XML 355 R36.htm IDEA: XBRL DOCUMENT
v3.25.1

SHARE CAPITAL AND SHARE BASED COMPENSATION | 12 Months Ended
--- | ---
Dec. 31, 2024
SHARE CAPITAL AND SHARE OPTIONS [Abstract] |
Share capital and share based compensation |
26. | SHARE CAPITAL AND SHARE BASED COMPENSATION
Our common shares are listed on the Nasdaq Stock Exchange. As of December 31, 2024 and 2023, our authorized and issued share capital is as follows: Authorized share capital:
(in thousands of $, except per share data) | 2024 | 2023
150,000,000 (2023: 150,000,000) common shares of $1.00 each | 150,000 |  | 150,000 |
Issued share capital:
(in thousands of $, except per share data) | 2024 | 2023
104,534,703 (2023: 104,578,080) outstanding issued common shares of $1.00 each | 104,535 |  | 104,578 |
(number of shares in thousands) | 2024 | 2023
As of January 1 | 104,578 |  | 107,226 |
Repurchase and cancellation of treasury shares (1) | (679) |  | (2,897) |
Share options exercised | 512 |  | — |
Vesting of RSUs | 124 |  | 249 |
As of December 31 | 104,535 |  | 104,578 |
(1) During 2024 and 2023, we repurchased and cancelled 0.7 million and 2.9 million treasury shares for a net consideration of $14.2 million and $61.7 million, inclusive of brokers commission of $0.01 million and $0.1 million, respectively. Contributed surplus As of December 31, 2024 and 2023, we have a contributed surplus of $200 million. Contributed surplus is capital that can be returned to stockholders without the need to reduce share capital, thereby giving Golar greater flexibility when it comes to declaring dividends. Share options Our Long Term Incentive Plan (the “LTIP”) was adopted by our Board of Directors, effective as of October 24, 2017. In August 2024, our board approved the first amendment to the LTIP. Under this amendment, the maximum aggregate number of common shares that may be delivered pursuant to any and all awards under the LTIP was increased from 3.0 million to 6.0 million, subject to adjustment due to recapitalization or reorganization as provided under the LTIP. The LTIP allows for grants of (i) share options, (ii) share appreciation rights, (iii) restricted share awards (iv) share awards, (v) other share-based awards, (vi) cash awards, (vii) dividend equivalent rights, (viii) substitute awards and (ix) performance-based awards, or any combination of the foregoing as determined by the Board of Directors or nominated committee in its sole discretion. Either authorized unissued shares or treasury shares (if there are any) in the Company may be used to satisfy exercised options. Pursuant to the LTIP, we awarded certain individuals share options for the years ended December 31, 2024 and 2023, as follows: •in March 2023, 650 thousand share options were granted to executive officers and certain employees. The options vest in equal installments over three years and have a four-year term; •in April 2024, 50 thousand share options were granted to an executive officer. The options vest in equal installments over three years and have a four-year term; •in February 2024, we extended the term of 750 thousand fully vested share options gra nted i n May 2021 to May 13, 2026. These options were originally awarded for a term of 3 years from 2021 to 2024. Incremental compensation cost of $0.6 million was recognised during the year ended December 31, 2024, representing the excess of fair value of options at modification date over the original fair value at grant date; and •in November 2024, 1,025 thousand share options were granted to executive officers and certain employees. The options vest in equal installments over three years and have a 6 year contractual term. The expected is calculated using the simplified method, as explained below. The fair value of each option award is estimated on the grant date or modification date using the Black-Scholes option pricing model. The weighted average assumptions as of the grant dates are as follows:
| November 2024 | April 2024 | March 2023
Risk free interest rate | 4.3 | % | 4.4 | % | 4.1 | %
Expected volatility of common stock | 41.5 | % | 50.4 | % | 70.5 | %
Expected dividend yield | 0.0 | % | 0.0 | % | 0.0 | %
Expected term of options | 4.5 years | 4.0 years | 4.0 years
The assumption for expected future volatility is based primarily on an analysis of historical volatility of our common shares. Where the criteria for using the simplified method are met, we have used this method to estimate the expected term of options based on the vesting period of the award that represents the period options granted are expected to be outstanding. Under the simplified method, the mid-point between the vesting date and the maximum contractual expiration date is used as the expected term. Where the criteria for using the simplified method are not met, we used the contractual term of the options. The dividend yield has been estimated at 0.0% as the exercise price of the options is reduced by the value of dividends, declared and paid on a per share basis. As of December 31, 2024, 2023 and 2022, the number of options outstanding in respect of Golar shares was 1.9 million, 1.4 million and 1.0 million, respectively. A summary of the share options movements during the year ended December 31, 2024 is presented below:
| Shares (in thousands) | Weighted average exercise price | Weighted average remaining contractual term (years)
Options outstanding at December 31, 2023 | 1,400 |  | $ | 15.20 |  | 1.7
Granted during the year | 1,075 |  | $ | 33.02 |  | 4.3
Exercised during the year | (512) |  | $ | 11.19 |  |
Forfeited during the year | (67) |  | $ | 19.70 |  |
Options outstanding at December 31, 2024 | 1,896 |  | $ | 25.44 |  | 3.3
Options outstanding and exercisable at: |  |  |
December 31, 2024 | 453 |  | $ | 12.10 |  | 1.6
December 31, 2023 | 750 |  | $ | 10.22 |  | 0.4
December 31, 2022 | 662 |  | $ | 17.87 |  | 0.8
The exercise price of all options is reduced by the amount of dividends declared and paid up during 2024. The above figures for options granted, exercised and forfeited show the average of the prices at the time of granting, exercising and forfeiting of the options, and for options outstanding at the beginning and end of the year, the average of the reduced option prices is shown. As of December 31, 2024, 2023 and 2022, the aggregate intrinsic value of share options that were both outstanding and exercisable was $32.0 million, $10.9 million and $7.7 million, respectively.
