the
fair value as of the vesting date | | | | | — | | | | | | — | | | | | | — | | | | Add the amount equal to the change as of the vesting date
(from the end of the prior fiscal year) in fair value (whether
positive or negative) of any awards granted in any prior
fiscal year for which all applicable vesting conditions were
satisfied at the end of or during the covered fiscal year | | | | $ | (254,330) | | | | | $ | 40,814 | | | | | $ | (76,139) | | | | Deduction for any awards granted in any prior fiscal year that
fail to meet the applicable vesting conditions during the
covered fiscal year, the amount equal to the fair value at the
end of the prior fiscal year | | | | | — | | | | | | — | | | | | | — | | | | Add the dollar value of any dividends or other earnings paid
on stock or option awards in the covered fiscal year prior to
the vesting date that are not otherwise included in the total
compensation for the covered fiscal year | | | | $ | 103,464 | | | | | $ | 113,242 | | | | | $ | 80,772 | | | | Total Adjustments | | | | $ | (793,534) | | | | | $ | 179,101 | | | | | $ | (322,842) | | | | CAP to the PEO | | | | $ | 1,189,510 | | | | | $ | 1,887,537 | | | | | $ | 1,202,148 | | | | |
| Adjustments to Determine CAP to the other Non-PEO Named Executives | | | 2024 | | | 2023 | | | 2022 | | | Total Average Compensation in the Summary Compensation Table | | | | $ | 286,119 | | | | | | — | | | | | $ | 314,998 | | | | Deduction for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table | | | | | — | | | | | | — | | | | | $ | (30,240) | | | | Deduction for Amounts Reported under “Option Awards” Column in the Summary Compensation Table | | | | | — | | | | | | — | | | | | | — | | | | Add the fair value as of the end of the covered fiscal year of all awards granted during the covered fiscal year that are outstanding and unvested as of the end of the covered fiscal year | | | | | — | | | | | | — | | | | | | — | | | | Add the amount equal to the change as of the end of the covered fiscal
year (from the end of the prior fiscal year) in fair value (whether
positive or negative) of any awards granted in any prior fiscal year
that are outstanding and unvested as of the end of the covered fiscal
year | | | | $ | (6,373) | | | | | | — | | | | | | — | | | | Add for awards that are granted and vest in the same year, the fair value
as of the vesting date | | | | $ | (11,983) | | | | | | — | | | | | | — | | | | Add the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value (whether positive or negative) of any awards granted in any prior fiscal year for which all applicable vesting conditions were satisfied at the end of or during the covered fiscal year | | | | | — | | | | | | — | | | | | | — | | | | Deduction for any awards granted in any prior fiscal year that fail to meet the applicable vesting conditions during the covered fiscal year, the amount equal to the fair value at the end of the prior fiscal year | | | | | — | | | | | | — | | | | | | — | | |
| Adjustments to Determine CAP to the other Non-PEO Named Executives | | | 2024 | | | 2023 | | | 2022 | | | Add the dollar value of any dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year | | | | $ | 3,610 | | | | | | — | | | | | | — | | | | Total Adjustments | | | | $ | (14,746) | | | | | $ | — | | | | | $ | (30,240) | | | | CAP to the other Non-PEO Named Executives | | | | $ | 271,373 | | | | | $ | — | | | | | $ | 284,758 | | | | |
(3)
The dollar amounts reported in column (d) represent the average of the amounts reported for the Non-PEO Named Executives as a group in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the Non-PEO Named Executives in each applicable year are as follows: (i) for 2024, Nicholas M. Marcello, our former Chief Financial Officer; (ii) for 2023, we did not have any Non-PEO Named Executives; and (iii) for 2022, John E. Warch and William C. Haydon, our former Chief Financial Officer and former Chief Investment Officer, respectively.
(4)
The amounts reported represent the measurement period value of an investment of $100 in our Common Shares on December 31, 2021, and then valued again on December 30, 2022 (the last trading day of the 2022 fiscal year); December 29, 2023 (the last trading day of the 2023 fiscal year); and December 31, 2024 (the last trading day of the 2024 fiscal year ) based on the closing price per share of our Common Shares as of such dates and assuming the reinvestment of dividends.
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| Named Executive Officers, Footnote |
(1)
For each year shown, the PEO was John L. Villano. The values reflected in this column represent the “Total” compensation set forth in the Summary Compensation Table (“SCT”) on page 16 above. (3)
The dollar amounts reported in column (d) represent the average of the amounts reported for the Non-PEO Named Executives as a group in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the Non-PEO Named Executives in each applicable year are as follows: (i) for 2024, Nicholas M. Marcello, our former Chief Financial Officer; (ii) for 2023, we did not have any Non-PEO Named Executives; and (iii) for 2022, John E. Warch and William C. Haydon, our former Chief Financial Officer and former Chief Investment Officer, respectively.
