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SHARE CAPITAL AND SHARE OPTIONS (Tables) | 12 Months Ended
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Dec. 31, 2013
SHARE CAPITAL AND SHARE OPTIONS [Abstract] |
Authorized and issue share capital | As at December 31, 2013 and 2012, our authorized and issued share capital is as follows: Authorized share capital:
(in thousands of $, except per share data) | 2013 |  |  | 2012 |
100,000,000 common shares of $1.00 each | 100,000 |  |  | 100,000 |
Issued share capital:
(in thousands of $, except per share data) | 2013 |  |  | 2012 |
80,579,295 outstanding issued common shares of $1.00 each (2012: 80,503,364) | 80,580 |  |  | 80,504 |
Treasury shares held | The number of treasury shares held by us is as follows:
(Number of shares in thousands) | 2013 |  |  | 2012 |  |  | 2011 |
At January 1 | — |  |  | — |  |  | 150 |
Disposed of during the year | — |  |  | — |  |  | (150 | )
At December 31 | — |  |  | — |  |  | — |
Weighted average assumptions used | The weighted average assumptions used are noted in the table below:
| 2013 |  |  | 2012 |  |  | 2011 |
Risk free interest rate | 2.0 | % |  | 2.0 | % |  | 1.8 | %
Expected volatility of common stock | 56.9 | % |  | 56.9 | % |  | 53.2 | %
Expected dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Expected life of options (in years) | 2.6 years |  |  | 2.6 years |  |  | 2.6 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, 2013, 2012 and 2011, 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, 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
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
Exercised during the year | (76 | ) |  | $ | 8.01 |  |  |
Forfeited during the year | (7 | ) |  | $ | 6.58 |  |  |
Options outstanding at December 31, 2013 | 498 |  |  | $ | 6.36 |  |  | 0.3
Options exercisable at: |  |  |  |  |
December 31, 2013 | 409 |  |  | $ | 6.50 |  |  | 0.1
December 31, 2012 | 323 |  |  | $ | 8.46 |  |  | 0.3
December 31, 2011 | 299 |  |  | $ | 9.94 |  |  | 0.3

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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 Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=27011957&loc=d3e177068-122764 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21553-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28,29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6403732&loc=d3e21300-112643 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
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