Quarterly report pursuant to Section 13 or 15(d)

EQUITY AND EARNINGS PER SHARE (Tables)

v3.2.0.727
EQUITY AND EARNINGS PER SHARE (Tables)
6 Months Ended
Jun. 30, 2015
Equity and Earnings Per Share [Abstract]  
Summary of Outstanding Options
As of June 30, 2015, New Residential’s outstanding options were summarized as follows:
 
Issued Prior to 2011
 
Issued in 2011-2015
 
Total
Held by the Manager
343,440

 
10,557,860

 
10,901,300

Issued to the Manager and subsequently transferred to certain of the Manager’s employees
90,560

 
1,421,747

 
1,512,307

Issued to the independent directors
1,000

 
4,000

 
5,000

Total
435,000

 
11,983,607

 
12,418,607



The following table summarizes New Residential’s outstanding options as of June 30, 2015. The last sales price on the New York Stock Exchange for New Residential’s common stock in the quarter ended June 30, 2015 was $15.24 per share.
Recipient
Date of
Grant/
Exercise(A)
 
Number of
Options
 
Options
Exercisable
as of
June 30,
2015
 
Weighted
Average
Exercise
Price(B)
 
Intrinsic
Value as of
June 30,
2015
(millions)
Directors
Various
 
6,000

 
5,000

 
$
17.54

 
$

Manager(C)
2003 - 2007
 
1,226,555

 
434,000

 
31.36

 

Manager(C)
Mar-11
 
838,417

 

 
6.58

 

Manager(C)
Sep-11
 
1,269,917

 

 
4.98

 

Manager(C)
Apr-12
 
948,750

 
17,500

 
6.82

 
0.10

Manager(C)
May-12
 
1,150,000

 
21,750

 
7.34

 
0.20

Manager(C)
Jul-12
 
1,265,000

 
23,250

 
7.34

 
0.20

Manager(C)
Jan-13
 
2,875,000

 
759,866

 
10.24

 
3.80

Manager(C)
Feb-13
 
1,150,000

 
1,073,331

 
11.48

 
4.00

Manager(C)
Apr-14
 
1,437,500

 
670,833

 
12.20

 
2.00

Manager(C)
Apr-15
 
2,828,698

 
188,580

 
15.25

 

Manager(C)
Apr-15
 
2,921,302

 
194,753

 
15.25

 

Manager(C)
Jun-15
 
2,793,539

 

 
15.88

 

Exercised(D)
2013-2015
 
(7,499,518
)
 
N/A

 
7.60

 
N/A

Expired unexercised
2013-2015
 
(792,553
)
 
N/A

 
N/A

 
N/A

Outstanding
 
 
12,418,607

 
3,388,863

 
 
 
 
 
(A)
Options expire on the tenth anniversary from date of grant.
(B)
The strike prices are subject to adjustment in connection with return of capital dividends.
(C)
The Manager assigned certain of its options to Fortress’s employees as follows:
Date of Grant
 
Range of Strike
Prices
 
Total Unexercised
Inception to Date
2005-2007
 
$29.92 to $33.80
 
90,560

2012
 
$6.82 to $7.34
 
62,501

2013
 
$10.24 to $11.48
 
1,100,496

2014
 
$12.20
 
258,750

Total
 
 
 
1,512,307


 
(D)
Exercised by employees of Fortress, subsequent to their assignment, or by directors. The options exercised had an intrinsic value of $60.0 million.