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STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 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 |  | (37,020) |  |  | 200.00 |
Forfeited |  | — |  |  | — |
Outstanding at September 30, 2016 |  | 37,020 |  | $ | 200.00 |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |  | For the Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
General, administrative and management fees |  | $ | 996 |  | $ | 2,304 |  | $ | 4,069 |  | $ | 9,031 |
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 September 30, 2016 |  | 66,666 |  | $ | 5.10 |
The total fair value of the RSUs that vested during the nine months ended September 30, 2016 and 2015 was $30 and $116, 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 September 30, 2016:
Unvested RSUs |  | Vested RSUs |
September 30, 2016 |  | September 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 |  | 0.63 |  | 7,440 |  | $ | 71.18 |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |  | For the Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
General, administrative and management fees |  | $ | 86 |  | $ | 235 |  | $ | 320 |  | $ | 235 |
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 September 30, 2016 |  | 61,224 |  | $ | 5.20 |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |  | For the Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
General, administrative and management fees |  | $ | 60 |  | $ | — |  | $ | 150 |  | $ | — |
Baltic Trading Plan |
Nonvested Stock Awards |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |  | For the Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
General, administrative and management fees |  | $ | — |  | $ | 3,665 |  | $ | — |  | $ | 5,273 |
Warrants | 2014 MIP Plan |
Nonvested Stock Awards |
Schedule of nonvested stock amortization expense |
|  | For the Three Months Ended |  | For the Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
General, administrative and management fees |  | $ | 2,442 |  | $ | 5,646 |  | $ | 9,973 |  | $ | 22,134 |
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 |  | (2,852,487) |  |  | 303.12 |  |  | 6.36 |
Exercised |  | — |  |  | — |  |  | — |
Forfeited |  | — |  |  | — |  |  | — |
Outstanding at September 30, 2016 |  | 2,852,487 |  | $ | 303.12 |  | $ | 6.36 |
The following table summarizes certain information about the warrants outstanding as of September 30, 2016:
|  |  | Warrants Outstanding, |  | Warrants Exercisable, |
|  |  | September 30, 2016 |  | September 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 |  | 2,852,487 |  | $ | 303.12 |  | 3.86 |  | 5,704,974 |  | $ | 303.12 |  | 3.86 |

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