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SHARE CAPITAL AND SHARE OPTIONS (Tables) | 12 Months Ended
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Dec. 31, 2011
Equity [Abstract] |
Authorized and issue share capital | As at December 31, 2011 and December 31, 2010, authorized and issued share capital is as follows: Authorized share capital:
(in thousands of $, except per share data) | 2011 |  |  | 2010 |
100,000,000 common shares of $1.00 each | 100,000 |  |  | 100,000 |
Issued share capital:
(in thousands of $, except per share data) | 2011 |  |  | 2010 |
80,236,252 (2010: 67, 808,200) outstanding issued common shares of $1.00 each | 80,237 |  |  | 67,808 |
Treasury shares held | The number of treasury shares held by the Company is as follows:
(Number of shares in thousands) | 2011 |  |  | 2010 |  |  | 2009 |
At January 1 | 150 |  |  | 450 |  |  | 350 |
Acquired during the year | — |  |  | — |  |  | 300 |
Disposed of during the year | (150 | ) |  | (300 | ) |  | (200 | )
At December 31 | — |  |  | 150 |  |  | 450 |
(In thousands of $) | 2011 |  |  | 2010 |  |  | 2009 |
At December 31: |  |  |  |  |
Book value of treasury shares | — |  |  | 2,280 |  |  | 6,841 |
Market value of treasury shares | — |  |  | 2,245 |  |  | 5,769 |
Weighted average assumptions used | The weighted average assumptions used are noted in the table below:
| 2011 |  |  | 2010 |  |  | 2009 |
Risk free interest rate | 1.8 | % |  | 2.0 | % |  | 2.4 | %
Expected volatility of common stock | 53.2 | % |  | 56.7 | % |  | 54.4 | %
Expected dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Expected life of options (in years) | 2.6 years |  |  | 3.5 years |  |  | 3.5 years |
Summary of stock option activity | A summary of option activity (including Golar Energy options prior to cancellation in May 2011) as at December 31, 2011, 2010 and 2009, and changes during the years then ended are presented below:
(in thousands of $, except per share data) | Shares (In '000s) |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual term (years) |
Options outstanding at December 31, 2008 | 2,670 |  |  | $ | 14.51 |  |  | 3.2 |
Granted during the year | 4,190 |  |  | $ | 2.77 |  |  |  |
Exercised during the year | (200 | ) |  | $ | 9.89 |  |  |  |
Forfeited during the year | (1,173 | ) |  | $ | 20.16 |  |  |  |
Options outstanding at December 31, 2009 | 5,487 |  |  | $ | 4.51 |  |  | 2.2 |
Granted during the year | 2,323 |  |  | $ | 1.62 |  |  |  |
Exercised during the year | (531 | ) |  | $ | 7.81 |  |  |  |
Options outstanding at December 31, 2010 | 7,279 |  |  | $ | 2.96 |  |  | 2.0 |
Exercised during the year | (1,604 | ) |  | $ | 7.46 |  |  |  |
Forfeited during the year | (285 | ) |  | $ | 5.43 |  |  |
Options exchanged |  |  |  |  |
- Golar Energy options exchanged and cancelled | (5,438 | ) |  | $ | 1.95 |  |  |  |
- Golar LNG options issued | 897 |  |  | $ | 11.84 |  |  |
Options outstanding at December 31, 2011 | 849 |  |  | $ | 10.11 |  |  | 1.2 |
Options exercisable at: |  |  |  |  |
December 31, 2011 | 299 |  |  | $ | 9.94 |  |  | 0.3 |
December 31, 2010 | 2,217 |  |  | $ | 4.66 |  |  | 1.1 |
December 31, 2009 | 1,272 |  |  | $ | 10.12 |  |  | 1.2 |

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- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -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 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 718 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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