Pay vs Performance Disclosure - USD ($)
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12 Months Ended |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
| Pay vs Performance Disclosure |
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| Pay vs Performance Disclosure, Table |
2025 Pay Versus Performance In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Act, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and Non-PEO NEOs and company performance for the fiscal years listed below. This pay versus performance disclosure should not be deemed incorporated by reference into any other filing under the Securities Act of 1933 or the Exchange Act of 1934. 2025 Pay Versus Performance Table | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | — | | | — | | | 6,246,483 | | | 5,903,983 | | | 2,361,619 | | | 2,209,885 | | | 160.06 | | | 137.83 | | | 247 | | | 540.4 | | | 2024 | | | — | | | — | | | 5,754,274 | | | 6,032,922 | | | 2,206,123 | | | 2,562,099 | | | 167.99 | | | 133.97 | | | 280 | | | 527.8 | | | 2023 | | | — | | | — | | | 6,015,205 | | | 10,397,228 | | | 2,406,619 | | | 5,315,520 | | | 169.98 | | | 123.21 | | | 342 | | | 473.1 | | | 2022 | | | 7,761,196 | | | 6,710,784 | | | — | | | — | | | 2,902,402 | | | 2,733,528 | | | 121.23 | | | 108.34 | | | 135 | | | 363.5 | | | 2021 | | | 11,176,606 | | | 15,683,430 | | | — | | | — | | | 2,790,546 | | | 3,712,300 | | | 135.71 | | | 143.24 | | | (195) | | | 52.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1)
| Colin Reed was our PEO for the 2021-2022 fiscal years. Mark Fioravanti was our PEO for the 2023-2025 fiscal years. The individuals comprising the non-PEO NEOs for each fiscal year presented are listed below. |
| | | | | | | Mark Fioravanti | | | Colin Reed | | | Jennifer Hutcheson | | | Jennifer Hutcheson | | | Patrick Chaffin | | | Patrick Chaffin | | | Scott Lynn | | | Scott Lynn | | | | | | | |
(2)
| The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized or received by the company’s PEO and non-PEO NEOs. These amounts reflect the 2025 Summary Compensation Table total with certain adjustments as described in footnote 3 below. |
(3)
| Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the 2025 Summary Compensation Table. |
| | | | | | | | | | | | | | | | 2025 | | | 6,246,483 | | | (3,325,125) | | | 2,982,625 | | | 5,903,983 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | 2025 | | | 2,361,619 | | | (940,497) | | | 788,763 | | | 2,209,885 | | | | | | | | | | | | | | | | |
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables. | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | 3,268,832 | | | 28,098 | | | — | | | (314,305) | | | — | | | — | | | 2,982,625 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | 924,573 | | | 12,305 | | | — | | | (148,115) | | | — | | | — | | | 788,763 | | | | | | | | | | | | | | | | | | | | | | | | | |
(4)
| The Peer Group Total Stockholder Return (TSR) set forth in this table utilizes the FTSE NAREIT Equity REITs Index, which we also utilize in the stock performance graph required by Item 201(e) of SEC Regulation S-K included in our 2025 annual report to stockholders. The comparison assumes $100 was invested for the period starting December 31, 2020 through the end of the listed year in the company and in the FTSE NAREIT Equity REITs Index, respectively. Historical stock performance is not necessarily indicative of future stock performance. |
(5)
| We determined Adjusted Funds from Operations (AFFO) available to common stockholders and unit holders to be the most important financial performance measure used to link company performance to Compensation Actually Paid to our PEO and non-PEO NEOs in 2025 since, as described in the Compensation Discussion and Analysis above, this metric represents the largest component of the financial performance goals established for our 2025 short-term cash incentive compensation plan. AFFO available to common stockholders and unit holders is a non-GAAP financial measure. For a definition of AFFO available to common stockholders and unit holders and a reconciliation of this non-GAAP financial measure to consolidated net income (the most comparable GAAP financial measure), and an explanation of why we believe AFFO available to common stockholders and unit holders presents useful information to investors, see Appendix A. |
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| Company Selected Measure Name |
Adjusted Funds from Operations (AFFO) available to common stockholders and unit holders
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| Named Executive Officers, Footnote |
