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Restatement of Previously Issued Consolidated Financial Statements (Tables) | 6 Months Ended
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Jun. 30, 2014
Accounting Changes and Error Corrections [Abstract] |
Schedule of Effects of Restatement | The following tables summarize the effect of these restatements on our previously reported amounts.
| Consolidated Balance Sheet as of December 31, 2013
| As Reported |  | Restatement |  | As Restated
Deferred tax assets, net | $ | 116,558 |  |  | $ | (987 | ) |  | $ | 115,571 |
Financing liabilities | 1,284,229 |  |  | (17,256 | ) |  | 1,266,973 |
Retained earnings | 986,694 |  |  | 16,269 |  |  | 1,002,963 |
Total stockholders’ equity | 1,796,322 |  |  | 16,269 |  |  | 1,812,591 |
| Consolidated Statement of Operations for the Three Months Ended June 30, 2013
| As Reported |  | Restatement |  | As Restated
Interest expense | $ | (99,868 | ) |  | $ | (13,352 | ) |  | $ | (113,220 | )
Total other expense, net (1) | (67,659 | ) |  | (28,199 | ) |  | (95,858 | )
Income before income taxes | 87,510 |  |  | (13,352 | ) |  | 74,158 |
Income tax expense | 10,789 |  |  | (2,293 | ) |  | 8,496 |
Net income | 76,721 |  |  | (11,059 | ) |  | 65,662 |
Net income attributable to Ocwen stockholders | 76,721 |  |  | (11,059 | ) |  | 65,662 |
Net income attributable to Ocwen common stockholders | 74,116 |  |  | (11,059 | ) |  | 63,057 |
Earnings per share attributable to Ocwen common stockholders |  |  |  |  |
Basic | $ | 0.55 |  |  | $ | (0.09 | ) |  | $ | 0.46 |
Diluted | $ | 0.53 |  |  | $ | (0.08 | ) |  | $ | 0.45 |
| Consolidated Statement of Operations for the Six Months Ended June 30, 2013
| As Reported |  | Restatement |  | As Restated
Interest expense | $ | (193,284 | ) |  | $ | (9,395 | ) |  | $ | (202,679 | )
Total other expense, net (1) | (177,533 | ) |  | (25,665 | ) |  | (203,198 | )
Income before income taxes | 138,845 |  |  | (9,395 | ) |  | 129,450 |
Income tax expense | 16,977 |  |  | (2,098 | ) |  | 14,879 |
Net income | 121,868 |  |  | (7,297 | ) |  | 114,571 |
Net income attributable to Ocwen stockholders | 121,868 |  |  | (7,297 | ) |  | 114,571 |
Net income attributable to Ocwen common stockholders | 116,692 |  |  | (7,297 | ) |  | 109,395 |
Earnings per share attributable to Ocwen common stockholders |  |  |  |  |
Basic | $ | 0.86 |  |  | $ | (0.05 | ) |  | $ | 0.81 |
Diluted | $ | 0.84 |  |  | $ | (0.06 | ) |  | $ | 0.78 |
(1) | In the unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2013, we revised Gains on loans held for sale, net within the Revenue section and Other, net within the Other income (expense) section from the amounts previously reported to correctly report gains on the sale of certain loans. These revisions increased Gains on loans held for sale, net by $14.8 million and $16.3 million for the three and six months ended June 30, 2013, respectively, with a corresponding decrease to Other, net. These revisions did not impact the As Reported Income before income tax or Net income for the periods presented.
| Consolidated Statement of Comprehensive Income for the Three Months Ended June 30, 2013
| As Reported |  | Restatement |  | As Restated
Net Income | $ | 76,721 |  |  | $ | (11,059 | ) |  | $ | 65,662 |
Comprehensive income | 75,027 |  |  | (11,059 | ) |  | 63,968 |
Comprehensive income attributable to Ocwen stockholders | 75,027 |  |  | (11,059 | ) |  | 63,968 |
| Consolidated Statement of Comprehensive Income for the Six Months Ended June 30, 2013
| As Reported |  | Restatement |  | As Restated
Net Income | $ | 121,868 |  |  | $ | (7,297 | ) |  | $ | 114,571 |
Comprehensive income | 116,495 |  |  | (7,297 | ) |  | 109,198 |
Comprehensive income attributable to Ocwen stockholders | 116,495 |  |  | (7,297 | ) |  | 109,198 |
| Consolidated Statement of Changes in Equity for the Six Months Ended June 30, 2013
| As Reported |  | Restatement |  | As Restated
Net Income | $ | 121,868 |  |  | $ | (7,297 | ) |  | $ | 114,571 |
| Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2013
| As Reported |  | Restatement |  | As Restated
Net income | $ | 121,868 |  |  | $ | (7,297 | ) |  | $ | 114,571 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Decrease in deferred tax assets, net | 130 |  |  | (2,098 | ) |  | (1,968 | )
Net cash provided by operating activities | 877,027 |  |  | (9,395 | ) |  | 867,632 |
Repayments of other secured borrowings | (5,555,805 | ) |  | 9,395 |  |  | (5,546,410 | )
Net cash provided by financing activities | 846,331 |  |  | 9,395 |  |  | 855,726 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22663-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22658-107794 + Details
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