Note 4 Share-based remuneration (options)

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Note 4 Share-based remuneration (options)                        
           
         
         
         
         
         
Overview 2015 Option category Outstanding options 31.12.2014 Granted options Exercised options Cancelled options Expired options Outstanding options at 31.12.2015 Of which cash-settled          
Andreas Kvame (CEO) Cash settlement   400 000       400 000 400 000          
Morten Vike (former CEO)* Cash settlement 200 000   200 000                  
Atle Harald Sandtorv (CFO) Cash settlement 100 000 200 000       300 000 300 000          
Knut Utheim (COO) Cash settlement 100 000 200 000       300 000 300 000          
Others Cash settlement 400 000 800 000 50 000     1 150 000 1 150 000          
Total 800 000 1 600 000 250 000 2 150 000 2 150 000          
*) Morten Vike resigned at 17.10.14. All options could be exercised until latest 31.05.2015.          
                           
                           
Overview 2014 Option category Outstanding options 31.12.2013 Granted options Exercised options Cancelled options Expired options Outstanding options at 31.12.2014 Of which cash-settled          
Morten Vike (former CEO)* Cash settlement 600 000 400 000 200 000 200 000          
Atle Harald Sandtorv (CFO/acting CEO) Cash settlement 100 000 100 000 100 000          
Knut Utheim (COO) Cash settlement 100 000 100 000 100 000          
Others Cash settlement 750 000 200 000 400 000 100 000 50 000 400 000 400 000          
Total 1 450 000 300 000 800 000 100 000 50 000 800 000 800 000          
*) Morten Vike resigned at 17.10.14. All options could be exercised until latest 31.05.2015.          
Oversikt 2013 Type opsjon Beholdning opsjoner 31.12.2012 Tildelte opsjoner Utøvde opsjoner Avsluttede opsjoner Utgåtte opsjoner Beholdning opsjoner 31.12.2013 Herav kontant- opsjoner          
Morten Vike (CEO) Kontantopsjon 700 000 200 000 300 000 600 000 600 000          
Atle Harald Sandtorv (CFO) Kontantopsjon 280 000 100 000 280 000 100 000 100 000          
Øvrige Kontantopsjon 1 305 884 300 000 805 884 50 000 750 000 750 000          
Totalt 2 285 884 600 000 1 385 884 50 000 1 450 000 1 450 000          
                           
  Expiry date: Year – month Strike price NOK per share as at 31.12.2015 Strike price NOK per share as at 31.12.2014   Options          
Allocation: Year – month   2015 2014          
2013 – 12 2016 – 06 24.97   23.55     150 000 250 000          
2013 – 12 2017- 06 24.97   23.55     150 000 250 000          
2014 – 04 2016 – 06 24.99   23.58     50 000 100 000          
2014 – 04 2017 – 06 24.99   23.58     100 000 100 000          
2014 – 07 2017 – 06 31.55   29.77     100 000 100 000          
2015 – 06 2019 – 06 26.27         1 600 000            
                           
Total             2 150 000 800 000          
                           
              2015 2014          
Equity based options available for exercise           450 000 250 000          
Weighted average outstanding contract period           24.93 23.48          
                           
2015 Option category Listed price on allocation Calculated value per option on allocation Calculated total value on allocation*) Total value of all options at 01.01.2015 Change in provision OB-IB *) Exercised options 2015 Acc. cost charged against equity at 31.12.2015 Book liability cash settlement at 31.12.2015        
Former employees where option has expired Equity-based option       6 887     6 887         ny linje
Andreas Kvame (CEO) Cash settlement 25.50 3.36 1 342 579     579        
Morten Vike (former CEO)** Cash settlement 22.22 3.94 788 929 -929 813          
Atle Harald Sandtorv (CFO) Cash settlement 22.22 3.94 394 491 148     639        
Atle Harald Sandtorv (CFO) Cash settlement 25.50 3.97 793 353     353        
Knut Utheim (COO) Cash settlement 22.56 4.78 478 429 233     662        
Knut Utheim (COO) Cash settlement 25.50 3.97 793 353     353        
Other options allocated in 2013 Cash settlement 22.22 3.94 1 181 957 293     1 250        
Other options allocated in 2014 Cash settlement 22.56 4.24 424 397 -82 199   315        
Other options allocated in 2014 Cash settlement 28.90 4.20 420 60 146     206        
Other options allocated in 2015 Cash settlement 25.50 3.60 2 876 1 282     1 282        
                           
Total       9 490 10 150 2 376 1 013 6 887 5 639        
*) The amounts are excluded of social security costs                    
**) Morten Vike resigned at 17.10.14. All options could be exercised until latest 31.05.2015.                
                           
