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EQUITY AND EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Preferred Shares
The table below summarizes preferred shares:
Dividends Declared per Share
Number of SharesThree Months Ended
March 31,
SeriesMarch 31, 2023December 31, 2022
Liquidation Preference(A)
Issuance Discount
Carrying Value(B)
20232022
Series A, 7.50% issued July 2019(C)
6,200 6,200 $155,002 3.15 %$149,822 $0.47 $0.47 
Series B, 7.125% issued August 2019(C)
11,261 11,261 281,518 3.15 %272,654 0.45 0.45 
Series C, 6.375% issued February 2020(C)
15,903 15,903 397,584 3.15 %385,289 0.40 0.40 
Series D, 7.00% issued September 2021(D)
18,600 18,600 465,000 3.15 %449,489 0.44 0.44 
Total51,964 51,964 $1,299,104 $1,257,254 $1.76 $1.76 
(A)Each series has a liquidation preference or par value of $25.00 per share.
(B)Carrying value reflects par value less discount and issuance costs.
(C)Fixed-to-floating rate cumulative redeemable preferred.
(D)Fixed-rate reset cumulative redeemable preferred.
Schedule of Dividends Declared
Common dividends have been declared as follows:
Declaration DatePayment DatePer ShareTotal Amounts Distributed (millions)
Quarterly Dividend
March 21, 2022April 2022$0.25 $116.7 
June 17, 2022August 20220.25 116.7 
September 22, 2022October 20220.25 118.4 
December 15, 2022January 20230.25 118.6 
March 17, 2023April 20230.25 120.9 
Schedule of Warrants
The table below summarizes the 2020 Warrants at March 31, 2023:
Number of Warrants (in millions)Adjusted Weighted Average Exercise Price
(per share)
Initial
Adjusted(A)
December 31, 2022
22.4 25.6 $6.1 
Granted— — — 
Exercised(22.4)(25.6)6.1 
Expired— — — 
March 31, 2023
— — 
(A)Reflects the incremental number of additional common stock issuable upon exercise of warrants in accordance with the warrant agreement.
Summary of Outstanding Options
As of March 31, 2023, outstanding options were as follows:
Held by Former Manager21,471,990
Issued to the independent directors5,000
Total21,476,990 

The following table summarizes outstanding options as of March 31, 2023. The last sales price on the New York Stock Exchange for Rithm Capital’s common stock in the quarter ended March 31, 2023 was $8.00 per share.
Recipient
Date of
Grant/
Exercise(A)
Number of Unexercised
Options
Options
Exercisable
as of
March 31, 2023
Weighted
Average
Exercise
Price(B)
Intrinsic Value of Exercisable Options as of
March 31, 2023
(millions)
DirectorsVarious5,000 5,000 $12.83 $— 
Former Manager20171,130,916 1,130,916 12.84 — 
Former Manager20185,320,000 5,320,000 15.57 — 
Former Manager20196,351,000 6,351,000 14.95 — 
Former Manager20201,619,739 1,619,739 16.30 — 
Former Manager20217,050,335 5,091,095 9.34 —
Outstanding21,476,990 19,517,750 
(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.
 
The following table summarizes activity in outstanding options:
Number of OptionsWeighted Average Exercise Price
December 31, 2022
21,476,990 $— 
Granted— — 
Exercised— — 
Expired— — 
March 31, 2023
21,476,990 See table above
Schedule of Restricted Stock Awards
The table below summarizes the Company’s awards granted, forfeited or vested under the Plan during the three months ended March 31, 2023:
Number of SharesGrant Date Price
RSAs (B)
RSUsPSUsTotalRSAsRSUsPSUs
Unvested Shares at December 31, 2022
578,034 — — 578,034 $8.65 $— $— 
Granted— 1,215,329 1,215,329 2,430,658 — 9.52 9.52 
Unvested Shares at March 31, 2023(A)
578,034 1,215,329 1,215,329 3,008,692 
(A)Number of PSUs assumes target levels of performance are achieved for outstanding unvested PSU awards.
(B)Does not include cash dividends received in relation to unvested RSAs.
Schedule of Basic and Diluted Earnings Per Share
The following table summarizes the basic and diluted earnings per share calculations:
Three Months Ended
March 31,
20232022
Net income$89,949 $689,931 
Noncontrolling interests in income of consolidated subsidiaries
(1,300)5,609 
Dividends on preferred stock22,395 22,461 
Net income attributable to common stockholders$68,854 $661,861 
Basic weighted average shares of common stock outstanding478,167,178 466,785,584 
Dilutive effect of stock options, restricted stock, common stock purchase warrants, RSUs and PSUs(A)(B)
4,679,733 17,639,482 
Diluted weighted average shares of common stock outstanding482,846,911 484,425,066 
Basic earnings per share attributable to common stockholders$0.14 $1.42 
Diluted earnings per share attributable to common stockholders$0.14 $1.37 
(A)Stock options and common stock purchase warrants that could potentially dilute basic earnings per share in the future were not included in the computation of diluted earnings per share for the periods where a loss has been recorded because they would have been anti-dilutive for the period presented. There were no anti-dilutive stock options or common stock purchase warrants for all periods presented.
(B)RSU and PSU awards were included to the extent dilutive and issuable under the relevant performance measures.