Quarterly report pursuant to Section 13 or 15(d)

EQUITY AND EARNINGS PER SHARE (Tables)

v3.7.0.1
EQUITY AND EARNINGS PER SHARE (Tables)
6 Months Ended
Jun. 30, 2017
Equity and Earnings Per Share [Abstract]  
Summary of Outstanding Options
As of June 30, 2017, New Residential’s outstanding options were summarized as follows:
Held by the Manager
16,128,730

Issued to the Manager and subsequently transferred to certain of the Manager’s employees
2,367,458

Issued to the independent directors
6,000

Total
18,502,188



The following table summarizes New Residential’s outstanding options as of June 30, 2017. The last sales price on the New York Stock Exchange for New Residential’s common stock in the quarter ended June 30, 2017 was $15.56 per share.
Recipient
Date of
Grant/
Exercise(A)
 
Number of Unexercised
Options
 
Options
Exercisable
as of
June 30, 2017
 
Weighted
Average
Exercise
Price(B)
 
Intrinsic
Value of Exercisable Options as of
June 30, 2017
(millions)
Directors
Various
 
6,000

 
6,000

 
$
13.99

 
$

Manager(C)
2012
 
25,000

 
25,000

 
7.19

 
0.2

Manager(C)
2013
 
835,571

 
835,571

 
11.48

 
3.4

Manager(C)
2014
 
1,437,500

 
1,437,500

 
12.20

 
4.8

Manager(C)
2015
 
8,543,539

 
7,218,165

 
15.45

 
1.5

Manager(C)
2016
 
2,000,000

 
666,667

 
14.20

 
0.9

Manager(C)
2017
 
5,654,578

 
753,944

 
15.00

 
0.4

Outstanding
 
 
18,502,188

 
10,942,847

 
 
 
 
 
(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.
(C)
The Manager assigned certain of its options to Fortress’s employees as follows:
    
Date of Grant
 
Range of Exercise
Prices
 
Total Unexercised
Inception to Date
2014
 
$12.20
 
258,750

2015
 
$15.25 to $15.88
 
1,708,708

2016
 
$14.20
 
400,000

Total
 
 
 
2,367,458


 
The following table summarizes activity in New Residential’s outstanding options:
 
 
Amount
 
Weighted Average Exercise Price
December 31, 2016 outstanding options
 
13,196,610

 
 
Options granted
 
5,654,578

 
$
15.00

Options exercised
 

 
$

Options expired unexercised
 
(349,000
)
 
 
June 30, 2017 outstanding options
 
18,502,188

 
See table above