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STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2016

2014 MIP Plan

Nonvested Stock Awards

Summary of nonvested stock awards

		Number of Shares		Weighted Average Grant Date Price
Outstanding at January 1, 2016		740,400		$	20.00
Granted		—		—
Vested		—		—
Forfeited		—		—
Outstanding at March 31, 2016		740,400		$	20.00

Schedule of nonvested stock amortization expense

		For the Three Months Ended March 31,
		2016			2015
General, administrative and management fees		$	1,536		$	3,345

2015 EIP Plan | Restricted Stock Units

Nonvested Stock Awards

Summary of nonvested stock awards

		Number of RSUs		Weighted Average Grant Date Price
Outstanding at January 1, 2016		58,215		$	7.15
Granted		—		—
Vested		(23,286	)	7.15
Forfeited		—		—
Outstanding at March 31, 2016		34,929		$	7.15

Unvested RSUs March 31, 2016							Vested RSUs March 31, 2016
					Weighted
		Weighted			Average				Weighted
Number of RSUs		Average Grant Date Price			Remaining Contractual Life		Number of RSUs		Average Grant Date Price
34,929		$	7.15		0.12		39,474		$	7.09

Schedule of nonvested stock amortization expense

		For the Three Months Ended March 31,
		2016			2015
General, administrative and management fees		$	155		$	—

2015 EIP Plan | Restricted Stock

Nonvested Stock Awards

Summary of nonvested stock awards

		Number of Shares		Weighted Average Grant Date Price
Outstanding at January 1, 2016		—		$	—
Granted		612,244		0.52
Vested		—		—
Forfeited		—		—
Outstanding at March 31, 2016		612,244		$	0.52

Schedule of nonvested stock amortization expense

		For the Three Months Ended March 31,
		2016			2015
General, administrative and management fees		$	30		$	—

Baltic Trading Plan

Nonvested Stock Awards

Schedule of nonvested stock amortization expense

		For the Three Months Ended March 31,
		2016			2015
General, administrative and management fees		$	—		$	816

Warrants | 2014 MIP Plan

Nonvested Stock Awards

Schedule of nonvested stock amortization expense

		For the Three Months Ended March 31,
		2016			2015
General, administrative and management fees		$	3,765		$	8,199

Summary of warrant activity and warrants outstanding

		Number of Warrants		Weighted Average Exercise Price			Weighted Average Fair Value
Outstanding at January 1, 2016		5,704,974		$	30.31		$	6.36
Granted		—		—			—
Exercisable		—		—			—
Exercised		—		—			—
Forfeited		—		—			—
Outstanding at March 31, 2016		5,704,974		$	30.31		$	6.36

The following table summarizes certain information about the warrants outstanding as of March 31, 2016:

Warrants Outstanding, March 31, 2016

Warrants Exercisable, March 31, 2016

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

4.36

2,852,487

$

30.31

4.36

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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