| Year ended December 31,
(in thousands of $) | 2024 | 2023 | 2022
Intrinsic value of share options exercised | 12,955 |  | — |  | — |
Total fair value of share options vested in the year | 2,647 |  | 1,958 |  | 1,958 |
Compensation cost recognized in the consolidated statement of operations | 3,649 |  | 2,706 |  | 1,971 |
Share options cost capitalized* | — |  | 173 |  | — |
*Relates to capitalized costs on share options awarded to employees directly involved in certain vessel conversion projects. As of December 31, 2024, the total unrecognized compensation cost amounting to $15.7 million relating to options outstanding is expected to be recognized over a weighted average period of 2.7 years. Restricted Stock Units Time-based RSUs Pursuant to the LTIP, we granted certain individuals RSUs during the years ended December 31, 2024 and 2023, as follows: •in March 2024, we granted certain individuals RSUs that were not subject to any service or performance conditions and were fully vested upon grant. The number of RSUs earned under this award was 50 thousand. In addition, we also granted certain individuals RSUs that will vest equally over the requisite service period of three years from March 2024 to March 2027. The maximum number of RSUs that may be earned under the award is 129 thousand; and •in March 2023, we granted certain individu als RSUs that were not subject to any service or performance conditions and were fully vested upon grant. The number of RSUs earned under this award was 55 thousand. In addition, we also granted certain individuals RSUs that will vest equally over the requisite service period of three years from March 2023 to March 2026. The maximum number of RSUs that may be earned under the award is 134 thousand. A summary of time-based RSU activities for the year ended December 31, 2024 is presented below:
| Shares (in thousands) | Weighted average grant date fair value per share | Weighted average remaining contractual term (years)
Non-vested RSUs at December 31, 2023 | 184 |  | 22.30 | 2.0
Granted during the year | 178 |  | 23.54 |
Vested during the year | (121) |  | 25.01 |
Forfeited during the year | (21) |  | 22.73 |
Non-vested RSUs at December 31, 2024 | 220 |  | 22.97 | 1.7
Performance-based RSUs July 2022 grant In July 2022, we granted certain individuals RSUs that are subject to certain market and performance conditions within the performance period from January 1 to December 31, 2022. The market and performance conditions are weighted to determine the maximum number of RSUs that will be awarded. The maximum number of RSUs that may be earned under the award is 139 thousand. However, 70% of the total award or 97 thousand RSUs will vest over the requisite service period of three-years from July 2022 to July 2025 regardless of the achievement of market and performance conditions. These are shown as time-based RSUs in the preceding table and fair value is estimated using the market price of our common shares at grant date. The remaining 30% of the award contingently vests subject to Golar achieving more than 70% of the market and performance conditions. The achievement of certain of the performance conditions are subject to the discretion of the Compensation Committee of our Board of Directors (the “Compensation Committee”), hence no grant date was established until final approval by the Compensation Committee. The market condition was achieved at December 31, 2022, so no fair value adjustment to our share price was necessary. This award will also vest over the requisite service period of three years from July 2022 to July 2025. A summary of performance-based RSU activity for the year ended December 31, 2024 is presented below:
| Shares (in thousands) | Weighted average grant date fair value per share | Weighted average remaining contractual term (years)
Non-vested performance based RSUs at December 31, 2023 | 14 |  | 22.82 | 1.5
Vested during the year | (10) |  | 33.43 |
Forfeited during the year | (1) |  | 22.82 |
Non-vested performance based RSUs at December 31, 2024 | 3 |  | 22.82 | 0.5
| Year ended December 31,
(in thousands of $) | 2024 | 2023 | 2022
Compensation cost recognized in the consolidated statement of income | 3,532 |  | 3,050 |  | 1,522 |
RSU cost capitalized * | — |  | 247 |  | 198 |
*Relates to capitalized costs on RSUs awarded to employees directly involved in certain vessel conversion projects. As of December 31, 2024, the total unrecognized compensation cost of $3.4 million relating to both time-based and performance based RSUs outstanding is expected to be recognized over a weighted average period of 1.7 years.

X
- Definition SHARE CAPITAL AND SHARE OPTIONS [Abstract] + References No definition available. + Details
Name: | glng_ShareCapitalAndShareOptionsAbstract
Namespace Prefix: | glng_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration