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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenue        
Servicing and subservicing fees $ 491,673 $ 482,632 $ 982,132 $ 850,125
Gain on loans held for sale, net 38,836 36,478 82,823 44,650
Other revenues 22,565 25,702 39,380 56,303
Total revenue 553,074 544,812 1,104,335 951,078
Operating expenses        
Compensation and benefits 110,602 117,999 216,239 212,625
Amortization of mortgage servicing rights 63,198 70,369 125,292 118,252
Servicing and origination 35,787 31,888 79,734 55,504
Technology and communications 39,997 33,877 76,973 63,889
Professional services 30,643 66,652 52,041 80,138
Occupancy and equipment 25,756 25,596 57,807 43,845
Other operating expenses 39,480 28,415 86,571 44,177
Total operating expenses 345,463 374,796 694,657 618,430
Income from operations 207,611 170,016 409,678 332,648
Other income (expense)        
Interest expense (136,207) (113,220) (276,080) (202,679)
Gain (loss) on debt redemption 356 3,192 2,609 (13,838)
Other, net 5,417 14,170 12,673 13,319
Total other expense, net (130,434) (95,858) [1] (260,798) (203,198) [1]
Income before income taxes 77,177 74,158 148,880 129,450
Income tax expense 10,165 8,496 21,382 14,879
Net income 67,012 65,662 127,498 114,571
Net income attributable to non-controlling interests (57) 0 (42) 0
Net income attributable to Ocwen stockholders 66,955 65,662 127,456 114,571
Preferred stock dividends (582) (1,519) (1,163) (3,004)
Deemed dividends related to beneficial conversion feature of preferred stock (415) (1,086) (831) (2,172)
Net income attributable to Ocwen common stockholders $ 65,958 $ 63,057 $ 125,462 $ 109,395
Earnings per share attributable to Ocwen common stockholders        
Basic (usd per share) $ 0.49 $ 0.46 $ 0.93 $ 0.81
Diluted (usd per share) $ 0.48 $ 0.45 $ 0.91 $ 0.78
Weighted average common shares outstanding        
Basic (in shares) 134,221,668 135,690,264 134,724,905 135,664,242
Diluted (in shares) 137,705,793 144,721,047 138,423,012 139,591,958
[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 RestatedNet Income$76,721 $(11,059) $65,662Comprehensive income75,027 (11,059) 63,968Comprehensive income attributable to Ocwen stockholders75,027 (11,059) 63,968