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| PEO Total Compensation Amount |
$ 1,983,044
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$ 1,708,436
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$ 1,524,990
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| PEO Actually Paid Compensation Amount |
$ 1,189,510
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1,887,537
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1,202,148
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| Adjustment To PEO Compensation, Footnote |
(2)
Compensation actually paid (“CAP”) is defined by the SEC and is computed in accordance with Item 402(v) of Regulation S-K as follows:
| Adjustments to Determine CAP to the PEO | | | 2024 | | | 2023 | | | 2022 | | | Total Compensation in the Summary Compensation Table | | | | $ | 1,983,044 | | | | | $ | 1,708,436 | | | | | $ | 1,524,990 | | | | Deduction for Amounts Reported under the “Stock Awards”
Column in the Summary Compensation Table | | | | $ | (506,712) | | | | | $ | (506,544) | | | | | $ | (500,000) | | | | Deduction for Amounts Reported under “Option Awards” Column in the Summary Compensation Table | | | | | — | | | | | | — | | | | | | — | | | | Add the fair value as of the end of the covered fiscal year of
all awards granted during the covered fiscal year that are
outstanding and unvested as of the end of the covered fiscal
year | | | | $ | 151,007 | | | | | $ | 489,529 | | | | | $ | 324,803 | | | | Adjustments to Determine CAP to the PEO | | | 2024 | | | 2023 | | | 2022 | | | Add the amount equal to the change as of the end of the
covered fiscal year (from the end of the prior fiscal year) in
fair value (whether positive or negative) of any awards
granted in any prior fiscal year that are outstanding and
unvested as of the end of the covered fiscal year | | | | $ | (286,963) | | | | | $ | 42,061 | | | | | $ | (152,278) | | | | Add for awards that are granted and vest in the same year, the
fair value as of the vesting date | | | | | — | | | | | | — | | | | | | — | | | | Add the amount equal to the change as of the vesting date
(from the end of the prior fiscal year) in fair value (whether
positive or negative) of any awards granted in any prior
fiscal year for which all applicable vesting conditions were
satisfied at the end of or during the covered fiscal year | | | | $ | (254,330) | | | | | $ | 40,814 | | | | | $ | (76,139) | | | | Deduction for any awards granted in any prior fiscal year that
fail to meet the applicable vesting conditions during the
covered fiscal year, the amount equal to the fair value at the
end of the prior fiscal year | | | | | — | | | | | | — | | | | | | — | | | | Add the dollar value of any dividends or other earnings paid
on stock or option awards in the covered fiscal year prior to
the vesting date that are not otherwise included in the total
compensation for the covered fiscal year | | | | $ | 103,464 | | | | | $ | 113,242 | | | | | $ | 80,772 | | | | Total Adjustments | | | | $ | (793,534) | | | | | $ | 179,101 | | | | | $ | (322,842) | | | | CAP to the PEO | | | | $ | 1,189,510 | | | | | $ | 1,887,537 | | | | | $ | 1,202,148 | | | | |
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| Non-PEO NEO Average Total Compensation Amount |
$ 286,119
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314,998
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| Non-PEO NEO Average Compensation Actually Paid Amount |
$ 271,373
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284,758
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| Adjustment to Non-PEO NEO Compensation Footnote |
(2)
Compensation actually paid (“CAP”) is defined by the SEC and is computed in accordance with Item 402(v) of Regulation S-K as follows:
| Adjustments to Determine CAP to the other Non-PEO Named Executives | | | 2024 | | | 2023 | | | 2022 | | | Total Average Compensation in the Summary Compensation Table | | | | $ | 286,119 | | | | | | — | | | | | $ | 314,998 | | | | Deduction for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table | | | | | — | | | | | | — | | | | | $ | (30,240) | | | | Deduction for Amounts Reported under “Option Awards” Column in the Summary Compensation Table | | | | | — | | | | | | — | | | | | | — | | | | Add the fair value as of the end of the covered fiscal year of all awards granted during the covered fiscal year that are outstanding and unvested as of the end of the covered fiscal year | | | | | — | | | | | | — | | | | | | — | | | | Add the amount equal to the change as of the end of the covered fiscal
year (from the end of the prior fiscal year) in fair value (whether
positive or negative) of any awards granted in any prior fiscal year
that are outstanding and unvested as of the end of the covered fiscal
year | | | | $ | (6,373) | | | | | | — | | | | | | — | | | | Add for awards that are granted and vest in the same year, the fair value
as of the vesting date | | | | $ | (11,983) | | | | | | — | | | | | | — | | | | Add the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value (whether positive or negative) of any awards granted in any prior fiscal year for which all applicable vesting conditions were satisfied at the end of or during the covered fiscal year | | | | | — | | | | | | — | | | | | | — | | | | Deduction for any awards granted in any prior fiscal year that fail to meet the applicable vesting conditions during the covered fiscal year, the amount equal to the fair value at the end of the prior fiscal year | | | | | — | | | | | | — | | | | | | — | | | | Adjustments to Determine CAP to the other Non-PEO Named Executives | | | 2024 | | | 2023 | | | 2022 | | | Add the dollar value of any dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year | | | | $ | 3,610 | | | | | | — | | | | | | — | | | | Total Adjustments | | | | $ | (14,746) | | | | | $ | — | | | | | $ | (30,240) | | | | CAP to the other Non-PEO Named Executives | | | | $ | 271,373 | | | | | $ | — | | | | | $ | 284,758 | | | | |
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| Total Shareholder Return Amount |
$ 44.35
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81.16
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65.41
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| Net Income (Loss) |
$ (39,570,938)
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15,899,153
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20,908,651
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| PEO Name |
John L. Villano
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| PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
$ (793,534)
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179,101
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(322,842)
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| PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(286,963)
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42,061
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(152,278)
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| PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
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| PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(254,330)
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40,814
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(76,139)
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| PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
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| PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
103,464
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113,242
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80,772
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| PEO | Equity Awards Value In Summary Compensation Table Stock Awards [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(506,712)
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(506,544)
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(500,000)
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| PEO | Equity Awards Value In Summary Compensation Table Option Awards [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
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| PEO | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
151,007
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489,529
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324,803
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| Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(14,746)
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(30,240)
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| Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
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| Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(6,373)
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| Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(11,983)
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| Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
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| Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
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| Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
3,610
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| Non-PEO NEO | Equity Awards Value In Summary Compensation Table Stock Awards [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
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(30,240)
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| Non-PEO NEO | Equity Awards Value In Summary Compensation Table Option Awards [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
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