Note 4 Share-based remuneration (options)

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Note 4 Share-based remuneration (options)                    
       
     
     
     
     
Overview 2016 Option category Outstanding options 31.12.2015 Granted options Exercised options Cancelled options Expired options Outstanding options at 31.12.2016 Of which cash-settled      
Andreas Kvame (CEO) Cash settlement 400 000 85 991 314 009 314 009      
Atle Harald Sandtorv (CFO) Cash settlement 300 000 153 199 146 801 146 801      
Knut Utheim (COO) Cash settlement 300 000 112 107 187 893 187 893      
Kathleen O. Mathisen (CHRO) Cash settlement 100 000 100 000 100 000      
Others Cash settlement 1 150 000 200 000 402 492 355 129 592 379 592 379      
Total   2 150 000 300 000 753 789 355 129 1 341 082 1 341 082      
                       
                       
                       
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.      
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      
*Morten Vike resigned 17.10.2014                      
                       
  Expiry date: Year – month Strike price NOK per share as at 31.12.2016 Strike price NOK per share as at 31.12.2015   Options      
Allocation: Year – month   2016 2015      
2013 – 12 2016 – 06   24.97     150 000      
2013 – 12 2017- 06   24.97     150 000      
2014 – 04 2016 – 06   24.99     50 000      
2014 – 04 2017 – 06   24.99     100 000      
2014 – 07 2017 – 06   31.55     100 000      
2015 – 06 2018 – 06 27.90   26.27     441 082 800 000      
2015 – 06 2019 – 06 27.90   26.27     600 000 800 000      
2016 – 12 2019 – 06 79.22       300 000        
Totalt             1 341 082 2 150 000      
                       
              2016 2015      
Equity based options available for exercise           441 082 450 000      
Weighted average outstanding contract period           28.05 24.93      
                       
                       
2016 Option category Listed price on allocation Calculated value per option on allocation Calculated total value on allocation*) Total value of all options at 01.01.2016 Change in provision OB-IB *) Exercised options 2016 Acc. cost charged against equity at 31.12.2016 Book liability cash settlement at 31.12.2016    
Previous employees with exired option Equity-based option             6 887      
Andreas Kvame (CEO) Cash settlement 25.50 3.36 1 342 579 2 356 2 400   2 935    
Atle Harald Sandtorv (CFO) Cash settlement 22.22 3.94 394 639 -639 903      
Atle Harald Sandtorv (CFO) Cash settlement 25.50 3.97 793 353 1 346 1 485   1 699    
Knut Utheim (COO) Cash settlement 22.56 4.78 478 662 -662 1 950   0    
Knut Utheim (COO) Cash settlement 25.50 3.97 793 353 1 945 338   2 298    
Kathleen O. Mathisen (CHRO) Cash settlement 79.00 3.63 363 0 41   41    
Other options allocated in 2013 Cash settlement 22.22 3.94 1 181 1 250 -1 250 3 823   0    
Other options allocated in 2014 Cash settlement 22.56 4.24 424 315 -315 546   0    
Other options allocated in 2014 Cash settlement 28.90 4.20 420 206 -206 2 143   0    
Other options allocated in 2015 Cash settlement 25.50 3.60 2 876 1 282 3 030 1 465   4 312    
Other options allocated in 2016 Cash settlement 79.00 3.34 669 0 75   75    
Total       9 734 5 639 5 721 15 052 6 887 11 360    
*) The amounts are excluded of social security costs                
                       
                       
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    
Previous employees with exired option Equity-based option       6 887     6 887      
Andreas Kvame (CEO) Equity-based option 25.50 3.36 1 342 579     579    
Morten Vike (former CEO)** Equity-based option 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            
             
                       
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.                  
          2016 2015 Classification in statement        
Accrued cost is divided as follows:                  
Accrued cost cash settlement         5 721 2 376 Other provisions for liabilities      
Exercised options during the year         15 052 1 013 Salary and social security costs / bank      
Total cost excl. employer’s national insurance contributions   20 977 3 389          
National insurance contributions   939 430 Accrued public expense      
Total cost incl. employer’s national insurance contributions   21 712 3 819 Salary and social security costs        
                     
The costs related to share and cash-based remuneration in 2016 is TNOK 21 712. This is is charged in the income statement as a personnel cost. National security contributions are provided for on an ongoing basis based on the fair value of the options.    
                       
At 31. December 2016 outstanding options with the right to cash settlement were stated at TNOK 11 360, of which the total amount is stated as non-current liabilities. Options issued are cancelled when employment terminates.

   
   
Estimates used in calculations on allocation of options                
Anticipated volatility (%)   36.59                  
Risk-free rate of interest (%)   0.68                  
Estimated qualification period (years)   2.02                  
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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