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EQUITY AND EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Schedule of Preferred Shares
The table below summarizes preferred shares:
Dividends Declared per Share
Number of SharesThree Months Ended
September 30,		Nine Months Ended
September 30,
SeriesSeptember 30, 2022December 31, 2021
Liquidation Preference(A)
Issuance Discount
Carrying Value(B)
2022202120222021
Series A, 7.50% issued July 2019(C)
6,210 6,210 $155,250 3.15 %$150,026 $0.47 $0.47 $1.41 $1.41 
Series B, 7.125% issued August 2019(C)
11,300 11,300 282,500 3.15 %273,418 0.45 0.45 1.34 1.34 
Series C, 6.375% issued February 2020(C)
15,928 16,100 398,209 3.15 %385,734 0.40 0.40 1.20 1.20 
Series D, 7.00%, issued September 2021(D)
18,600 18,600 465,000 3.15 %449,489 0.44 0.28 1.31 0.28 
Total52,038 52,210 $1,300,959 $1,258,667 $1.76 $1.60 $5.26 $4.23 
(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 24, 2021April 2021$0.20 $82.9 
June 16, 2021August 20210.20 93.3 
August 23, 2021October 20210.25 116.6 
December 15, 2021January 20220.25 116.7 
March 21, 2022April 20220.25 116.7 
June 17, 2022August 20220.25 116.7 
September 22, 2022October 20220.25 118.4 
Schedule of Warrants
The table below summarizes the 2020 Warrants at September 30, 2022:
Number of Warrants (in millions)Adjusted Weighted Average Exercise Price
(per share)
Initial
Adjusted(A)
Outstanding warrants – December 31, 2021
43.4 46.2 $6.49 
Granted— 1.9 6.29 
Exercised(21.0)(23.0)6.30 
Expired— — — 
Outstanding warrants – September 30, 2022
22.4 25.1 6.17 
(B)
(A)Reflects the incremental number of additional common stock issuable upon exercise of warrants in accordance with the warrant agreement.
(B)Reflects a reduction in weighted average exercise price due to anti-dilution adjustments effective for dividends in excess of $0.10 a share.
Summary of Outstanding Options
As of September 30, 2022, outstanding options were as follows:
Held by the Former Manager21,471,990
Issued to the Former Manager and subsequently assigned to certain of the Former Manager’s employees— 
Issued to the independent directors6,000
Total21,477,990 

The following table summarizes outstanding options as of September 30, 2022. The last sales price on the New York Stock Exchange for Rithm Capital’s common stock in the quarter ended September 30, 2022 was $7.32 per share.
Recipient
Date of
Grant/
Exercise(A)
Number of Unexercised
Options
Options
Exercisable
as of
September 30, 2022
Weighted
Average
Exercise
Price(B)
Intrinsic Value of Exercisable Options as of
September 30, 2022
(millions)
DirectorsVarious6,000 6,000 $12.85 $— 
Former Manager(C)
20171,130,916 1,130,916 13.43 — 
Former Manager(C)
20185,320,000 5,320,000 16.15 — 
Former Manager(C)
20196,351,000 6,351,000 15.54 — 
Former Manager(C)
20201,619,739 1,619,739 16.88 — 
Former Manager(C)
20217,050,335 3,681,028 9.91 —
Outstanding21,477,990 18,108,683 
(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:
AmountWeighted Average Exercise Price
Outstanding options – December 31, 2021
21,478,990 $— 
Granted— — 
Exercised— — 
Expired(1,000)12.01 
Outstanding options – September 30, 2022
21,477,990 See table above
Schedule of Basic and Diluted Earnings Per Share
The following table summarizes the basic and diluted earnings per share calculations:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Net income$154,190 $170,681 $877,452 $617,743 
Noncontrolling interests in income of consolidated subsidiaries
7,307 9,001 27,098 28,448 
Dividends on preferred stock22,427 15,533 67,315 44,249 
Net income (loss) attributable to common stockholders$124,456 $146,147 $783,039 $545,046 
Basic weighted average shares of common stock outstanding467,974,962 466,579,920 467,192,721 446,085,657 
Dilutive effect of stock options and common stock purchase warrants(A)
8,821,795 15,702,775 14,707,408 15,608,824 
Diluted weighted average shares of common stock outstanding476,796,757 482,282,695 481,900,129 461,694,481 
Basic earnings per share attributable to common stockholders$0.27 $0.31 $1.68 $1.22 
Diluted earnings per share attributable to common stockholders$0.26 $0.30 $1.62 $1.18 
(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.