XML 15 R39.htm IDEA: XBRL DOCUMENT v2.4.0.8
Quarterly Results of Operations (Unaudited)
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations (Unaudited)
Note 29 — Quarterly Results of Operations (Unaudited)
A summary of quarterly financial data for the year ended December 31, 2013 (As Restated) is as follows:
 
Quarters Ended (As Restated) (1)
 
December 31,
2013
 
September 30,
2013
 
June 30,
2013
 
March 31,
2013
Revenue
$
555,955

 
$
531,240

 
$
544,812

 
$
406,266

Operating expenses (2)
340,876

 
346,260

 
371,508

 
242,650

Income from operations
215,079

 
184,980

 
173,304

 
163,616

Other expense (1)
(61,495
)
 
(115,535
)
 
(99,146
)
 
(108,324
)
Income before income taxes (1)
153,584

 
69,445

 
74,158

 
55,292

Income tax expense (1)
18,309

 
8,873

 
8,496

 
6,383

Net income (1)
135,275

 
60,572

 
65,662

 
48,909

Preferred stock dividends
(581
)
 
(1,446
)
 
(1,519
)
 
(1,485
)
Deemed dividend related to beneficial conversion feature of preferred stock
(416
)
 
(4,401
)
 
(1,086
)
 
(1,086
)
Net income attributable to Ocwen common stockholders (1)
$
134,278

 
$
54,725

 
$
63,057

 
$
46,338

 
 
 
 
 
 
 
 
Earnings per share attributable to Ocwen common stockholders
 
 
 
 
 
 
 
Basic (1)
$
0.99

 
$
0.40

 
$
0.46

 
$
0.34

Diluted (1)
$
0.95

 
$
0.39

 
$
0.45

 
$
0.33

(1)
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:
 
Quarters Ended (As Previously Reported)
 
December 31,
2013
 
September 30,
2013
 
June 30,
2013
 
March 31,
2013
Revenue
$
555,955

 
$
531,240

 
$
544,812

 
$
406,266

Operating expenses (2)
340,876

 
346,260

 
371,508

 
242,650

Income from operations
215,079

 
184,980

 
173,304

 
163,616

Other expense
(94,976
)
 
(108,705
)
 
(85,794
)
 
(112,281
)
Income before income taxes
120,103

 
76,275

 
87,510

 
51,335

Income tax expense
14,824

 
9,273

 
10,789

 
6,188

Net income
105,279

 
67,002

 
76,721

 
45,147

Preferred stock dividends
(581
)
 
(1,446
)
 
(1,519
)
 
(1,485
)
Deemed dividend related to beneficial conversion feature of preferred stock
(416
)
 
(4,401
)
 
(1,086
)
 
(1,086
)
Net income attributable to Ocwen common stockholders
$
104,282

 
$
61,155

 
$
74,116

 
$
42,576

 
 
 
 
 
 
 
 
Earnings per share attributable to Ocwen common stockholders
 
 
 
 
 
 
 
Basic
$
0.77

 
$
0.45

 
$
0.55

 
$
0.31

Diluted
$
0.74

 
$
0.44

 
$
0.53

 
$
0.31

(2)
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.
 
Quarters Ended
 
December 31,
2012
 
September 30,
2012
 
June 30,
2012
 
March 31,
2012
Revenue
$
236,590

 
$
232,700

 
$
211,381

 
$
164,532

Operating expenses
99,097

 
92,793

 
85,904

 
86,113

Income from operations
137,493

 
139,907

 
125,477

 
78,419

Other expense
(61,014
)
 
(59,161
)
 
(55,313
)
 
(48,300
)
Income before income taxes
76,479

 
80,746

 
70,164

 
30,119

Income tax expense
11,138

 
29,346

 
25,331

 
10,770

Net income
65,341

 
51,400

 
44,833

 
19,349

Preferred stock dividends
(85
)
 
—

 
—

 
—

Deemed dividend related to beneficial conversion feature of preferred stock
(60
)
 
—

 
—

 
—

Net income attributable to Ocwen common stockholders
$
65,196

 
$
51,400

 
$
44,833

 
$
19,349

 
 
 
 
 
 
 
 
Earnings per share attributable to Ocwen common stockholders
 
 
 
 
 
 
 
Basic
$
0.48

 
$
0.38

 
$
0.33

 
$
0.15

Diluted
$
0.47

 
$
0.37

 
$
0.32

 
$
0.14