2014 Option category Listed price on allocation Calculated value per option on allocation Calculated total value on allocation*) Total value of all options at 01.01.2014 Change in provision OB-IB *) Exercised options 2014 Acc. cost charged against equity at 31.12.2014 Book liability cash settlement at 31.12.2014        
Morten Vike (former CEO)** Equity-based option 13.20 3.74 1 123 1 122   1 122          
Former employees where option has expired Equity-based option 23.00 5.86 2 346 2 346   2 346          
Others Equity-based option 23.00 5.72 4 005 3 419   3 419          
Morten Vike (former CEO)** Cash settlement 6.83 1.78 712 4 906 -4 906 6 610 0        
Morten Vike (former CEO)** Cash settlement 22.22 3.94 788 29 900   929        
Atle Harald Sandtorv (CFO/acting CEO) Cash settlement 22.22 3.94 394 14 477   491        
Knut Utheim (COO) Cash settlement 22.56 4.78 478 429   429        
Other options allocated in 2010 Cash settlement 16.50 6.66 666 301 -301   0        
Other options allocated in 2012 Cash settlement 6.83 1.78 1 424 4 277 -4 277 6 645 0        
Other options allocated in 2013 Cash settlement 22.22 3.94 1 181 41 916   957        
Other options allocated in 2014 Cash settlement 22.56 4.24 424 397   397        
Other options allocated in 2014 Cash settlement 28.90 2.74 274 60   60        
Total       13 815 16 455 -6 305 13 255 6 887 3 263        
*) The amounts are excluded of social security costs                    
**) Morten Vike resigned at 17.10.14. All options could be exercised until latest 31.05.2015.                
                           
2013 Type opsjon Børskurs ved tildeling Beregnet verdi pr. opsjon v/tildeling Beregnet total verdi v/tildeling *) Total verdi av alle opsjoner pr 01.01.2014 Endring i avsetning UB- IB *) Utløst opsjon 2013 Akkumulert kostnad ført mot EK pr. 31.12.2013 Bokført forpliktelse kontantopsjon pr.31.12.2013        
Morten Vike (CEO) EK-opsjon 13.20 3.74 1 123 1 122     1 122          
Tidligere ansatte hvor opsjon er utgått EK-opsjon 23.00 5.86 2 346 2 346     2 346          
Øvrige EK-opsjon 23.00 5.72 4 005 3 419     3 419          
Morten Vike (CEO) Kontantopsjon 7.83 3.81 1 143 1 310 -1 310 1 858 -0        
Morten Vike (CEO) Kontantopsjon 6.83 1.78 712 1 717 3 189 4 906        
Morten Vike (CEO) Kontantopsjon 22.22 3.94 788   29 29        
Atle Harald Sandtorv (CFO) Kontantopsjon 10.76 3.40 680 209 -209 322 0        
Atle Harald Sandtorv (CFO) Kontantopsjon 6.83 1.78 356 866 -866 1 492 0        
Atle Harald Sandtorv (CFO) Kontantopsjon 22.22 3.94 394   14 14        
Øvrige tildelt i 2007 Kontantopsjon 7.83 3.81 3 047 1 750 -1 750 2 478 0        
Øvrige opsjoner tildelt i 2010 Kontantopsjon 16.50 6.66 666 102 199 301        
Øvrige opsjoner tildelt i 2012 Kontantopsjon 6.83 1.78 1 424 3 313 963 3 760 4 277        
Øvrige opsjoner tildelt i 2013 Kontantopsjon 22.22 3.94 1 181   41   41        
Totalt       17 865 16 155 299 9 912 6 887 9 567        
*) Beløpene er eksklusiv arbeidsgiveravgift.                      
          2015 2014 Classification in statement          
Accrued cost is divided as follows:                    
Accrued cost cash settlement         2 376 -6 305 Other provisions for liabilities     Endret på tall  
Exercised options during the year         1 013 13 255 Salary and social security costs / bank        
Total cost excl. employer’s national insurance contributions   3 389 6 951            
Employer’s national insurance contributions   430 1 557 Accrued public expense        
Total cost incl. employer’s national insurance contributions   3 819 8 507 Salary and social security costs          
                         
The costs related to share and cash-based remuneration in 2015 is TNOK 3 370. This is charged in the income statement as a personnel cost. Social security contributions are provided for on an ongoing basis based on the fair value of the options.        
                           
At 31. December 2015 outstanding options with the right to cash settlement were stated at TNOK 5 639, of which TNOK 1 250 is stated as "Other non-current liabilities" as the options expire in 2016. TNOK 4 389 is stated as long-term commitments as pr. 31.12.2015. Options issued are cancelled when employment terminates.

       
    Endret på tall i teskten  
Estimates used in calculations on allocation of options                    
Anticipated volatility (%)   36.36                      
Risk-free rate of interest (%)   0.69                      
Estimated qualification period (years)   2.92                      
The estimated qualification period for the options is based on historical data, and does not necessarily represent an indication of the future.
In order to estimate volatility, the management have applied historical volatility for comparable listed companies.
       
       
       
                           
                           
                           
                           

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