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NONVESTED STOCK AWARDS
 3 Months Ended
Mar. 31, 2012
NONVESTED STOCK AWARDS  
NONVESTED STOCK AWARDS

20 - NONVESTED STOCK AWARDS

 

The table below summarizes the Company’s nonvested stock awards for the three months ended March 31, 2012 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, 2012

 

936,787

 

$

14.06

 

Granted

 

—

 

—

 

Vested

 

—

 

—

 

Forfeited

 

—

 

—

 

 

 

 

 

 

 

Outstanding at March 31, 2012

 

936,787

 

$

14.06

 

 

There were no shares that vested under the GS&T Plan during the three months ended March 31, 2012 and 2011.

 

For the three months ended March 31, 2012 and 2011, 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
March 31,

 

 

 

2012

 

2011

 

General, administrative and management fees

 

$

1,078

 

$

1,494

 

 

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 March 31, 2012, unrecognized compensation cost of $6,893 related to nonvested stock will be recognized over a weighted-average period of 3.42 years.

 

The following table presents a summary of Baltic Trading’s nonvested stock awards for the three months ended March 31, 2012 under the Baltic Trading Limited 2010 Equity Incentive Plan (the “Baltic Trading Plan”):

 

 

 

Number of Baltic
Trading
Common
Shares

 

Weighted
Average Grant
Date Price

 

Outstanding at January 1, 2012

 

545,750

 

$

11.60

 

Granted

 

—

 

—

 

Vested

 

(116,500

)

14.00

 

Forfeited

 

—

 

—

 

 

 

 

 

 

 

Outstanding at March 31, 2012

 

429,250

 

$

10.95

 

 

The total fair value of shares that vested under the Baltic Trading Plan during the three months ended March 31, 2012 and 2011 was $457 and $1,131, 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 months ended March 31, 2012 and 2011, 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
March 31,

 

 

 

2012

 

2011

 

General, administrative and management fees

 

$

572

 

$

945

 

 

The Company is amortizing Baltic Trading’s grants over the applicable vesting periods, net of anticipated forfeitures.  As of March 31, 2012, unrecognized compensation cost of $2,190 related to nonvested stock will be recognized over a weighted-average period of 2.43 years.