XML 113 R29.htm IDEA: XBRL DOCUMENT
v2.4.0.8

NONVESTED STOCK AWARDS | 6 Months Ended
--- | ---
Jun. 30, 2013
NONVESTED STOCK AWARDS |
NONVESTED STOCK AWARDS | 20 - NONVESTED STOCK AWARDS The table below summarizes the Company’s nonvested stock awards for the six months ended June 30, 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 |  | 200,634 |  | 1.57 |
Vested |  | (70,000 | ) | 2.86 |
Forfeited |  | (9,750 | ) | 5.69 |
Outstanding at June 30, 2013 |  | 1,229,646 |  | $ | 8.58 |
The total fair value of shares that vested under the GS&T Plans during the six months ended June 30, 2013 and 2012 was $110 and $53, 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 six months ended June 30, 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:
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
General, administrative, and management fees |  | $ | 796 |  | $ | 1,068 |  | $ | 1,565 |  | $ | 2,145 |
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 June 30, 2013, unrecognized future compensation cost of $3,825 related to nonvested stock will be recognized over a weighted-average period of 2.59 years. The following table presents a summary of Baltic Trading’s nonvested stock awards for the six months ended June 30, 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 |  | 59,680 |  | 3.77 |
Vested |  | (166,500 | ) | 10.76 |
Forfeited |  | — |  | — |
Outstanding at June 30, 2013 |  | 557,429 |  | $ | 6.37 |
The total fair value of shares that vested under the Baltic Trading Plan during the six months ended June 30, 2013 and 2012 was $643 and $505, 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 six months ended June 30, 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:
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
General, administrative, and management fees |  | $ | 351 |  | $ | 402 |  | $ | 815 |  | $ | 974 |
The Company is amortizing Baltic Trading’s grants over the applicable vesting periods, net of anticipated forfeitures. As of June 30, 2013, unrecognized future compensation cost of $1,306 related to nonvested stock will be recognized over a weighted-average period of 2.22 years.

X
- Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration