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NONVESTED STOCK AWARDS
9 Months Ended
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.