XML 18 R39.htm IDEA: XBRL DOCUMENT v3.3.0.814
EQUITY AND EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2015
Equity and Earnings Per Share [Abstract]  
Summary of Outstanding Options
As of September 30, 2015, New Residential’s outstanding options were summarized as follows:
 
Issued Prior to 2011
 
Issued in 2011-2015
 
Total
Held by the Manager
345,720

 
10,582,861

 
10,928,581

Issued to the Manager and subsequently transferred to certain of the Manager’s employees
88,280

 
1,359,248

 
1,447,528

Issued to the independent directors
—

 
4,000

 
4,000

Total
434,000

 
11,946,109

 
12,380,109



The following table summarizes New Residential’s outstanding options as of September 30, 2015. The last sales price on the New York Stock Exchange for New Residential’s common stock in the quarter ended September 30, 2015 was $13.10 per share.
Recipient
Date of
Grant/
Exercise(A)
 
Number of
Options
 
Options
Exercisable
as of
September 30,
2015
 
Weighted
Average
Exercise
Price(B)
 
Intrinsic
Value of Exercisable Options as of
September 30,
2015
(millions)
Directors
Various
 
6,000

 
4,000

 
$
13.58

 
$
—

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

 
7,000

 
6.82

 
0.04

Manager(C)
May-12
 
1,150,000

 
8,750

 
7.34

 
0.05

Manager(C)
Jul-12
 
1,265,000

 
9,250

 
7.34

 
0.05

Manager(C)
Jan-13
 
2,875,000

 
786,070

 
10.24

 
2.25

Manager(C)
Feb-13
 
1,150,000

 
1,149,998

 
11.48

 
1.86

Manager(C)
Apr-14
 
1,437,500

 
814,583

 
12.20

 
0.73

Manager(C)
Apr-15
 
2,828,698

 
471,450

 
15.25

 
—

Manager(C)
Apr-15
 
2,921,302

 
486,884

 
15.25

 
—

Manager(C)
Jun-15
 
2,793,539

 
279,354

 
15.88

 
—

Exercised(D)
2013-2015
 
(7,564,298
)
 
N/A

 
7.53

 
N/A

Expired unexercised
2013-2015
 
(766,271
)
 
N/A

 
N/A

 
N/A

Outstanding
 
 
12,380,109

 
4,451,339

 
 
 
 
 
(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
 
88,282

2012
 
$6.82 to $7.34
 
—

2013
 
$10.24 to $11.48
 
1,100,496

2014
 
$12.20
 
258,750

Total
 
 
 
1,447,528


 
(D)
Exercised by employees of Fortress, subsequent to their assignment, or by directors. The options exercised had an intrinsic value of $60.5 million.