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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2017
2014 MIP Plan |
Stock Awards |
Summary of nonvested stock awards |
|  | Year Ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
|  |  |  | Weighted |  |  |  | Weighted |  |  |  | Weighted |
|  | Number of |  | Average Grant |  | Number of |  | Average Grant |  | Number of |  | Average Grant |
|  | Shares |  | Date Price |  | Shares |  | Date Price |  | Shares |  | Date Price |
Outstanding at January 1 |  | 9,255 |  | $ | 200.00 |  | 74,040 |  | $ | 200.00 |  | 111,060 |  | $ | 200.00 |
Granted |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |
Vested |  | (9,255) |  |  | 200.00 |  | (64,785) |  |  | 200.00 |  | (37,020) |  |  | 200.00 |
Forfeited |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |
Outstanding at December 31 |  | — |  | $ | — |  | 9,255 |  | $ | 200.00 |  | 74,040 |  | $ | 200.00 |
Schedule of nonvested stock amortization expense |
|  | For the Years Ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
General and administrative expenses |  | $ | 368 |  | $ | 5,795 |  | $ | 10,585 |
2015 EIP Plan | Stock Options |
Stock Awards |
Schedule of nonvested stock amortization expense |
| For the Years Ended December 31, |
| 2017 |  | 2016 |  | 2015 |
General and administrative expenses | $ | 512 |  | $ | — |  | $ | — |
Schedule of stock option activity |
|  |  |  | Weighted |  | Weighted |
|  | Number of |  | Average Exercise |  | Average Fair |
|  | Options |  | Price |  | Value |
Outstanding at January 1, 2017 - Unvested |  | — |  | $ | — |  | $ | — |
Granted |  | 133,000 |  |  | 11.13 |  |  | 6.41 |
Exercisable |  | (44,333) |  |  | 11.13 |  |  | 6.41 |
Exercised |  | — |  |  | — |  |  | — |
Forfeited |  | — |  |  | — |  |  | — |
Outstanding at December 31, 2017 - Unvested |  | 88,667 |  | $ | 11.13 |  | $ | 6.41 |
The following table summarizes certain information about the options outstanding as of December 31, 2017:
|  |  | Options Outstanding and Unvested, |  | Options Outstanding and Exercisable, |
|  |  | December 31, 2017 |  | December 31, 2017 |
Weighted |  |  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
Average |  |  |  | Weighted |  | Average |  |  |  | Weighted |  | Average |
Exercise Price of |  |  |  | Average |  | Remaining |  |  |  | Average |  | Remaining |
Outstanding |  | Number of |  | Exercise |  | Contractual |  | Number of |  | Exercise |  | Contractual |
Options |  | Options |  | Price |  | Life |  | Warrants |  | Price |  | Life |
$ | 11.13 |  | 88,667 |  | $ | 11.13 |  | 5.23 |  | 44,333 |  | $ | 11.13 |  | 5.23 |
2015 EIP Plan | Restricted Stock Units |
Stock Awards |
Summary of nonvested restricted stock units |
|  | Year Ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
|  |  |  | Weighted |  |  |  | Weighted |  |  |  | Weighted |
|  | Number of |  | Average Grant |  | Number of |  | Average Grant |  | Number of |  | Average Grant |
|  | RSUs |  | Date Price |  | RSUs |  | Date Price |  | RSUs |  | Date Price |
Outstanding at January 1 |  | 66,666 |  | $ | 5.10 |  | 5,821 |  | $ | 71.50 |  | — |  | $ | — |
Granted |  | 317,595 |  |  | 11.05 |  | 66,666 |  |  | 5.10 |  | 7,440 |  |  | 71.18 |
Vested |  | (164,132) |  |  | 8.68 |  | (5,821) |  |  | 71.50 |  | (1,619) |  |  | 70.00 |
Forfeited |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |
Outstanding at December 31 |  | 220,129 |  | $ | 11.01 |  | 66,666 |  | $ | 5.10 |  | 5,821 |  | $ | 71.50 |
The total fair value of the RSUs that vested during the years ended December 31, 2017, 2016 and 2015 was $1,858, $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 2,328 outstanding RSUs was 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 December 31, 2017:
Unvested RSUs |  | Vested RSUs |
December 31, 2017 |  | December 31, 2017 |
|  |  |  | Weighted |  |  |  |  |
|  | Weighted |  | Average |  |  |  | Weighted |
|  | Average |  | Remaining |  |  |  | Average |
Number of |  | Grant Date |  | Contractual |  | Number of |  | Grant Date |
