EQUITY AND ENARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2018

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 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
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

Summary of Outstanding Options

New Residential’s outstanding options were summarized as follows:

	December 31,
	2018	2017
Held by the Manager	6,961,222	16,387,480
Issued to the Manager and subsequently assigned to certain of the Manager’s employees	1,530,916	2,108,708
Issued to the independent directors	6,000	6,000
Total	8,498,138	18,502,188

The following table summarizes New Residential’s outstanding options as of December 31, 2018. The last sales price on the New York Stock Exchange for New Residential’s common stock in the year ended December 31, 2018 was $14.21 per share.

Recipient	Date of Grant/ Exercise(A)	Number of Unexercised Options	Options Exercisable as of December 31, 2018	Weighted Average Exercise Price(B)		Intrinsic Value of Exercisable Options as of December 31, 2018 (millions)
Directors	Various	6,000	6,000	$	13.99	$	—
Manager(C)	2012	—	—	—		—
Manager(C)	2013	—	—	—		—
Manager(C)	2014	—	—	—		—
Manager(C)	2015	—	—	—		—
Manager(C)	2016	533,334	200,000	13.70		0.1
Manager(C)	2017	2,638,804	1,130,917	14.50		—
Manager(C)	2018	5,320,000	581,215	17.12		—
Outstanding		8,498,138	1,918,132

(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 2017 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
2016	$13.70	400,000
2017	$14.50	1,130,916
Total		1,530,916

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

	Amount		Weighted Average Exercise Price
December 31, 2016 outstanding options	13,196,610
Options granted	5,654,578		$	14.50
Options exercised(A)	—		$	—
Options expired unexercised	(349,000	)
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		See table above

(A) The 15.8 million options that were exercised in 2018 had an intrinsic value of approximately $68.9 million at the date of exercise.