Annual report pursuant to Section 13 and 15(d)

EQUITY AND ENARNINGS PER SHARE (Tables)

v3.19.3.a.u2
EQUITY AND ENARNINGS PER SHARE (Tables)
12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Summary of Common Dividends Declared
Common dividends have been declared as follows:
 
 
 
 
Per Share
 
 
Declaration Date
 
Payment Date
 
Quarterly Dividend
 
Total Amounts Distributed (millions)
January 26, 2017
 
April 2017
 
0.48

 
147.5

June 21, 2017
 
July 2017
 
0.50

 
153.7

September 22, 2017
 
October 2017
 
0.50

 
153.7

December 18, 2017
 
January 2018
 
0.50

 
153.7

March 22, 2018
 
April 2018
 
0.50

 
168.1

June 21, 2018
 
July 2018
 
0.50

 
169.9

September 20, 2018
 
October 2018
 
0.50

 
170.2

December 20, 2018
 
January 2019
 
0.50

 
184.6

March 25, 2019
 
April 2019
 
0.50

 
207.7

June 18, 2019
 
July 2019
 
0.50

 
207.8

September 23, 2019
 
October 2019
 
0.50

 
207.8

December 16, 2019
 
January 2020
 
0.50

 
207.8


Summary of Outstanding Options
New Residential’s outstanding options were summarized as follows:
 
December 31,
 
2019
 
2018
Held by the Manager
10,511,167

 
6,961,222

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

 
1,530,916

Issued to the independent directors
7,000

 
6,000

Total
12,808,916

 
8,498,138


The following table summarizes New Residential’s outstanding options as of December 31, 2019. The last sales price on the New York Stock Exchange for New Residential’s common stock in the year ended December 31, 2019 was $16.11per share.
Recipient
Date of
Grant/
Exercise(A)
 
Number of Unexercised Options
 
Options
Exercisable
as of
December 31,
2019
 
Weighted
Average
Exercise
Price(B)
 
Intrinsic Value of Exercisable Options as of December 31, 2019
(millions)
Directors
Various
 
7,000

 
7,000

 
$
13.61

 
$

Manager(C)
2017
 
1,130,916

 

 
14.09

 
2.3

Manager(C)
2018
 
5,320,000

 
2,996,715

 
16.79

 

Manager(C)
2019
 
6,351,000

 
1,787,500

 
16.35

 

Outstanding
 
 
12,808,916

 
4,791,215

 
 
 
 
 
(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
 
$16.68 to $18.15
 
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, 2017 outstanding options
 
18,502,188

 
 
Options granted
 
5,799,166

 
$
17.23

Options exercised
 
(15,803,216
)
 
$
14.30

Options expired unexercised
 

 
 
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
 

 
 
December 31, 2019 outstanding options
 
12,808,916

 
See table above