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SHARE CAPITAL AND SHARE OPTIONS (Tables)
 12 Months Ended
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