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SHARE CAPITAL AND SHARE BASED COMPENSATION (Tables)
 12 Months Ended
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)20242023
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)20242023
104,534,703 (2023: 104,578,080) outstanding issued common shares of $1.00 each
104,535 104,578 

(number of shares in thousands)
20242023
As of January 1104,578 107,226 
Repurchase and cancellation of treasury shares (1)
(679)(2,897)
Share options exercised512 — 
Vesting of RSUs124 249 
As of December 31104,535 104,578 
(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 rate4.3 %4.4 %4.1 %
Expected volatility of common stock41.5 %50.4 %70.5 %
Expected dividend yield0.0 %0.0 %0.0 %
Expected term of options4.5 years4.0 years4.0 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 priceWeighted average remaining contractual term
(years)
Options outstanding at December 31, 2023
1,400 $15.20 1.7
Granted during the year1,075 $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 $)202420232022
Intrinsic value of share options exercised12,955 — — 
Total fair value of share options vested in the year2,647 1,958 1,958 
Compensation cost recognized in the consolidated statement of operations3,649 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 shareWeighted average remaining contractual term
(years)
Non-vested RSUs at December 31, 2023
184 22.302.0
Granted during the year178 23.54
Vested during the year(121)25.01
Forfeited during the year(21)22.73
Non-vested RSUs at December 31, 2024
220 22.971.7
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 shareWeighted average remaining contractual term
(years)
Non-vested performance based RSUs at December 31, 2023
14 22.821.5
Vested during the year
(10)33.43
Forfeited during the year(1)22.82
Non-vested performance based RSUs at December 31, 2024
3 22.820.5

Year ended December 31,
(in thousands of $)202420232022
Compensation cost recognized in the consolidated statement of income3,532 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.