The following is a reconciliation of the calculation of basic loss per share to diluted loss per share for the years ended December 31:



	2016			2015			2014
Basic loss per share:
Net loss attributable to Ocwen common stockholders	$	(199,762	)	$	(247,017	)	$	(472,602	)

Weighted average shares of common stock	123,990,700			125,315,899			131,362,284

Basic loss per share	$	(1.61	)	$	(1.97	)	$	(3.60	)

Diluted loss per share (1):
Net loss attributable to Ocwen common stockholders	$	(199,762	)	$	(247,017	)	$	(472,602	)
Preferred stock dividends (1) (2)	—			—			—
Adjusted net loss attributable to Ocwen	$	(199,762	)	$	(247,017	)	$	(472,602	)

Weighted average shares of common stock	123,990,700			125,315,899			131,362,284
Effect of dilutive elements (1):
Preferred stock (1) (2)	—			—			—
Stock options	—			—			—
Common stock awards	—			—			—
Dilutive weighted average shares of common stock	123,990,700			125,315,899			131,362,284

Diluted loss per share	$	(1.61	)	$	(1.97	)	$	(3.60	)

Stock options and common stock awards excluded from the computation of diluted earnings per share:
Anti-dilutive (3)	7,176,089			2,038,588			314,688
Market-based (4)	795,456			924,438			295,000


(1)	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.


(2)	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. Under this method, we assumed the conversion of the preferred stock into shares of common stock unless the effect was anti-dilutive.


(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.