RSUs |  | Price |  | Life |  | RSUs |  | Price |
220,129 |  | $ | 11.01 |  | 1.63 |  | 171,572 |  | $ | 11.39 |
Schedule of nonvested stock amortization expense |
|  | For the Years Ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
General and administrative expenses |  | $ | 2,241 |  | $ | 405 |  | $ | 337 |
2015 EIP Plan | Restricted Stock |
Stock Awards |
Summary of nonvested stock awards |
|  | Year Ended December 31, |
|  | 2017 |  | 2016 |
|  |  |  | Weighted |  |  |  | Weighted |
|  | Number of |  | Average Grant |  | Number of |  | Average Grant |
|  | Shares |  | Date Price |  | Shares |  | Date Price |
Outstanding at January 1 |  | 13,605 |  | $ | 5.20 |  | — |  | $ | — |
Granted |  | — |  |  | — |  | 61,224 |  |  | 5.20 |
Vested |  | (6,803) |  |  | 5.20 |  | (47,619) |  |  | 5.20 |
Forfeited |  | — |  |  | — |  | — |  |  | — |
Outstanding at December 31 |  | 6,802 |  | $ | 5.20 |  | 13,605 |  | $ | 5.20 |
Schedule of nonvested stock amortization expense |
|  | For the Years Ended December 31, |  |  |
|  | 2017 |  | 2016 |  | 2015 |  |  |
General and administrative expenses |  | $ | 30 |  | $ | 277 |  | $ | — |  |  |
Baltic Trading Plan |
Stock Awards |
Summary of nonvested stock awards |
|  | Year Ended December 31, |
|  | 2015 |
|  | Number |  |  |  |
|  | of Baltic |  | Weighted |
|  | Trading |  | Average |
|  | Common |  | Grant Date |
|  | Shares |  | Price |
Outstanding at January 1 |  | 1,941,844 |  | $ | 3.80 |
Granted |  | — |  |  | — |
Vested |  | (1,941,844) |  |  | 3.80 |
Forfeited |  | — |  |  | — |
Outstanding at December 31 |  | — |  | $ | — |
Schedule of nonvested stock amortization expense |
|  | Year |
|  | Ended |
|  | December 31, |
|  | 2015 |
General and administrative expenses |  | $ | 5,273 |
Warrants | 2014 MIP Plan |
Stock Awards |
Schedule of nonvested stock amortization expense |
|  | For the Years Ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
General and administrative expenses |  | $ | 902 |  | $ | 14,203 |  | $ | 25,941 |
Summary of warrant activity and warrants outstanding |
|  | Year Ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
|  |  |  | Weighted |  | Weighted |  |  |  | Weighted |  | Weighted |  |  |  | Weighted |  | Weighted |
|  |  |  | Average |  | Average |  |  |  | Average |  | Average |  |  |  | Average |  | Average |
|  | Number of |  | Exercise |  | Fair |  | Number of |  | Exercise |  | Fair |  | Number of |  | Exercise |  | Fair |
|  | Warrants |  | Price |  | Value |  | Warrants |  | Price |  | Value |  | Warrants |  | Price |  | Value |
Outstanding at January 1 - Unvested |  | 713,122 |  | $ | 303.12 |  | $ | 6.36 |  | 5,704,974 |  | $ | 303.12 |  | $ | 6.36 |  | 8,557,461 |  | $ | 303.12 |  | $ | 6.36 |
Granted |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |
Exercisable |  | (713,122) |  |  | 303.12 |  |  | 6.36 |  | (4,991,852) |  |  | 303.12 |  |  | 6.36 |  | (2,852,487) |  |  | 303.12 |  |  | 6.36 |
Exercised |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |
Forfeited |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |
Outstanding at December 31 - Unvested |  | — |  | $ | — |  | $ | — |  | 713,122 |  | $ | 303.12 |  | $ | 6.36 |  | 5,704,974 |  | $ | 303.12 |  | $ | 6.36 |
The following table summarizes certain information about the warrants outstanding as of December 31, 2017:
|  |  | Warrants Outstanding and Unvested, |  | Warrants Outstanding and Exercisable, |
|  |  | December 31, 2017 |  | December 31, 2017 |
Weighted |  |  |  |  |  | Weighted |  |  |  |  |  | Weighted |
Average |  |  |  | Weighted |  | Average |  |  |  | Weighted |  | Average |
Exercise Price of |  |  |  | Average |  | Remaining |  |  |  | Average |  | Remaining |
Outstanding |  | Number of |  | Exercise |  | Contractual |  | Number of |  | Exercise |  | Contractual |
Warrants |  | Warrants |  | Price |  | Life |  | Warrants |  | Price |  | Life |
$ | 303.12 |  | — |  | $ | — |  | — |  | 8,557,461 |  | $ | 303.12 |  | 2.60 |

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