XML 74 R41.htm IDEA: XBRL DOCUMENT v3.5.0.2

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2016

2014 MIP Plan

Nonvested Stock Awards

Summary of nonvested stock awards

				Weighted
		Number of		Average Grant
		Shares		Date Price
Outstanding at January 1, 2016		74,040		$	200.00
Granted		—			—
Vested		—			—
Forfeited		—			—
Outstanding at June 30, 2016		74,040		$	200.00

Schedule of nonvested stock amortization expense

		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2016			2015			2016			2015
General, administrative and management fees		$	1,537		$	3,382		$	3,073		$	6,727

2015 EIP Plan | Restricted Stock Units

Nonvested Stock Awards

Summary of nonvested stock awards

				Weighted
		Number of		Average Grant
		RSUs		Date Price
Outstanding at January 1, 2016		5,821		$	71.50
Granted		66,666			5.10
Vested		(5,821)			71.50
Forfeited		—			—
Outstanding at June 30, 2016		66,666		$	5.10

The total fair value of the RSUs that vested during the six months ended June 30, 2016 and 2015 was $30 and $0, 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. On February 17, 2016, the vesting of 23,286 outstanding RSUs, or 2,328 outstanding RSUs on a post-reverse stock split basis, were accelerated upon the resignation of two members on the Company’s Board of Directors.

The following table summarizes certain information of the RSUs unvested and vested as of June 30, 2016:

Unvested RSUs							Vested RSUs
June 30, 2016							June 30, 2016
					Weighted
		Weighted			Average				Weighted
		Average			Remaining				Average
Number of		Grant Date			Contractual		Number of		Grant Date
RSUs		Price			Life		RSUs		Price
66,666		$	5.10		0.88		7,440		$	71.18

Schedule of nonvested stock amortization expense

		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2016			2015			2016			2015
General, administrative and management fees		$	79		$	—		$	234		$	—

2015 EIP Plan | Restricted Stock

Nonvested Stock Awards

Summary of nonvested stock awards

				Weighted
		Number of		Average Grant
		Shares		Date Price
Outstanding at January 1,2016		—		$	—
Granted		61,224			5.20
Vested		—			—
Forfeited		—			—
Outstanding  at June 30, 2016		61,224		$	5.20

Schedule of nonvested stock amortization expense

		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2016			2015			2016			2015
General, administrative and management fees		$	60		$	—		$	90		$	—

Baltic Trading Plan

Nonvested Stock Awards

Schedule of nonvested stock amortization expense

		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2016			2015			2016			2015
General, administrative and management fees		$	—		$	791		$	—		$	1,608

Warrants | 2014 MIP Plan

Nonvested Stock Awards

Schedule of nonvested stock amortization expense

		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2016			2015			2016			2015
General, administrative and management fees		$	3,765		$	8,289		$	7,531		$	16,488

Summary of warrant activity and warrants outstanding

				Weighted			Weighted
		Number of		Average Exercise			Average Fair
		Warrants		Price			Value
Outstanding at January 1, 2016		5,704,974		$	303.12		$	6.36
Granted		—			—			—
Exercisable		—			—			—
Exercised		—			—			—
Forfeited		—			—			—
Outstanding at June 30, 2016		5,704,974		$	303.12		$	6.36

The following table summarizes certain information about the warrants outstanding as of June 30, 2016:

Warrants Outstanding,

Warrants Exercisable,

June 30, 2016

June 30, 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

$

303.12

5,704,974

$

303.12

4.11

2,852,487

$

303.12

4.11

X

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 14.F)
-URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14
-Section F

+ Details

Name:	us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(i))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 28
-Article 5

+ Details

Name:	us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_PlanNameAxis=gnk_GencoShippingAndTradingLimited2014ManagementIncentivePlanMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_PlanNameAxis=gnk_EquityIncentivePlan2015Member
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_PlanNameAxis=gnk_BalticTradingPlanMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_ClassOfWarrantOrRightAxis=gnk_ManagementIncentivePlanWarrantsIssueMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: