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.