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Basic and Diluted Earnings (Loss) per Share | 6 Months Ended
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Jun. 30, 2020
Earnings Per Share [Abstract] |
Basic and Diluted Earnings (Loss) per Share |
Note 17 – Basic and Diluted Earnings (Loss) per Share
Basic earnings or loss per share excludes common stock equivalents and is calculated by dividing net income or loss attributable to Ocwen common stockholders by the weighted average number of common shares outstanding during the period. We calculate diluted earnings or loss per share by dividing net income or loss attributable to Ocwen by the weighted average number of common shares outstanding including the potential dilutive common shares related to outstanding stock options and restricted stock awards. For the six months ended June 30, 2020 and three and six months ended June 30, 2019, we have excluded the effect of all stock options and common stock awards from the computation of diluted loss per share because of the anti-dilutive effect of our reported net loss.
| Three Months Ended June 30, |  | Six Months Ended June 30,
2020 |  | 2019 |  | 2020 |  | 2019
Basic earnings (loss) per share |  |  |  |  |  |  |
Net income (loss) | $ | 1,954 |  |  | $ | (89,737 | ) |  | $ | (23,535 | ) |  | $ | (134,231 | )
Weighted average shares of common stock | 129,769,092 |  |  | 134,465,741 |  |  | 132,313,964 |  |  | 134,193,874 |
Basic income (loss) per share | $ | 0.02 |  |  | $ | (0.67 | ) |  | $ | (0.18 | ) |  | $ | (1.00 | )
Diluted earnings (loss) per share |  |  |  |  |  |  |
Net income (loss) | $ | 1,954 |  |  | $ | (89,737 | ) |  | $ | (23,535 | ) |  | $ | (134,231 | )
Weighted average shares of common stock | 129,769,092 |  |  | 134,465,741 |  |  | 132,313,964 |  |  | 134,193,874 |
Effect of dilutive elements |  |  |  |  |  |  |
Stock option awards | — |  |  | — |  |  | — |  |  | — |
Common stock awards | 153,251 |  |  | — |  |  | — |  |  | — |
Dilutive weighted average shares of common stock | 129,922,343 |  |  | 134,465,741 |  |  | 132,313,964 |  |  | 134,193,874 |
Diluted earnings (loss) per share | $ | 0.02 |  |  | $ | (0.67 | ) |  | $ | (0.18 | ) |  | $ | (1.00 | )
Stock options and common stock awards excluded from the computation of diluted earnings (loss) per share |  |  |  |  |  |  |
Anti-dilutive (1) | 3,175,931 |  |  | 4,107,485 |  |  | 3,681,157 |  |  | 4,126,819 |
Market-based (2) | 1,880,954 |  |  | 854,181 |  |  | 1,880,954 |  |  | 854,181 |
(1) | Includes stock options that are anti-dilutive because their exercise price was greater than the average market price of Ocwen’s stock, and stock awards that are anti-dilutive based on the application of the treasury stock method.
(2) | Shares that are issuable upon the achievement of certain market-based performance criteria related to Ocwen’s stock price.
As disclosed in Note 13 – Equity, on July 28, 2020, Ocwen determined to implement a reverse stock split in a ratio of one-for-15, which is expected to take effect in August 2020. The above computation of earnings (loss) per share reflects the number of common stock without consideration for the reverse stock split, because it is not effective as of the date the financial statements are issued. The below pro-forma computation of earnings (loss) per share reflects the number of common stock shares giving consideration for the one-for-15 reverse stock split assuming it was retroactively effective for each of the periods presented:
Pro-forma computation of earnings (loss) per share assuming a one-for-15 reverse stock split: | Three Months Ended June 30, |  | Six Months Ended June 30,
2020 |  | 2019 |  | 2020 |  | 2019
Basic earnings (loss) per share |  |  |  |  |  |  |
Net income (loss) | $ | 1,954 |  |  | $ | (89,737 | ) |  | $ | (23,535 | ) |  | $ | (134,231 | )
Weighted average shares of common stock | 8,651,273 |  |  | 8,964,383 |  |  | 8,820,931 |  |  | 8,946,258 |
Basic income (loss) per share | $ | 0.23 |  |  | $ | (10.01 | ) |  | $ | (2.67 | ) |  | $ | (15.00 | )
Diluted earnings (loss) per share |  |  |  |  |  |  |
Net income (loss) | $ | 1,954 |  |  | $ | (89,737 | ) |  | $ | (23,535 | ) |  | $ | (134,231 | )
Weighted average shares of common stock | 8,651,273 |  |  | 8,964,383 |  |  | 8,820,931 |  |  | 8,946,258 |
Effect of dilutive elements |  |  |  |  |  |  |
Stock option awards | — |  |  | — |  |  | — |  |  | — |
Common stock awards | 10,217 |  |  | — |  |  | — |  |  | — |
Dilutive weighted average shares of common stock | 8,661,490 |  |  | 8,964,383 |  |  | 8,820,931 |  |  | 8,946,258 |
Diluted earnings (loss) per share | $ | 0.23 |  |  | $ | (10.01 | ) |  | $ | (2.67 | ) |  | $ | (15.00 | )

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