Quarterly report pursuant to Section 13 or 15(d)

EQUITY AND EARNINGS PER SHARE (Tables)

v3.10.0.1
EQUITY AND EARNINGS PER SHARE (Tables)
6 Months Ended
Jun. 30, 2018
Equity and Earnings Per Share [Abstract]  
Summary of Outstanding Options
As of June 30, 2018, New Residential’s outstanding options were summarized as follows:
Held by the Manager
4,037,056

Issued to the Manager and subsequently transferred to certain of the Manager’s employees
1,530,916

Issued to the independent directors
6,000

Total
5,573,972



The following table summarizes New Residential’s outstanding options as of June 30, 2018. The last sales price on the New York Stock Exchange for New Residential’s common stock in the quarter ended June 30, 2018 was $17.49 per share.
Recipient
Date of
Grant/
Exercise(A)
 
Number of Unexercised
Options
 
Options
Exercisable as of
June 30, 2018
 
Weighted
Average
Exercise
Price(B)
 
Intrinsic Value of Exercisable Options as of
June 30, 2018
(millions)
Directors
Various
 
6,000

 
6,000

 
$
13.49

 
$

Manager(C)
2016
 
533,334

 

 

 

Manager(C)
2017
 
2,638,804

 

 

 

Manager(C)
2018
 
2,395,834

 

 

 

Outstanding
 
 
5,573,972

 
6,000

 
 
 
 
 
(A)
Options expire on the tenth anniversary from date of grant.
(B)
The exercise prices are subject to adjustment in connection with return of capital dividends. A portion of New Residential’s 2017 dividends was deemed to be a return of capital and the exercise prices were adjusted accordingly.
(C)
The Manager assigned certain of its options to Fortress’s employees as follows:
    
Date of Grant to Manager
 
Range of Exercise
Prices
 
Total Unexercised
Inception to Date
2016
 
$13.70
 
400,000

2017
 
$14.50
 
1,130,916

Total
 
 
 
1,530,916


 
The following table summarizes activity in New Residential’s outstanding options:
 
 
Amount
 
Weighted Average Exercise Price
December 31, 2017 outstanding options
 
18,502,188

 
 
Options granted
 
2,875,000

 
$
17.10

Options exercised
 
(15,803,216
)
 
$
14.30

Options expired unexercised
 

 
 
June 30, 2018 outstanding options
 
5,573,972

 
See table above