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SHARE CAPITAL AND SHARE OPTIONS (Tables)
 12 Months Ended
Dec. 31, 2012
SHARE CAPITAL AND SHARE OPTIONS [Abstract]  
Authorized and issue share capital
As at December 31, 2012 and December 31, 2011, authorized and issued share capital is as follows:

Authorized share capital:

(in thousands of $, except per share data)
2012

 
2011

100,000,000 common shares of $1.00 each
100,000

 
100,000


Issued share capital:
(in thousands of $, except per share data)
2012

 
2011

80,503,364 (2011: 80,236,252) outstanding issued common shares of $1.00 each
80,504

 
80,237
Treasury shares held
The number of treasury shares held by the Company is as follows:
(Number of shares in thousands)
2012

 
2011

 
2010

At January 1
—

 
150

 
450

Disposed of during the year
—

 
(150
)
 
(300
)
At December 31
—

 
—

 
150


(In thousands of $)
2012

 
2011

 
2010

At December 31:
 
 
 
 
 
Book value of treasury shares
—

 
—

 
2,280

Market value of treasury shares
—

 
—

 
2,245
Weighted average assumptions used
The weighted average assumptions used are noted in the table below:

 
2012

 
2011

 
2010

Risk free interest rate
2.0
%
 
1.8
%
 
2.0
%
Expected volatility of common stock
56.9
%
 
53.2
%
 
56.7
%
Expected dividend yield
0.0
%
 
0.0
%
 
0.0
%
Expected life of options (in years)
2.6 years

 
2.6 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, 2012, 2011 and 2010, 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, 2009
5,487

 
$
4.51

 
 
  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 option 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
Exercised during the year
(267
)
 
$
1.54

 
 
Forfeited during the year
(1
)
 
$
8.54

 
 
Options outstanding at December 31, 2012
581

 
$
7.86

 
0.8

Options exercisable at:
 
 
 
 
 
December 31, 2012
323

 
$
8.46

 
0.3
December 31, 2011
299

 
$
9.94

 
0.3
December 31, 2010
2,217

 
$
4.66

 
1.1