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SHARE CAPITAL AND SHARE BASED COMPENSATION (Tables)
 12 Months Ended
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)20212020
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)20212020
108,222,604 (2020: 109,943,594) outstanding issued common shares of $1.00 each
108,223 109,944 
(number of shares)20212020
As at January 1109,943,594 101,302,404 
Repurchase and cancellation of treasury shares (1)
(1,984,647)(3,500,000)
Issuance of shares (2)
— 12,067,789 
Vesting of RSUs263,657 73,401 
As at December 31108,222,604 109,943,594 

(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 rate0.2 %
Expected volatility of common stock85.0 %
Expected dividend yield0.0 %
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 period2.8 years
Contractual term3.0 years
Expected dividend yield0.0 %
Risk fee interest rate0.42 %
Golar volatility84 %
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 priceWeighted average remaining contractual term
(years)
Options outstanding at December 31, 2020
1,841 $24.62 1.2
Granted during the year750 $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, 2021755 $24.28 0.8
December 31, 20201,717 $24.46 1.2
December 31, 20192,221 $30.74 1.7
Year ended December 31
(in thousands of $)202120202019
Total fair value of share options fully vested in the year1,595 3,175 8,967 
Compensation cost recognized in the consolidated statement of income1,434 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 shareWeighted average remaining contractual term
(years)
Non-vested RSUs at December 31, 2020
748 10.022.0
Vested during the year(264)10.94
Forfeited during the year(141)9.07
Non-vested RSUs at December 31, 2021
343 9.711.1
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 shareWeighted average remaining contractual term
(years)
Non-vested performance based RSUs at December 31, 2020
159 6.252.21
Forfeited during the year(131)6.25
Non-vested performance based RSUs at December 31, 2021
28 6.251.21
Year ended December 31
(in thousands of $)202120202019
Compensation cost recognized in the consolidated statement of income1,774 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.