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SHARE CAPITAL AND SHARE BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2021
SHARE CAPITAL AND SHARE OPTIONS [Abstract] |
Authorized and issue share capital | As at December 31, 2021 and 2020, our authorized and issued share capital is as follows: Authorized share capital:
(in thousands of $, except per share data) | 2021 |  | 2020
150,000,000 (2020: 150,000,000) common shares of $1.00 each | 150,000 |  |  | 150,000 |
Issued share capital:
(in thousands of $, except per share data) | 2021 |  | 2020
108,222,604 (2020: 109,943,594) outstanding issued common shares of $1.00 each | 108,223 |  |  | 109,944 |
(number of shares) | 2021 |  | 2020
As at January 1 | 109,943,594 |  |  | 101,302,404 |
Repurchase and cancellation of treasury shares (1) | (1,984,647) |  |  | (3,500,000) |
Issuance of shares (2) | — |  |  | 12,067,789 |
Vesting of RSUs | 263,657 |  |  | 73,401 |
As at December 31 | 108,222,604 |  |  | 109,943,594 |
(1) During 2021, we repurchased and cancelled 2.0 million of treasury shares for a consideration of $24.5 million inclusive of brokers commission of $0.04 million. In February 2020, we purchased 1.5 million shares for a consideration of $70.4 million and cancelled all our 3.5 million treasury shares, that we repurchased in 2020 and prior years. (2) In December 2020, we closed a registered equity offering of 12,067,789 of our common shares, at par value of $1.00 per share. We raised proceeds, net of the underwriter's discount and offering fees, of approximately $100 million, which we used to partially repay the term loan facility, fully repay the margin loan facility and for general corporate purposes.
Weighted average assumptions used | The weighted average assumptions as at May 2021 grant date are noted in the table below:
|  | 2021
Risk free interest rate |  | 0.2 | %
Expected volatility of common stock |  | 85.0 | %
Expected dividend yield |  | 0.0 | %
Expected term of options (in years) |  | 2.3 years
The weighted average assumptions as of grant date are noted in the table below:
|  | 2020
Remaining performance period |  | 2.8 years
Contractual term |  | 3.0 years
Expected dividend yield |  | 0.0 | %
Risk fee interest rate |  | 0.42 | %
Golar volatility |  | 84 | %
Share price at grant date |  | $ | 7.49 |
Summary of stock option activity | A summary of the share option activity for the year ended December 31, 2021 is presented below:
| Shares (in '000s) |  | Weighted average exercise price |  | Weighted average remaining contractual term (years)
Options outstanding at December 31, 2020 | 1,841 |  |  | $ | 24.62 |  |  | 1.2
Granted during the year | 750 |  |  | $ | 10.97 |  |  |
Forfeited during the year | (205) |  |  | $ | 23.46 |  |  |
Lapsed during the year | (881) |  |  | $ | 25.19 |  |  |
Options outstanding at December 31, 2021 | 1,505 |  |  | $ | 17.65 |  |  | 1.6
Options outstanding and exercisable at: |  |  |  |  |
December 31, 2021 | 755 |  |  | $ | 24.28 |  |  | 0.8
December 31, 2020 | 1,717 |  |  | $ | 24.46 |  |  | 1.2
December 31, 2019 | 2,221 |  |  | $ | 30.74 |  |  | 1.7
| Year ended December 31
(in thousands of $) | 2021 |  | 2020 |  | 2019
Total fair value of share options fully vested in the year | 1,595 |  |  | 3,175 |  |  | 8,967 |
Compensation cost recognized in the consolidated statement of income | 1,434 |  |  | 2,274 |  |  | 7,148 |
Share options cost capitalized* | 16 |  |  | 110 |  |  | 608 |
*Relates to capitalized costs on share options awarded to employees directly involved in certain vessel conversion projects.
Schedule of Nonvested Restricted Stock Units Activity | A summary of time-based RSU activities for the year ended December 31, 2021 is presented below:
| Shares (in '000s) |  | Weighted average grant date fair value per share |  | Weighted average remaining contractual term (years)
Non-vested RSUs at December 31, 2020 | 748 |  |  | 10.02 |  | 2.0
Vested during the year | (264) |  |  | 10.94 |  |
Forfeited during the year | (141) |  |  | 9.07 |  |
Non-vested RSUs at December 31, 2021 | 343 |  |  | 9.71 |  | 1.1
Summary of performance-based RSU activity | A summary of performance-based RSU activity for the year ended December 31, 2021 is presented below:
| Shares (in '000s) |  | Weighted average grant date fair value per share |  | Weighted average remaining contractual term (years)
Non-vested performance based RSUs at December 31, 2020 | 159 |  |  | 6.25 |  | 2.21
Forfeited during the year | (131) |  |  | 6.25 |  |
Non-vested performance based RSUs at December 31, 2021 | 28 |  |  | 6.25 |  | 1.21
| Year ended December 31
(in thousands of $) | 2021 |  | 2020 |  | 2019
Compensation cost recognized in the consolidated statement of income | 1,774 |  |  | 2,739 |  |  | 1,124 |
RSU cost capitalized* | 322 |  |  | 295 |  |  | — |
*Relates to capitalized costs on RSUs awarded to employees directly involved in certain vessel conversion projects.

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21553-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=122040564&loc=d3e177068-122764 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21488-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21484-112644 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644 + Details
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