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NONVESTED STOCK AWARDS | 9 Months Ended
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Sep. 30, 2011
NONVESTED STOCK AWARDS |
NONVESTED STOCK AWARDS |
18 - NONVESTED STOCK AWARDS The table below summarizes the Company’s nonvested stock awards for the nine months ended September 30, 2011 under the Genco Shipping & Trading Limited 2005 Equity Incentive Plan (the “GS&T Plan”):
|  | Number of Shares |  | Weighted Average Grant Date Price |
Outstanding at January 1, 2011 |  | 809,087 |  | $ | 19.40 |
Granted |  | 15,000 |  | 8.00 |
Vested |  | (15,000 | ) | 22.05 |
Forfeited |  | (1,100 | ) | 14.65 |
Outstanding at September 30, 2011 |  | 807,987 |  | $ | 19.15 |
The total fair value of shares that vested under the GS&T Plan during the nine months ended September 30, 2011 and 2010 was $120 and $331, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. For the three and nine months ended September 30, 2011 and 2010, the Company recognized nonvested stock amortization expense for the GS&T Plan, which is included in general, administrative and management fees, as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
General, administrative and management fees |  | $ | 1,472 |  | $ | 1,141 |  | $ | 4,443 |  | $ | 3,331 |
The fair value of nonvested stock at the grant date is equal to the closing stock price on that date. The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of September 30, 2011, unrecognized compensation cost of $6,912 related to nonvested stock will be recognized over a weighted-average period of 3.71 years. The following table presents a summary of Baltic Trading’s nonvested stock awards for the nine months ended September 30, 2011 under the Baltic Trading Plan:
|  | Number of Common Shares |  | Weighted Average Grant Date Price |
Outstanding at January 1, 2011 |  | 583,500 |  | $ | 13.40 |
Granted |  | 12,500 |  | 6.92 |
Vested |  | (129,000 | ) | 14.00 |
Forfeited |  | — |  | — |
Outstanding at September 30, 2011 |  | 467,000 |  | $ | 13.06 |
The total fair value of shares that vested under the Baltic Trading Plan during the nine months ended September 30, 2011 and 2010 was $1,131 and $0, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. For the three and nine months ended September 30, 2011 and 2010, the Company recognized nonvested stock amortization expense for the Baltic Trading Plan, which is included in general, administrative and management fees, as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
General, administrative and management fees |  | $ | 623 |  | $ | 892 |  | $ | 2,174 |  | $ | 1,986 |
The Company is amortizing Baltic Trading’s grants over the applicable vesting periods, net of anticipated forfeitures. As of September 30, 2011, unrecognized compensation cost of $2,838 related to nonvested stock will be recognized over a weighted-average period of 2.56 years.

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