Quarterly report pursuant to Section 13 or 15(d)

EQUITY AND EARNINGS PER SHARE (Tables)

v3.19.3
EQUITY AND EARNINGS PER SHARE (Tables)
9 Months Ended
Sep. 30, 2019
Equity and Earnings Per Share [Abstract]  
Summary of Outstanding Options
As of September 30, 2019, New Residential’s outstanding options were summarized as follows:
Held by the Manager
10,511,167

Issued to the Manager and subsequently assigned to certain of the Manager’s employees
2,290,749

Issued to the independent directors
7,000

Total
12,808,916



The following table summarizes New Residential’s outstanding options as of September 30, 2019. The last sales price on the New York Stock Exchange for New Residential’s common stock in the quarter ended September 30, 2019 was $15.68 per share.
Recipient
Date of
Grant/
Exercise(A)
 
Number of Unexercised
Options
 
Options
Exercisable as of
September 30, 2019
 
Weighted
Average
Exercise
Price(B)
 
Intrinsic Value of Exercisable Options as of
September 30, 2019
(millions)
Directors
Various
 
7,000

 
7,000

 
$
13.61

 
$

Manager(C)
2017
 
1,130,916

 

 
14.09

 
1.8

Manager(C)
2018
 
5,320,000

 
2,416,798

 
16.61

 

Manager(C)
2019
 
6,351,000

 
1,152,400

 
16.43

 

Outstanding
 
 
12,808,916

 
3,576,198

 
 
 
 
 
(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 2018 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 its employees as follows:
    
Date of Grant to Manager
 
Range of Exercise
Prices
 
Total Unexercised
Inception to Date
2017
 
$14.09
 
1,130,916

2018
 
$16.48 to $17.73
 
1,159,833

Total
 
 
 
2,290,749


 
The following table summarizes activity in New Residential’s outstanding options:
 
 
Amount
 
Weighted Average Exercise Price
December 31, 2018 outstanding options
 
8,498,138

 
 
Options granted
 
6,352,000

 
$
16.20

Options exercised
 
(2,041,222
)
 
$
13.88

Options expired unexercised
 

 
 
September 30, 2019 outstanding options
 
12,808,916

 
See table above