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NONVESTED STOCK AWARDS | 6 Months Ended
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Jun. 30, 2014
NONVESTED STOCK AWARDS |
NONVESTED STOCK AWARDS | 22 - NONVESTED STOCK AWARDS The table below summarizes the Company’s nonvested stock awards for the six months ended June 30, 2014 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, 2014 |  | 880,465 |  | $ | 7.77 |
Granted |  | — |  | — |
Vested |  | — |  | — |
Forfeited |  | — |  | — |
Outstanding at June 30, 2014 |  | 880,465 |  | $ | 7.77 |
The total fair value of shares that vested under the GS&T Plans during the six months ended June 30, 2014 and 2013 was $0 and $110, 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, 2014 and 2013, 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, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
General, administrative, and management fees |  | $ | 393 |  | $ | 796 |  | $ | 820 |  | $ | 1,565 |
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, 2014, unrecognized compensation cost of $1,583 related to nonvested stock will be recognized over a weighted-average period of 1.69 years. On March 13, 2014, Baltic Trading’s Board of Directors approved an amendment to the Baltic Trading Limited 2010 Equity Incentive Plan (the “Baltic Trading Plan”) that increased the aggregate number of shares of common stock available for awards from 2,000,000 to 6,000,000 shares. Additionally, on April 9, 2014, at Baltic Trading’s 2014 Annual Meeting of Shareholders, Baltic Trading’s shareholders approved the amendment to the Baltic Trading Plan. The following table presents a summary of Baltic Trading’s nonvested stock awards for the six months ended June 30, 2014 under the Baltic Trading Plan:
|  | Number of Baltic Trading Common Shares |  | Weighted Average Grant Date Price |
Outstanding at January 1, 2014 |  | 1,381,429 |  | $ | 6.03 |
Granted |  | 36,345 |  | 6.19 |
Vested |  | (176,180 | ) | 10.53 |
Forfeited |  | — |  | — |
Outstanding at June 30, 2014 |  | 1,241,594 |  | $ | 5.39 |
The total fair value of shares that vested under the Baltic Trading Plan during the six months ended June 30, 2014 and 2013 was $1,143 and $643, 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, 2014 and 2013, 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, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
General, administrative, and management fees |  | $ | 908 |  | $ | 351 |  | $ | 1,871 |  | $ | 815 |
The Company is amortizing Baltic Trading’s grants over the applicable vesting periods, net of anticipated forfeitures. As of June 30, 2014, unrecognized compensation cost of $4,288 related to nonvested stock will be recognized over a weighted-average period of 3.01 years.

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