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SHARE CAPITAL AND SHARE BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2024
SHARE CAPITAL AND SHARE OPTIONS [Abstract] |
Authorized and issue share capital | 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.
Weighted average assumptions used | 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
Summary of stock option activity | 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
| 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.
Summary of time-based RSU activity | 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
Summary of performance-based RSU activity | 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.

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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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + 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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + 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 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-4 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-5 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481142/505-10-45-2 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-10 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
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