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SHARE CAPITAL AND SHARE OPTIONS (Tables)
 12 Months Ended
Dec. 31, 2015
SHARE CAPITAL AND SHARE OPTIONS [Abstract]  
Authorized and issue share capital
As at December 31, 2015 and 2014, our authorized and issued share capital is as follows:

Authorized share capital:
(in thousands of $, except per share data)
2015

 
2014

150,000,000 (2014: 150,000,000) common shares of $1.00 each
150,000

 
150,000


Issued share capital:
(in thousands of $, except per share data)
2015

 
2014

93,546,663 (2014: 93,414,672) outstanding issued common shares of $1.00 each
93,547

 
93,415
Weighted average assumptions used
The weighted average assumptions used are noted in the table below:

 
2015

 
2014

 
2013

Risk free interest rate
1.8
%
 
1.8
%
 
2.0
%
Expected volatility of common stock
53.1
%
 
53.6
%
 
56.9
%
Expected dividend yield
0.0
%
 
0.0
%
 
0.0
%
Expected life of options (in years)
3.0 years

 
2.9 years

 
2.6 years
Summary of stock option activity
A summary of option activity as at December 31, 2015, 2014 and 2013, 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, 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
Granted during the year
1,793


$
58.26


 
Exercised during the year
(185
)

$
7.20


 
Options outstanding at December 31, 2014
2,106


$
49.75


4.4
Exercised during the year
(132
)

$
1.70



Forfeited during the year
(685
)

$
56.75



Granted during the year
906


$
56.63



Options outstanding at December 31, 2015
2,195


$
52.02


3.9

Options exercisable at:
 
 
 
 
 
December 31, 2015
190

 
$
3.97

 
0.87
December 31, 2014
317

 
$
4.09

 
1.83
December 31, 2013
419

 
$
6.50

 
0.10