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Basic and Diluted Earnings (Loss) per Share | 12 Months Ended
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Dec. 31, 2014
Earnings Per Share [Abstract] |
Basic and Diluted Earnings (Loss) per Share | Note 22 — Basic and Diluted Earnings (Loss) per Share Basic earnings per share excludes common stock equivalents and is calculated by dividing net income attributable to Ocwen common stockholders by the weighted average number of common shares outstanding during the year. We calculate diluted earnings per share by dividing net income attributable to Ocwen, as adjusted to add back preferred stock dividends and interest expense on convertible notes, net of income tax, by the weighted average number of common shares outstanding including the potential dilutive common shares related to outstanding stock options, restricted stock awards, the preferred stock and convertible notes. The following is a reconciliation of the calculation of basic earnings per share to diluted earnings per share for the years ended December 31:
| 2014 |  | 2013 |  | 2012
Basic earnings (loss) per share: |  |  |  |  |
Net income (loss) attributable to Ocwen common stockholders | $ | (472,602 | ) |  | $ | 298,398 |  |  | $ | 180,778 |
Weighted average shares of common stock | 131,362,284 |  |  | 135,678,088 |  |  | 133,912,643 |
Basic earnings (loss) per share | $ | (3.60 | ) |  | $ | 2.20 |  |  | $ | 1.35 |
Diluted earnings (loss) per share (1): |  |  |  |  |
Net income (loss) attributable to Ocwen common stockholders | $ | (472,602 | ) |  | $ | 298,398 |  |  | $ | 180,778 |
Preferred stock dividends (1) (2) | — |  |  | — |  |  | — |
Interest expense on 3.25% Convertible Notes, net of income tax (3) | — |  |  | — |  |  | 107 |
Adjusted net income (loss) attributable to Ocwen | $ | (472,602 | ) |  | $ | 298,398 |  |  | $ | 180,885 |
Weighted average shares of common stock | 131,362,284 |  |  | 135,678,088 |  |  | 133,912,643 |
Effect of dilutive elements (1): |  |  |  |  |
Preferred Shares (1) (2) | — |  |  | — |  |  | — |
3.25% Convertible Notes (2) | — |  |  | — |  |  | 1,008,891 |
Stock options | — |  |  | 4,110,355 |  |  | 3,593,419 |
Common stock awards | — |  |  | 12,063 |  |  | 6,326 |
Dilutive weighted average shares of common stock | 131,362,284 |  |  | 139,800,506 |  |  | 138,521,279 |
Diluted earnings (loss) per share | $ | (3.60 | ) |  | $ | 2.13 |  |  | $ | 1.31 |
Stock options excluded from the computation of diluted earnings per share: |  |  |  |  |
Anti-dilutive (3) | 314,688 |  |  | — |  |  | 143,125 |
Market-based (4) | 295,000 |  |  | 547,500 |  |  | 1,535,000 |
(1) | For 2014, we have excluded the effect of the Preferred Shares, stock options and common stock awards from the computation of diluted earnings per share because of the anti-dilutive effect of our reported net loss.
(2) | Prior to the conversion of the remaining Preferred Shares into common stock in July 2014 and the redemption of the remaining 3.25% Convertible Notes into common stock in March 2012, we computed their effect on diluted earnings per share using the if-converted method. For purposes of computing diluted earnings per share, we assumed the conversion of the Preferred Shares and the 3.25% Convertible Notes into shares of common stock unless the effect was anti-dilutive. Conversion of the Preferred Shares was not assumed for 2013 and 2012 because the effect would have been antidilutive.
(3) | These stock options were anti-dilutive because their exercise price was greater than the average market price of our stock.
(4) | Shares that are issuable upon the achievement of certain performance criteria related to Ocwen’s stock price and an annualized rate of return to investors.

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