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EQUITY AND EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2015
Equity and Earnings Per Share [Abstract]  
Summary of Outstanding Options
As of March 31, 2015, New Residential’s outstanding options were summarized as follows:
 
Issued Prior to 2011
 
Issued in 2011-2014
 
Total
Held by the Manager
343,440

 
8,173,847

 
8,517,287

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

 
1,959,247

 
2,049,807

Issued to the independent directors
1,000

 
4,000

 
5,000

Total
435,000

 
10,137,094

 
10,572,094



The following table summarizes New Residential’s outstanding options as of March 31, 2015. The last sales price on the New York Stock Exchange for New Residential’s common stock in the quarter ended March 31, 2015 was $15.03 per share.
Recipient
Date of
Grant/
Exercise(A)
 
Number of
Options
 
Options
Exercisable
as of
March 31,
2015
 
Weighted
Average
Exercise
Price(B)
 
Intrinsic
Value as of
March 31,
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

 
547,583

 
6.58

 
4.6

Manager(C)
Sep-11
 
1,269,917

 
849,916

 
4.98

 
8.5

Manager(C)
Apr-12
 
948,750

 
920,983

 
6.82

 
7.6

Manager(C)
May-12
 
1,150,000

 
1,117,333

 
7.34

 
8.6

Manager(C)
Jul-12
 
1,265,000

 
1,234,783

 
7.34

 
9.5

Manager(C)
Jan-13
 
2,875,000

 
2,491,665

 
10.24

 
11.9

Manager(C)
Feb-13
 
1,150,000

 
958,332

 
11.48

 
3.4

Manager(C)
Apr-14
 
1,437,500

 
527,083

 
12.20

 
1.5

Exercised(D)
2013-2014
 
(802,492
)
 
N/A

 
5.81

 
N/A

Expired unexercised
2003-2005
 
(792,553
)
 
N/A

 
N/A

 
N/A

Outstanding
 
 
10,572,094

 
9,086,678

 
 
 
 
 
(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
2004 - 2007
 
$29.92 to $33.80
 
90,560

2012
 
$6.82 to $7.34
 
600,000

2013
 
$10.24 to $11.48
 
1,100,497

2014
 
$12.20
 
258,750

Total
 
 
 
2,049,807


 
(D)
Exercised by employees of Fortress, subsequent to their assignment, or by directors. The options exercised had an intrinsic value of $4.5 million.