| Academy Award Nominations and Winners: |
| Best Director: Mike Figgis |
| Best Actress: Elisabeth Shue |
| ★ | Best Actor: Nicolas Cage |
| Best Adapted Screenplay: Mike Figgis |
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| Golden Globe Nominations and Winners: |
| Best Picture (Drama) |
| Best Director: Mike Figgis |
| Best Actress (Drama): Elisabeth Shue |
| ★ | Best Actor (Drama): Nicolas Cage |
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| Other Awards: |
| Screen Actors Guild Awards: Best Actor (Cage) |
| Independent Spirit Awards: Best Picture; Best Director; Best Actress (Shue); Best Cinematography (Declan Quinn) |
| New York Film Critics Circle: Best Picture; Best Actor (Cage) |
| Los Angeles Film Critics Association: Best Picture; Best Director; Best Actress (Shue); Best Actor (Cage) |
| National Society of Film Critics: Best Director; Best Actress (Shue); Best Actor (Cage) |
| Boston Society of Film Critics: Best Actor (Cage) |
| National Board of Review: Best Actor (Cage) |