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SHARE CAPITAL AND SHARE OPTIONS (Tables)
 12 Months Ended
Dec. 31, 2016
SHARE CAPITAL AND SHARE OPTIONS [Abstract]  
Authorized and issue share capital
As at December 31, 2016 and 2015, our authorized and issued share capital is as follows:

Authorized share capital:
(in thousands of $, except per share data)
2016

 
2015

150,000,000 (2015: 150,000,000) common shares of $1.00 each
150,000

 
150,000


Issued share capital:
(in thousands of $, except per share data)
2016

 
2015

101,080,673 (2015: 93,546,663) outstanding issued common shares of $1.00 each
101,081

 
93,547
Weighted average assumptions used
The weighted average assumptions as at grant date are noted in the table below:
 
2016

 
2015

 
2014

Risk free interest rate
1.8
%
 
1.8
%
 
1.8
%
Expected volatility of common stock
55.0
%
 
53.1
%
 
53.6
%
Expected dividend yield
0.0
%
 
0.0
%
 
0.0
%
Expected life of options (in years)
5.0 years

 
5.0 years

 
5.0 years
Summary of stock option activity
A summary of option activity as at December 31, 2016 is 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, 2015
2,195


$
52.02


3.9
Exercised during the year
(77
)

$
2.65



Forfeited during the year
(173
)

$
56.88



Granted during the year
1,890


$
26.21



Options outstanding at December 31, 2016
3,835


$
39.81


3.9

Options exercisable at:
 
 
 
 
 
December 31, 2016
108

 
$
2.84

 
0.83
December 31, 2015
190

 
$
3.97

 
0.87
December 31, 2014
317

 
$
4.09

 
1.83