XML 37 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
NONVESTED STOCK AWARDS
 3 Months Ended
Mar. 31, 2013
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, 2013 under the Genco Shipping & Trading Limited 2005 and 2012 Equity Incentive Plans (the “GS&T Plans”):

 

 

 

Number of
Shares

 

Weighted
Average Grant
Date Price

 

Outstanding at January 1, 2013

 

1,108,762

 

$

9.47

 

Granted

 

—

 

—

 

Vested

 

—

 

—

 

Forfeited

 

(6,750

)

7.02

 

 

 

 

 

 

 

Outstanding at March 31, 2013

 

1,102,012

 

$

9.48

 

 

There were no shares that vested under the GS&T Plans during the three months ended March 31, 2013 and 2012.

 

For the three months ended March 31, 2013 and 2012, the Company recognized nonvested stock amortization expense for the GS&T Plans, which is included in general, administrative and management fees, as follows:

 

 

 

Three Months Ended
March 31,

 

 

 

2013

 

2012

 

General, administrative and management fees

 

$

769

 

$

1,078

 

 

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, 2013, unrecognized compensation cost of $4,314 related to nonvested stock will be recognized over a weighted-average period of 2.98 years.

 

The following table presents a summary of Baltic Trading’s nonvested stock awards for the three months ended March 31, 2013 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, 2013

 

664,249

 

$

7.70

 

Granted

 

—

 

—

 

Vested

 

(116,500

)

14.00

 

Forfeited

 

—

 

—

 

 

 

 

 

 

 

Outstanding at March 31, 2013

 

547,749

 

$

6.37

 

 

The total fair value of shares that vested under the Baltic Trading Plan during the three months ended March 31, 2013 and 2012 was $454 and $457, 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, 2013 and 2012, 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,

 

 

 

2013

 

2012

 

General, administrative and management fees

 

$

464

 

$

572

 

 

The Company is amortizing Baltic Trading’s grants over the applicable vesting periods, net of anticipated forfeitures.  As of March 31, 2013, unrecognized compensation cost of $1,431 related to nonvested stock will be recognized over a weighted-average period of 2.41 years.