EQUITY AND ENARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2017

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)
March 16, 2015	April 2015	0.38	53.7
May 14, 2015	July 2015	0.45	89.5
September 18, 2015	October 2015	0.46	106.0
December 10, 2015	January 2016	0.46	106.0
March 22, 2016	April 2016	0.46	106.0
June 27, 2016	July 2016	0.46	106.0
September 23, 2016	October 2016	0.46	115.4
December 16, 2016	January 2017	0.46	115.4
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

Summary of Outstanding Options

New Residential’s outstanding options were summarized as follows:

	December 31,
	2017	2016
Held by the Manager	16,387,480	11,204,242
Issued to the Manager and subsequently transferred to certain of the Manager’s employees	2,108,708	1,986,368
Issued to the independent directors	6,000	6,000
Total	18,502,188	13,196,610

The following table summarizes New Residential’s outstanding options as of December 31, 2017. The last sales price on the New York Stock Exchange for New Residential’s common stock in the year ended December 31, 2017 was $17.88 per share.

Recipient	Date of Grant/ Exercise(A)	Number of Unexercised Options	Options Exercisable as of December 31, 2017	Weighted Average Exercise Price(B)		Intrinsic Value of Exercisable Options as of December 31, 2017 (millions)
Directors	Various	6,000	6,000	$	13.99	$	—
Manager(C)	2012	25,000	25,000	7.19		0.3
Manager(C)	2013	835,571	835,571	11.48		5.3
Manager(C)	2014	1,437,500	1,437,500	12.20		8.2
Manager(C)	2015	8,543,539	8,543,539	15.46		20.7
Manager(C)	2016	2,000,000	1,066,667	14.20		3.9
Manager(C)	2017	5,654,578	1,884,859	15.00		5.4
Outstanding		18,502,188	13,799,136

(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 to Manager	Range of Exercise Prices	Total Unexercised Inception to Date
2015	$15.25 to $15.88	1,708,708
2016	$14.20	400,000
Total		2,108,708

The following table summarizes activity in New Residential’s outstanding options:

	Amount		Weighted Average Exercise Price
December 31, 2015 outstanding options	12,380,107
Options granted	2,002,000		$	14.20
Options exercised(A)	(1,100,497	)	$	10.59
Options expired unexercised	(85,000	)
December 31, 2016 outstanding options	13,196,610
Options granted	5,654,578		$	15.00
Options exercised(A)	—		$	—
Options expired unexercised	(349,000	)
December 31, 2017 outstanding options	18,502,188		See table above

(A) The 1.1 million options that were exercised in 2016 had an intrinsic value of approximately $4.0 million at the date of exercise.