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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2015
Restricted Stock Units |
Nonvested Stock Awards |
Summary of nonvested stock awards | The table below summarized the Successor Company’s RSUs for the year ended December 31, 2015:
|  | Number of RSUs |  | Weighted Average Grant Date Price |
Outstanding at January 1, 2015 - Successor |  | — |  | $ | — |
Granted |  | 74,403 |  | 7.11 |
Vested |  | (16,188 | ) | 7.00 |
Forfeited |  | — |  | — |
Outstanding at December 31, 2015 - Successor |  | 58,215 |  | $ | 7.15 |
The following table summarizes certain information of the RSUs unvested and vested as of December 31, 2015:
Unvested RSUs December 31, 2015 |  | Vested RSUs December 31, 2015 |
|  |  |  | Weighted |  |  |  |  |
|  | Weighted |  | Average |  |  |  | Weighted |
Number of RSUs |  | Average Grant Date Price |  | Remaining Contractual Life |  | Number of RSUs |  | Average Grant Date Price |
58,215 |  | $ | 7.15 |  | 0.37 |  | 16,188 |  | $ | 7.00 |
Schedule of nonvested stock amortization expense |
|  | Successor |
|  | Year Ended December 31, 2015 |  | Period from July 9 to December 31, 2014 |
General, administrative and management fees |  | $ | 337 |  | $ | — |
2014 MIP Plan |
Nonvested Stock Awards |
Summary of nonvested stock awards |
|  | Number of Shares |  | Weighted Average Grant Date Price |
Outstanding at July 9, 2014 - Successor |  | — |  | $ | — |
Granted |  | 1,110,600 |  | 20.00 |
Vested |  | — |  | — |
Forfeited |  | — |  | — |
Outstanding at December 31, 2014 - Successor |  | 1,110,600 |  | $ | 20.00 |
|  | Number of Shares |  | Weighted Average Grant Date Price |
Outstanding at January 1, 2015 - Successor |  | 1,110,600 |  | $ | 20.00 |
Granted |  | — |  | — |
Vested |  | (370,200 | ) | 20.00 |
Forfeited |  | — |  | — |
Outstanding at December 31, 2015 - Successor |  | 740,400 |  | $ | 20.00 |
Schedule of nonvested stock amortization expense |
|  | Successor |
|  | Year Ended December 31, |  | Period from July 9 to December 31, |
|  | 2015 |  | 2014 |
General, administrative and management fees |  | $ | 25,941 |  | $ | 13,390 |
Summary of warrant activity and warrants outstanding |
|  | Number of Warrants |  | Weighted Average Exercise Price |  | Weighted Average Fair Value |
Outstanding at July 9, 2014 - Successor |  | — |  | $ | — |  | $ | — |
Granted |  | 8,557,461 |  | 30.31 |  | 6.36 |
Exercisable |  | — |  | — |  | — |
Exercised |  | — |  | — |  | — |
Forfeited |  | — |  | — |  | — |
Outstanding at December 31, 2014 - Successor |  | 8,557,461 |  | $ | 30.31 |  | $ | 6.36 |
|  | Number of Warrants |  | Weighted Average Exercise Price |  | Weighted Average Fair Value |
Outstanding at January 1, 2015 - Successor |  | 8,557,461 |  | $ | 30.31 |  | $ | 6.36 |
Granted |  | — |  | — |  | — |
Exercisable |  | (2,852,487 | ) | 30.31 |  | 6.36 |
Exercised |  | — |  | — |  | — |
Forfeited |  | — |  | — |  | — |
Outstanding at December 31, 2015 - Successor |  | 5,704,974 |  | $ | 30.31 |  | $ | 6.36 |
|  | Warrants Outstanding, December 31, 2015 |  | Warrants Exercisable, December 31, 2015 |
|  |  |  |  |  | Weighted |  |  |  |  |  | Weighted |
|  |  |  | Weighted |  | Average |  |  |  | Weighted |  | Average |
Weighted |  |  |  | Average |  | Remaining |  |  |  | Average |  | Remaining |
Average |  | Number of |  | Exercise |  | Contractual |  | Number of |  | Exercise |  | Contractual |
Exercise Price |  | Warrants |  | Price |  | Life |  | Warrants |  | Price |  | Life |
$ | 30.31 |  | 5,704,974 |  | $ | 30.31 |  | 4.60 |  | 2,852,487 |  | $ | 30.31 |  | 4.60 |
2014 MIP Plan | Restricted shares |
Nonvested Stock Awards |
Schedule of nonvested stock amortization expense |
|  | Successor |
|  | Year Ended December 31, 2015 |  | Period from July 9 to December 31, 2014 |
General, administrative and management fees |  | $ | 10,585 |  | $ | 5,464 |
Baltic Trading Plan |
Nonvested Stock Awards |
Summary of nonvested stock awards |
|  | Year Ended December 31, |
|  | 2015 |  | 2014 |  | 2013 |
|  | 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 |  | 1,941,844 |  | $ | 3.80 |  | 1,381,429 |  | $ | 6.03 |  | 664,249 |  | $ | 7.70 |
Granted |  | — |  | — |  | 1,086,345 |  | 2.61 |  | 998,680 |  | 5.60 |
Vested |  | (1,941,844 | ) | 3.80 |  | (525,930 | ) | 7.21 |  | (281,500 | ) | 8.48 |
Forfeited |  | — |  | — |  | — |  | — |  | — |  | — |
Outstanding at December 31 |  | — |  | $ | — |  | 1,941,844 |  | $ | 3.80 |  | 1,381,429 |  | $ | 6.03 |
Schedule of nonvested stock amortization expense |
|  | Successor |  |  | Predecessor |
|  | Year |  | Period from |  |  | Period from |  | Year |
|  | Ended |  | July 9 to |  |  | January 1 to |  | Ended |
|  | December 31, |  | December 31, |  |  | July 9, |  | December 31, |
|  | 2015 |  | 2014 |  |  | 2014 |  | 2013 |
General, administrative and management fees |  | $ | 5,273 |  | $ | 1,551 |  |  | $ | 1,949 |  | $ | 1,558 |
Predecessor | 2005 and 2012 GS&T Plans |
Nonvested Stock Awards |
Summary of nonvested stock awards |
|  | Predecessor |
|  | Period from January 1 to July 9, |
|  | 2014 |
|  | Number of Shares |  | Weighted Average Grant Date Price |
Outstanding at January 1, 2014 - Predecessor |  | 880,465 |  | $ | 7.77 |
Granted |  | — |  | — |
Vested |  | (880,465 | ) | 7.77 |
Forfeited |  | — |  | — |
Outstanding at July 9, 2014 - Predecessor |  | — |  | $ | — |
|  | Predecessor |
|  | Year Ended December 31, |
|  | 2013 |
|  | Number of Shares |  | Weighted Average Grant Date Price |
Outstanding at January 1 - Predecessor |  | 1,108,762 |  | $ | 9.47 |
Granted |  | 200,634 |  | 1.57 |
Vested |  | (407,431 | ) | 9.46 |
Forfeited |  | (21,500 | ) | 5.53 |
Outstanding at December 31 - Predecessor |  | 880,465 |  | $ | 7.77 |
Schedule of nonvested stock amortization expense |
|  | Predecessor |  |  |
|  | Period from January 1 to July 9, |  | Year Ended December 31, |
|  | 2014 |  | 2013 |
General, administrative and management fees |  | $ | 2,403 |  | $ | 2,924 |

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