(1)
| Colin Reed was our PEO for the 2021-2022 fiscal years. Mark Fioravanti was our PEO for the 2023-2025 fiscal years. The individuals comprising the non-PEO NEOs for each fiscal year presented are listed below. |
| | | | | | | Mark Fioravanti | | | Colin Reed | | | Jennifer Hutcheson | | | Jennifer Hutcheson | | | Patrick Chaffin | | | Patrick Chaffin | | | Scott Lynn | | | Scott Lynn | | | | | | | |
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| Peer Group Issuers, Footnote |
(4)
| The Peer Group Total Stockholder Return (TSR) set forth in this table utilizes the FTSE NAREIT Equity REITs Index, which we also utilize in the stock performance graph required by Item 201(e) of SEC Regulation S-K included in our 2025 annual report to stockholders. The comparison assumes $100 was invested for the period starting December 31, 2020 through the end of the listed year in the company and in the FTSE NAREIT Equity REITs Index, respectively. Historical stock performance is not necessarily indicative of future stock performance. |
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| Adjustment To PEO Compensation, Footnote |
(3)
| Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the 2025 Summary Compensation Table. |
| | | | | | | | | | | | | | | | 2025 | | | 6,246,483 | | | (3,325,125) | | | 2,982,625 | | | 5,903,983 | | | | | | | | | | | | | | | | |
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables. | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | 3,268,832 | | | 28,098 | | | — | | | (314,305) | | | — | | | — | | | 2,982,625 | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Non-PEO NEO Average Total Compensation Amount |
$ 2,361,619
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$ 2,206,123
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$ 2,406,619
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$ 2,902,402
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$ 2,790,546
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| Non-PEO NEO Average Compensation Actually Paid Amount |
$ 2,209,885
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2,562,099
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5,315,520
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2,733,528
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3,712,300
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| Adjustment to Non-PEO NEO Compensation Footnote |
(3)
| Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the 2025 Summary Compensation Table. |
| | | | | | | | | | | | | | | | 2025 | | | 2,361,619 | | | (940,497) | | | 788,763 | | | 2,209,885 | | | | | | | | | | | | | | | | |
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables. | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | 924,573 | | | 12,305 | | | — | | | (148,115) | | | — | | | — | | | 788,763 | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Compensation Actually Paid vs. Total Shareholder Return |
Relationship Between PEO and Non-PEO NEO Compensation Actually Paid, Company Total Shareholder Return (TSR) and Peer Group TSR The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our non-PEO NEOs, the company’s cumulative TSR over the five most recently completed fiscal years, and the cumulative TSR for the FTSE NAREIT Equity REITs Index over same period.
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| Compensation Actually Paid vs. Net Income |
Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Net Income The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our non-PEO NEOs, and the company’s net income during the five most recently completed fiscal years.
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| Compensation Actually Paid vs. Company Selected Measure |
Relationship Between PEO and Average Non-PEO NEO Compensation Actually Paid and AFFO Available to Common Stockholders and Unit Holders The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our non-PEO NEOs, and the company’s AFFO available to common stockholders and unit holders during the five most recently completed fiscal years.
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| Total Shareholder Return Vs Peer Group |
Relationship Between PEO and Non-PEO NEO Compensation Actually Paid, Company Total Shareholder Return (TSR) and Peer Group TSR The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our non-PEO NEOs, the company’s cumulative TSR over the five most recently completed fiscal years, and the cumulative TSR for the FTSE NAREIT Equity REITs Index over same period.
