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NOTE 31 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 12 Months Ended
Dec. 31, 2011
Quarterly Financial Information [Text Block]

NOTE 31 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)


   

Quarters Ended

 
   

December 31,

2011

   

September 30,

2011

   

June 30,

2011

   

March 31,

2011

 
Revenue   $ 156,625     $ 122,462     $ 105,837     $ 111,006  
Operating expenses (1)     90,481       65,650       42,254       41,199  
Income from operations     66,144       56,812       63,583       69,807  
Other expense     (47,625 )     (27,861 )     (22,547 )     (35,318 )
Income from continuing operations before income taxes     18,519       28,951       41,036       34,489  
Income tax expense (benefit)     8,864       8,730       14,653       12,425  
Income from continuing operations     9,655       20,221       26,383       22,064  
Income (loss) from discontinued operations, net of taxes     —       —       —       —  
Net income     9,655       20,221       26,383       22,064  
Net loss (income) attributable to non-controlling interests     (4 )     7       (5 )     10  
Net income attributable to OCN   $ 9,651     $ 20,228     $ 26,378     $ 22,074  
                                 
Basic earnings per share                                
Income from continuing operations   $ 0.08     $ 0.20     $ 0.26     $ 0.22  
Income from discontinued operations     —       —       —       —  
Net income attributable to OCN   $ 0.08     $ 0.20     $ 0.26     $ 0.22  
                                 
Diluted earnings per share                                
Income from continuing operations   $ 0.08     $ 0.19     $ 0.25     $ 0.21  
Income from discontinued operations     —       —       —       —  
Net income attributable to OCN   $ 0.08     $ 0.19     $ 0.25     $ 0.21  

   

Quarters Ended

 
   

December 31,

2010

   

September 30,

2010

   

June 30,

2010

   

March 31,

2010

 
Revenue   $ 113,273     $ 95,569     $ 75,953     $ 75,586  
Operating expenses (2)(3)     63,265       93,374       44,658       35,177  
Income from operations     50,008       2,195       31,295       40,409  
Other expense     (34,849 )     (22,907 )     (18,033 )     (8,964 )
Income (loss) from continuing operations before income taxes     15,159       (20,712 )     13,262       31,445  
 Income tax expense (benefit)     5,235       (7,487 )     (2,777 )     10,574  
Income (loss) from continuing operations     9,924       (13,225 )     16,039       20,871  
Income from discontinued operations, net of taxes     —       4,383       —       —  
Net income (loss)     9,924       (8,842 )     16,039       20,871  
Net loss (income) attributable to non-controlling interests     (3 )     7       (1 )     (11 )
Net income (loss) attributable to OCN   $ 9,921     $ (8,835 )   $ 16,038     $ 20,860  
                                 
Basic earnings per share:                                
Income (loss)from continuing operations   $ 0.10     $ (0.13 )   $ 0.16     $ 0.21  
Income from discontinued operations     —       0.04       —       —  
Net income (loss) attributable to OCN   $ 0.10     $ (0.09 )   $ 0.16     $ 0.21  
                                 
Diluted earnings per share:                                
Income (loss) from continuing operations   $ 0.09     $ (0.13 )   $ 0.15     $ 0.20  
Income from discontinued operations     —       0.04       —       —  
Net income (loss) attributable to OCN   $ 0.09     $ (0.09 )   $ 0.15     $ 0.20  

(1) Operating expenses for 2011 include non-recurring costs of $50,340 that we incurred as a result of the Litton Acquisition, including $472, $18,746 and $31,122 in the second, third and fourth quarters, respectively. See Note 2 for additional information on the Litton Acquisition.
   
(2) As a result of the HomEq Acquisition, we incurred non-recurring costs of $52,603 during 2010, including $1,250, $33,901 and $17,452 in the second, third and fourth quarters, respectively. See Note 2 for additional information on the HomEq Acquisition.
   
(3) In connection with litigation matters, we established $24,166 of additional reserves in 2010, including $5,163 in the second quarter, $18,413 in the third quarter and $590 in the fourth quarter. See Note 30 for additional information on litigation.