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Restatement of Previously Issued Consolidated Financial Statements | 9 Months Ended
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Sep. 30, 2014
Accounting Changes and Error Corrections [Abstract] |
Restatement of Previously Issued Consolidated Financial Statements | Note 1A — Restatement of Previously Issued Consolidated Financial Statements Subsequent to the issuance of our original Form 10-K for the year ended December 31, 2013, and our original Form 10-Q for the quarter ended March 31, 2014, we determined there was an error in the accounting for a financing liability related to the Rights to MSRs sold to Home Loan Servicing Solutions, Ltd. and its wholly-owned subsidiary, HLSS Holdings, LLC (collectively HLSS). The error relates to the subsequent accounting for the financing liability at fair value and does not impact the initial accounting for the sale of Rights to MSRs to HLSS. As a result, the financial amounts noted below have been restated from amounts previously reported. The following tables summarize the effect of these restatements on our previously reported amounts.
| Consolidated Statement of Operations for the Three Months Ended September 30, 2013
| As Reported |  | Restatement |  | As Restated
Interest expense | $ | (110,055 | ) |  | $ | (6,830 | ) |  | $ | (116,885 | )
Total other expense, net | (108,705 | ) |  | (6,830 | ) |  | (115,535 | )
Income before income taxes | 76,275 |  |  | (6,830 | ) |  | 69,445 |
Income tax expense | 9,273 |  |  | (400 | ) |  | 8,873 |
Net income | 67,002 |  |  | (6,430 | ) |  | 60,572 |
Net income attributable to Ocwen common stockholders | 61,155 |  |  | (6,430 | ) |  | 54,725 |
Earnings per share attributable to Ocwen common stockholders |  |  |  |  |
Basic | $ | 0.45 |  |  | $ | (0.05 | ) |  | $ | 0.40 |
Diluted | $ | 0.44 |  |  | $ | (0.05 | ) |  | $ | 0.39 |
| Consolidated Statement of Operations for the Nine Months Ended September 30, 2013
| As Reported |  | Restatement |  | As Restated
Interest expense | $ | (303,339 | ) |  | $ | (16,225 | ) |  | $ | (319,564 | )
Total other expense, net | (306,780 | ) |  | (16,225 | ) |  | (323,005 | )
Income before income taxes | 215,120 |  |  | (16,225 | ) |  | 198,895 |
Income tax expense | 26,250 |  |  | (2,498 | ) |  | 23,752 |
Net income | 188,870 |  |  | (13,727 | ) |  | 175,143 |
Net income attributable to Ocwen common stockholders | 177,847 |  |  | (13,727 | ) |  | 164,120 |
Earnings per share attributable to Ocwen common stockholders |  |  |  |  |
Basic | $ | 1.31 |  |  | $ | (0.10 | ) |  | $ | 1.21 |
Diluted | $ | 1.27 |  |  | $ | (0.10 | ) |  | $ | 1.17 |
| Consolidated Statement of Comprehensive Income for the Three Months Ended September 30, 2013
| As Reported |  | Restatement |  | As Restated
Net income | $ | 67,002 |  |  | $ | (6,430 | ) |  | $ | 60,572 |
Comprehensive income | 71,747 |  |  | (6,430 | ) |  | 65,317 |
| Consolidated Statement of Comprehensive Income for the Nine Months Ended September 30, 2013
| As Reported |  | Restatement |  | As Restated
Net income | $ | 188,870 |  |  | $ | (13,727 | ) |  | $ | 175,143 |
Comprehensive income | 188,242 |  |  | (13,727 | ) |  | 174,515 |
| Consolidated Statement of Changes in Equity for the Nine Months Ended September 30, 2013
| As Reported |  | Restatement |  | As Restated
Net income | $ | 188,870 |  |  | $ | (13,727 | ) |  | $ | 175,143 |
| Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2013
| As Reported |  | Restatement |  | As Restated
Net income | $ | 188,870 |  |  | $ | (13,727 | ) |  | $ | 175,143 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Decrease (increase) in deferred tax assets, net | 105 |  |  | (2,498 | ) |  | (2,393 | )
Net cash provided by operating activities | 1,020,455 |  |  | (16,225 | ) |  | 1,004,230 |
Repayments of other secured borrowings | (7,182,275 | ) |  | 16,225 |  |  | (7,166,050 | )
Net cash used in financing activities | (933,136 | ) |  | 16,225 |  |  | (916,911 | )

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + 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 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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