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Basic and Diluted Earnings per Share | 3 Months Ended
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Mar. 31, 2015
Earnings Per Share [Abstract] |
Basic and Diluted Earnings per Share | Note 15 – Basic and Diluted Earnings 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 any preferred stock dividends, by the weighted average number of common shares outstanding including the potential dilutive common shares related to outstanding stock options, restricted stock awards and preferred stock. The following is a reconciliation of the calculation of basic earnings per share to diluted earnings per share for the three months ended March 31:
| 2015 |  | 2014
Basic earnings per share: |  |  |
Net income attributable to Ocwen common stockholders | $ | 34,355 |  |  | $ | 59,504 |
Weighted average shares of common stock | 125,272,228 |  |  | 135,227,067 |
Basic earnings per share | $ | 0.27 |  |  | $ | 0.44 |
Diluted earnings per share: |  |  |
Net income attributable to Ocwen common stockholders | $ | 34,355 |  |  | $ | 59,504 |
Preferred stock dividends (1) | — |  |  | 997 |
Adjusted net income attributable to Ocwen | $ | 34,355 |  |  | $ | 60,501 |
Weighted average shares of common stock | 125,272,228 |  |  | 135,227,067 |
Effect of dilutive elements: |  |  |
Preferred stock (1) | — |  |  | 1,950,298 |
Stock options | 1,725,280 |  |  | 3,908,333 |
Common stock awards | 2,154 |  |  | 3,757 |
Dilutive weighted average shares of common stock | 126,999,662 |  |  | 141,089,455 |
Diluted earnings per share | $ | 0.27 |  |  | $ | 0.43 |
Stock options and common stock awards excluded from the computation of diluted earnings per share: |  |  |
Anti-dilutive (2) | 2,010,902 |  |  | — |
Market-based (3) | 851,263 |  |  | 547,500 |
(1) | Prior to the conversion of our remaining preferred stock into common stock in July 2014, we computed the effect on diluted earnings per share using the if-converted method. For purposes of computing diluted earnings per share, we assume the conversion of the preferred stock into shares of common stock unless the effect is anti-dilutive.
(2) | These options were anti-dilutive because their exercise price was greater than the average market price of our stock.
(3) | 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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