XML 21 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenue      
Servicing and subservicing fees $ 1,186,620 $ 1,531,797 $ 1,894,175
Gain on loans held for sale, net 90,391 134,969 134,297
Other revenues 110,152 74,332 82,853
Total revenue [1] 1,387,163 1,741,098 2,111,325
Expenses      
Compensation and benefits 381,340 415,055 415,530
Goodwill impairment loss 0 0 420,201
Amortization of mortgage servicing rights 32,978 99,194 250,375
Servicing and origination 279,801 344,560 202,739
Technology and communications 110,333 154,758 167,053
Professional services 305,586 276,393 326,667
Occupancy and equipment 80,191 112,864 109,179
Other 33,025 75,360 143,464
Total expenses [1],[2] 1,223,254 1,478,184 2,035,208
Other income (expense)      
Interest income 19,083 18,320 22,991
Interest expense (412,583) (482,373) (541,757)
Gain on sale of mortgage servicing rights, net 8,492 83,921 0
Gain on extinguishment of debt 0 0 2,609
Other, net 14,738 (12,643) (3,119)
Total other expense, net (370,270) (392,775) (519,276)
Loss before income taxes (206,361) (129,861) (443,159)
Income tax expense (benefit) (6,986) 116,851 26,396
Net loss (199,375) (246,712) (469,555)
Net income attributable to non-controlling interests (387) (305) (245)
Net loss attributable to Ocwen stockholders (199,762) (247,017) (469,800)
Preferred stock dividends 0 0 (1,163)
Deemed dividends related to beneficial conversion feature of preferred stock 0 0 (1,639)
Net loss attributable to Ocwen common stockholders [3] $ (199,762) $ (247,017) $ (472,602)
Loss per share attributable to Ocwen common stockholders      
Basic (in dollars per share) $ (1.61) $ (1.97) $ (3.60)
Diluted (in dollars per share) $ (1.61) $ (1.97) $ (3.60)
Weighted average common shares outstanding      
Basic (in shares) 123,990,700 125,315,899 131,362,284
Diluted (in shares) 123,990,700 125,315,899 131,362,284
[1] Inter-segment billings for services rendered to other segments are recorded as revenues, as contra-expense or as other income, depending on the type of service that is rendered.
[2] Depreciation and amortization expense are as follows: Servicing Lending Corporate Items and Other Business Segments ConsolidatedFor the year ended December 31, 2016: Depreciation expense$6,804 $228 $18,306 $25,338Amortization of mortgage servicing rights32,669 309 — 32,978Amortization of debt discount727 — 3,450 4,177Amortization of debt issuance costs 13,455 — 12,207 25,662 For the year ended December 31, 2015: Depreciation expense$2,990 $380 $15,789 $19,159Amortization of mortgage servicing rights98,849 345 — 99,194Amortization of debt discount2,680 — — 2,680Amortization of debt issuance costs 21,269 — 1,395 22,664 For the year ended December 31, 2014: Depreciation expense$9,955 $332 $11,623 $21,910Amortization of mortgage servicing rights249,471 705 199 250,375Amortization of debt discount1,318 — — 1,318Amortization of debt issuance costs 4,294 — 845 5,139
[3] For 2016, 2015 and 2014, we have excluded the effect of preferred stock, 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.