XML 60 R158.htm IDEA: XBRL DOCUMENT v2.4.0.8
Quarterly Results of Operations (Unaudited) - Schedule of Quarterly Results of Operations (Unaudited) (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenue $ 555,955,000 $ 531,240,000 $ 544,812,000 $ 406,266,000 $ 236,590,000 $ 232,700,000 $ 211,381,000 $ 164,532,000 $ 2,038,273,000 $ 845,203,000 $ 495,891,000
Operating expenses 340,876,000 [1] 346,260,000 [1] 371,508,000 [1] 242,650,000 [1] 99,097,000 92,793,000 85,904,000 86,113,000 1,301,294,000 363,907,000 239,547,000
Income from operations 215,079,000 184,980,000 173,304,000 163,616,000 137,493,000 139,907,000 125,477,000 78,419,000 736,979,000 481,296,000 256,344,000
Other expense (61,495,000) [2] (115,535,000) [2] (99,146,000) [2] (108,324,000) [2] (61,014,000) (59,161,000) (55,313,000) (48,300,000)      
Income before income taxes 153,584,000 [2] 69,445,000 [2] 74,158,000 [2] 55,292,000 [2] 76,479,000 80,746,000 70,164,000 30,119,000      
Income tax expense 18,309,000 [2] 8,873,000 [2] 8,496,000 [2] 6,383,000 [2] 11,138,000 29,346,000 25,331,000 10,770,000 42,061,000 76,585,000 44,672,000
Net income 135,275,000 [2] 60,572,000 [2] 65,662,000 [2] 48,909,000 [2] 65,341,000 51,400,000 44,833,000 19,349,000 310,418,000 180,923,000 78,331,000
Preferred stock dividend (581,000) (1,446,000) (1,519,000) (1,485,000) (85,000) 0 0 0 (5,031,000) (85,000) 0
Deemed dividend related to beneficial conversion feature of preferred stock (416,000) (4,401,000) (1,086,000) (1,086,000) (60,000) 0 0 0      
Net income attributable to Ocwen common stockholders 134,278,000 [2] 54,725,000 [2] 63,057,000 [2] 46,338,000 [2] 65,196,000 51,400,000 44,833,000 19,349,000      
Basic (in Dollars per share) $ 0.99 [2] $ 0.40 [2] $ 0.46 [2] $ 0.34 [2] $ 0.48 $ 0.38 $ 0.33 $ 0.15 $ 2.20 $ 1.35 $ 0.75
Diluted (usd per share) $ 0.95 [2] $ 0.39 [2] $ 0.45 [2] $ 0.33 [2] $ 0.47 $ 0.37 $ 0.32 $ 0.14 $ 2.13 $ 1.31 $ 0.71
Consumer Relief Expense     52,800,000                
Initial Estimate [Member]
                     
Revenue 555,955,000 531,240,000 544,812,000 406,266,000              
Operating expenses 340,876,000 [1] 346,260,000 [1] 371,508,000 [1] 242,650,000 [1]              
Income from operations 215,079,000 184,980,000 173,304,000 163,616,000              
Other expense (94,976,000) (108,705,000) (85,794,000) (112,281,000)              
Income before income taxes 120,103,000 76,275,000 87,510,000 51,335,000              
Income tax expense 14,824,000 9,273,000 10,789,000 6,188,000         41,074,000    
Net income 105,279,000 67,002,000 76,721,000 45,147,000         294,149,000    
Preferred stock dividend (581,000) (1,446,000) (1,519,000) (1,485,000)              
Deemed dividend related to beneficial conversion feature of preferred stock (416,000) (4,401,000) (1,086,000) (1,086,000)              
Net income attributable to Ocwen common stockholders $ 104,282,000 $ 61,155,000 $ 74,116,000 $ 42,576,000              
Basic (in Dollars per share) $ 0.77 $ 0.45 $ 0.55 $ 0.31         $ 2.08    
Diluted (usd per share) $ 0.74 $ 0.44 $ 0.53 $ 0.31         $ 2.02    
[1] Operating expenses for the second quarter of 2013 include a $52.8 million charge recorded in connection with an agreement with the CFPB, various state attorneys general and other agencies regarding certain foreclosure-related matters. See Note 28 — Commitments and Contingencies for additional information regarding this agreement.
[2] As discussed in Note 1A — Restatement and Revision of Previously Issued Consolidated Financial Statements, we are restating our previously issued audited Consolidated Financial Statements as of December 31, 2013 and for the year then ended to correct an error in applying the interest method to financing liabilities. A summary of quarterly financial data for the year ended December 31, 2013 as previously reported is as follows: