21- NONVESTED STOCK AWARDS

On July 12, 2005, the Company’s Board of Directors approved the Genco Shipping and Trading Limited 2005 Equity Incentive Plan (the “2005 GS&T Plan”). The aggregate number of shares of common stock available for award under the 2005 GS&T Plan is 2,000,000 shares. Additionally, on May 17, 2012, at the Company’s 2012 Annual Meeting of Shareholders, the Company’s shareholders approved the Genco Shipping and Trading Limited 2012 Equity Incentive Plan (the “2012 GS&T Plan”). The aggregate number of shares of common stock available for award under the 2012 GS&T Plan is 3,000,000 shares. Under these plans, the Company’s Board of Directors, the compensation committee, or another designated committee of the Board of Directors may grant a variety of stock-based incentive awards to employees, directors and consultants who the compensation committee (or other committee or the Board of Directors) believes are key to the Company’s success. Awards may consist of incentive stock options, nonqualified stock options, stock appreciation rights, dividend equivalent rights, nonvested stock, unrestricted stock and performance shares.

Grants of nonvested common stock to executives and employees vest ratably on each of the four anniversaries of the determined vesting date. Grants of nonvested common stock to directors vest the earlier of the first anniversary of the grant date or the date of the next annual shareholders’ meeting, which are typically held during May. Grants of nonvested common stock to the Company’s Chairman, Peter C. Georgiopoulos, that are not granted as part of grants made to all directors, excluding the grants made on December 13, 2012, December 28, 2011 and December 21, 2010, vest ratably on each of the ten anniversaries of the vesting date.

The table below summarizes the Company’s nonvested stock awards for the three years ended December 31, 2013 under the 2005 and 2012 GS&T Plans:

	Year Ended December 31,
	2013					2012					2011
	Number of Shares			Weighted Average Grant Date Price		Number of Shares			Weighted Average Grant Date Price		Number of Shares			Weighted Average Grant Date Price
Outstanding at January 1		1,108,762		$	9.47		936,787		$	14.06		809,087		$	19.40
Granted		200,634			1.57		464,175			2.71		357,500			6.46
Vested		(407,431	)		9.46		(290,700	)		13.49		(228,700	)		21.08
Forfeited		(21,500	)		5.53		(1,500	)		6.39		(1,100	)		14.65

Outstanding at December 31		880,465		$	7.77		1,108,762		$	9.47		936,787		$	14.06

The total fair value of shares that vested under the 2005 and 2012 GS&T Plans during the years ended December 31, 2013, 2012 and 2011 was $943, $733 and $2,105, 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 years ended December 31, 2013, 2012 and 2011, the Company recognized nonvested stock amortization expense for the 2005 and 2012 GS&T Plans, which is included in general, administrative and management fees, as follows:

	Year Ended December 31,
	2013		2012		2011
General, administrative and management fees	$	2,924	$	4,087	$	5,574

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 December 31, 2013, unrecognized compensation cost of $2,403 related to nonvested stock will be recognized over a weighted-average period of 2.16 years.

On March 3, 2010, Baltic Trading’s Board of Directors approved the Baltic Trading Limited 2010 Equity Incentive Plan (the “Baltic Trading Plan”). Under the Baltic Trading Plan, Baltic Trading’s Board of Directors, the compensation committee, or another designated committee of the Board of Directors may grant a variety of stock-based incentive awards to officers, directors, and executive, managerial, administrative and professional employees of and consultants to Baltic Trading or the Company whom the compensation committee (or other committee of the Board of Directors) believes are key to Baltic Trading’s success. Awards may consist of restricted stock, restricted stock units, stock options, stock appreciation rights and other stock or cash-based awards. The aggregate number of shares of common stock available for award under the Baltic Trading Plan is 2,000,000 common shares.

Grants of restricted stock to Peter C. Georgiopoulos, Chairman of the Board of Baltic Trading, and John Wobensmith, President and Chief Financial Officer of Baltic Trading, made in connection with Baltic Trading’s IPO vest ratably on each of the first four anniversaries of March 15, 2010. Grants of restricted common stock to Baltic Trading’s directors made following Baltic Trading’s IPO (which exclude the foregoing grant to Mr. Georgiopoulos) vest the earlier of the first anniversary of the grant date or the date of Baltic Trading’s next annual shareholders’ meeting, which is expected to be held in May 2012. Grants of restricted stock made to executives and the Chairman of the Board not in connection with the Company’s IPO vest ratably on each of the first four anniversaries of the determined vesting date.

The following table presents a summary of Baltic Trading’s nonvested stock awards for the three years ended December 31, 2013 under the Baltic Trading Plan:

	Year Ended December 31,
	2013					2012					2011
	Number of Baltic Trading Common Shares			Weighted Average Grant Date Price		Number of Baltic Trading Common Shares			Weighted Average Grant Date Price		Number of Baltic Trading Common Shares			Weighted Average Grant Date Price
Outstanding at January 1		664,249		$	7.70		545,750		$	11.60		583,500		$	13.40
Granted		998,680			5.60		299,999			3.04		117,500			5.11
Vested		(281,500	)		8.48		(181,500	)		11.71		(155,250	)		13.43
Forfeited		—			—		—			—		—			—

Outstanding at December 31		1,381,429		$	6.03		664,249		$	7.70		545,750		$	11.60

The total fair value of shares that vested under the Baltic Trading Plan during the years ended December 31, 2013, 2012 and 2011 was $1,194, $663 and $1,275. 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 years ended December 31, 2013, 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:

	Year Ended December 31,
	2013		2012		2011
General, administrative and management fees	$	1,558	$	1,777	$	2,764

The Company is amortizing Baltic Trading’s grants over the applicable vesting periods, net of anticipated forfeitures. As of December 31, 2013, unrecognized compensation cost of $5,934 related to nonvested stock will be recognized over a weighted-average period of 3.15 years.