NONVESTED STOCK AWARDS

9 Months Ended

Sep. 30, 2012

NONVESTED STOCK AWARDS

NONVESTED STOCK AWARDS

20 - NONVESTED STOCK AWARDS

The table below summarizes the Company’s nonvested stock awards for the nine months ended September 30, 2012 under the Genco Shipping & Trading Limited 2005 Equity Incentive Plan (the “GS&T Plan”):

	Number of Shares		Weighted Average Grant Date Price
Outstanding at January 1, 2012	936,787		$	14.06
Granted	15,000		3.50
Vested	(15,000	)	8.00
Forfeited	(1,500	)	6.39
Outstanding at September 30, 2012	935,287		$	14.00

The total fair value of shares that vested under the GS&T Plan during the nine months ended September 30, 2012 and 2011 was $53 and $120, 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.

For the three and nine months ended September 30, 2012 and 2011, the Company recognized nonvested stock amortization expense for the GS&T Plan, which is included in general, administrative and management fees, as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
General, administrative and management fees	$	1,069	$	1,472	$	3,214	$	4,443

The fair value of nonvested stock at the grant date is equal to the closing stock price on that date.  The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures.  As of September 30, 2012, unrecognized future compensation cost of $4,800 related to nonvested stock will be recognized over a weighted-average period of 2.93 years.

The following table presents a summary of Baltic Trading’s nonvested stock awards for the nine months ended September 30, 2012 under the Baltic Trading Limited 2010 Equity Incentive Plan (the “Baltic Trading Plan”):

	Number of Baltic Trading Common Shares		Weighted Average Grant Date Price
Outstanding at January 1, 2012	545,750		$	11.60
Granted	12,500		3.86
Vested	(129,000	)	13.31
Forfeited	—		—
Outstanding at September 30, 2012	429,250		$	10.86

The total fair value of shares that vested under the Baltic Trading Plan during the nine months ended September 30, 2012 and 2011 was $505 and $1,131, 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.

For the three and nine months ended September 30, 2012 and 2011, the Company recognized nonvested stock amortization expense for the Baltic Trading Plan, which is included in general, administrative and management fees, as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
General, administrative and management fees	$	403	$	623	$	1,377	$	2,174

The Company is amortizing Baltic Trading’s grants over the applicable vesting periods, net of anticipated forfeitures.  As of September 30, 2012, unrecognized future compensation cost of $1,434 related to nonvested stock will be recognized over a weighted-average period of 1.96 years.