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| Tabular List, Table |
Tabular List of Most Important Financial Performance Measures The following table presents the financial performance measures that the company considers to have been the most important in linking Compensation Actually Paid to our PEO and our non-PEO NEOs for 2025 to company performance. The measures in this table are not ranked. | | | | AFFO Available to Common Stockholders and Unit Holders | | | Total Consolidated Revenue | | | Consolidated Adjusted EBITDAre Margin | | | Relative TSR (Outperformance of 2025 Compensation Peer Group) | | | Relative TSR (Outperformance of Identified Companies within the FTSE NAREIT Lodging Resorts Index) | | | | |
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| Total Shareholder Return Amount |
$ 160.06
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167.99
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169.98
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121.23
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135.71
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| Peer Group Total Shareholder Return Amount |
$ 137.83
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$ 133.97
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$ 123.21
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$ 108.34
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$ 143.24
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| Company Selected Measure Amount |
540,400,000
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527,800,000
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473,100,000
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363,500,000
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52,000,000
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| PEO Name |
Mark Fioravanti
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Mark Fioravanti
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Mark Fioravanti
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Colin Reed
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Colin Reed
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| Equity Awards Adjustments, Footnote |
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables. | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | 3,268,832 | | | 28,098 | | | — | | | (314,305) | | | — | | | — | | | 2,982,625 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | 924,573 | | | 12,305 | | | — | | | (148,115) | | | — | | | — | | | 788,763 | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
$ 247,000,000
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$ 280,000,000
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$ 342,000,000
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$ 135,000,000
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$ (195,000,000)
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| Measure:: 1 |
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| Pay vs Performance Disclosure |
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| Name |
AFFO Available to Common Stockholders and Unit Holders
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| Non-GAAP Measure Description |
(5)
| We determined Adjusted Funds from Operations (AFFO) available to common stockholders and unit holders to be the most important financial performance measure used to link company performance to Compensation Actually Paid to our PEO and non-PEO NEOs in 2025 since, as described in the Compensation Discussion and Analysis above, this metric represents the largest component of the financial performance goals established for our 2025 short-term cash incentive compensation plan. AFFO available to common stockholders and unit holders is a non-GAAP financial measure. For a definition of AFFO available to common stockholders and unit holders and a reconciliation of this non-GAAP financial measure to consolidated net income (the most comparable GAAP financial measure), and an explanation of why we believe AFFO available to common stockholders and unit holders presents useful information to investors, see Appendix A. |
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| Measure:: 2 |
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| Pay vs Performance Disclosure |
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| Name |
Total Consolidated Revenue
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| Measure:: 3 |
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| Pay vs Performance Disclosure |
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| Name |
Consolidated Adjusted EBITDAre Margin
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| Measure:: 4 |
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| Pay vs Performance Disclosure |
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| Name |
Relative TSR (Outperformance of 2025 Compensation Peer Group)
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| Measure:: 5 |
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| Pay vs Performance Disclosure |
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| Name |
Relative TSR (Outperformance of Identified Companies within the FTSE NAREIT Lodging Resorts Index)
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| Colin Reed [Member] |
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| Pay vs Performance Disclosure |
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| PEO Total Compensation Amount |
$ 0
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0
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0
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7,761,196
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11,176,606
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| PEO Actually Paid Compensation Amount |
0
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0
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0
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6,710,784
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15,683,430
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| Mark Fioravanti [Member] |
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| Pay vs Performance Disclosure |
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| PEO Total Compensation Amount |
6,246,483
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5,754,274
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6,015,205
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0
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0
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| PEO Actually Paid Compensation Amount |
5,903,983
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$ 6,032,922
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$ 10,397,228
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$ 0
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$ 0
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| PEO | Mark Fioravanti [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(3,325,125)
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| PEO | Mark Fioravanti [Member] | 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 |
2,982,625
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| PEO | Mark Fioravanti [Member] | 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 |
3,268,832
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| PEO | Mark Fioravanti [Member] | 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 |
28,098
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| PEO | Mark Fioravanti [Member] | 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 |
0
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| PEO | Mark Fioravanti [Member] | 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 |
(314,305)
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| PEO | Mark Fioravanti [Member] | 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 |
0
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| PEO | Mark Fioravanti [Member] | 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 |
0
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| Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(940,497)
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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 |
788,763
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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 |
924,573
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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 |
12,305
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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 |
0
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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 |
(148,115)
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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 |
0
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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 |
$ 0
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