NONVESTED STOCK AWARDS

9 Months Ended

Sep. 30, 2013

20 - NONVESTED STOCK AWARDS

The table below summarizes the Company’s nonvested stock awards for the nine months ended September 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		(21,500	)		5.53

Outstanding at September 30, 2013		1,217,896		$	8.61

The total fair value of shares that vested under the GS&T Plans during the nine months ended September 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 nine months ended September 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 September 30,						For the Nine Months Ended September 30,
	2013			2012			2013			2012
General, administrative, and management fees		$	749		$	1,069		$	2,314		$	3,214

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, 2013, unrecognized future compensation cost of $3,013 related to nonvested stock will be recognized over a weighted-average period of 2.34 years.

The following table presents a summary of Baltic Trading’s nonvested stock awards for the nine months ended September 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 September 30, 2013		557,429		$	6.37

The total fair value of shares that vested under the Baltic Trading Plan during the nine months ended September 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 nine months ended September 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 September 30,						For the Nine Months Ended September 30,
	2013			2012			2013			2012
General, administrative, and management fees		$	341		$	403		$	1,156		$	1,377

The Company is amortizing Baltic Trading’s grants over the applicable vesting periods, net of anticipated forfeitures. As of September 30, 2013, unrecognized future compensation cost of $964 related to nonvested stock will be recognized over a weighted-average period of 1.97 years.

- 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.

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