MERGER WITH THE FORMER GOLDEN OCEAN (Tables)

12 Months Ended

Dec. 31, 2015

Business Acquisition, Pro Forma Information [Table Text Block]



(in thousands $, except per share data)	2015			2014
Total operating revenues	225,013			318,722

Net (loss) income from continuing operations	(318,975		)	41,138
Loss from discontinued operations	—			(258		)
Net (loss) income	(318,975		)	40,880

Basic and diluted earnings per share:
Basic and diluted (loss) earnings per share from continuing operations	$	(1.85	)	$	0.24
Basic and diluted loss per share from discontinued operations	$	—		$	—
Basic and diluted (loss) earnings per share	$	(1.85	)	$	0.24

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The value of the consideration paid is calculated as follows:



(in thousands of $)
Fair value of shares issued		307,220
Fair value of vested stock options in the Former Golden Ocean		926
Total value of consideration		308,146

The following represents the calculation of the bargain purchase gain arising on consolidation based on management's final allocation of the total purchase price to the assets acquired and liabilities assumed:



(in thousands of $)
Assets
Cash and cash equivalents		129,084
Restricted cash		2,448
Marketable securities		5,779
Other current assets		78,457
Favorable contracts		30,417
Current assets		246,185
Restricted cash		31,552
Newbuildings		12,030
Vessels, net		632,997
Vessels under capital lease, net		14,029
Investment in associated companies		11,346
Favorable contracts		96,673
Other non current assets		9,116
Total assets		1,053,928
Liabilities
Current portion of long term debt		39,395
Current portion of capital lease obligations		7,032
Other current liabilities		28,180
Unfavorable contracts		1,567
Current liabilities		76,174
Long term debt		391,717
Convertible bond debt		161,200
Long term capital lease obligations		31,405
Other long term liabilities		434
Unfavorable contracts		5,976
Total liabilities		666,906
Fair value of net assets acquired and liabilities assumed		387,022
Total value of consideration		308,146
Bargain purchase gain arising on consolidation		78,876

Purchase price consideration



(in thousands of $)
Fair value of shares issued		307,220
Fair value of vested stock options in the Former Golden Ocean		926
Total value of consideration		308,146