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SHARE CAPITAL AND SHARE OPTIONS (Tables)
 12 Months Ended
Dec. 31, 2014
SHARE CAPITAL AND SHARE OPTIONS [Abstract]  
Authorized and issue share capital
The following table summarizes the issuance of our common shares during 2014:

 
 
 
 
 
 
 
 
 
Date
 
Number of Common Units Issued
 
Offering Price
 
Gross Proceeds (in thousands of $)
 
Net Proceeds (in thousands of $)
June 2014
 
12,650,000

 
$
54.00

 
683,100

 
660,947

As at December 31, 2014 and 2013, our authorized and issued share capital is as follows:

Authorized share capital:
(in thousands of $, except per share data)
2014

 
2013

150,000,000 (2013: 100,000,000) common shares of $1.00 each
150,000

 
100,000


Issued share capital:
(in thousands of $, except per share data)
2014

 
2013

93,414,672 (2013: 80,579,295) outstanding issued common shares of $1.00 each
93,415

 
80,580
Weighted average assumptions used
The weighted average assumptions used are noted in the table below:

 
2014

 
2013

 
2012

Risk free interest rate
1.8
%
 
2.0
%
 
2.0
%
Expected volatility of common stock
50.0
%
 
56.9
%
 
56.9
%
Expected dividend yield
0.0
%
 
0.0
%
 
0.0
%
Expected life of options (in years)
2.5 years

 
2.6 years

 
2.6 years
Summary of stock option activity
A summary of option activity as at December 31, 2014, 2013 and 2012, 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, 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
Exercised during the year
(185
)
 
$
7.20

 
 
Issued during the year
 
 
 
 
 
   - Pre-October 2014 awards
20

 
$
36.86

 
 
   - October 20, 2014 awards
1,750

 
$
58.50

 
 
   - Post-October 20, 2014 awards
23

 
$
58.50

 
 
Options outstanding at December 31, 2014
2,106

 
$
49.75

 
4.4

Options exercisable at:
 
 
 
 
 
December 31, 2014
317

 
$
4.09

 
1.83
December 31, 2013
409

 
$
6.50

 
0.1
December 31, 2012
323

 
$
8.46

 
0.3