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Basic and Diluted Earnings per Share | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
Basic and Diluted Earnings per Share |
Note 16 – Basic and Diluted Earnings 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 restricted stock awards, stock options and warrants as determined using the treasury stock method. For the six months ended June 30, 2023, we have excluded the effect of all stock options, common stock awards and warrants 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,
2023 |  | 2022 |  | 2023 |  | 2022
Basic earnings (loss) per share |  |  |  |  |  |  |
Net income (loss) | $ | 15.5 |  |  | $ | 10.4 |  |  | $ | (24.7) |  |  | $ | 68.4 |
Weighted average shares of common stock | 7,652,563 |  |  | 9,257,089 |  |  | 7,593,391 |  |  | 9,236,221 |
Basic earnings (loss) per share | $ | 2.02 |  |  | $ | 1.12 |  |  | $ | (3.25) |  |  | $ | 7.41 |
Diluted earnings (loss) per share |  |  |  |  |  |  |
Net income (loss) | $ | 15.5 |  |  | $ | 10.4 |  |  | $ | (24.7) |  |  | $ | 68.4 |
Weighted average shares of common stock | 7,652,563 |  |  | 9,257,089 |  |  | 7,593,391 |  |  | 9,236,221 |
Effect of dilutive elements |  |  |  |  |  |  |
Common stock warrants | 115,977 |  |  | — |  |  | — |  |  | 139,160 |
Stock option awards | — |  |  | — |  |  | — |  |  | 37 |
Common stock awards | 151,047 |  |  | 109,517 |  |  | — |  |  | 138,784 |
Dilutive weighted average shares of common stock | 7,919,587 |  |  | 9,366,606 |  |  | 7,593,391 |  |  | 9,514,202 |
Diluted earnings (loss) per share | $ | 1.95 |  |  | $ | 1.11 |  |  | $ | (3.25) |  |  | $ | 7.19 |
Stock options and common stock awards excluded from the computation of diluted earnings per share |  |  |  |  |  |  |
Anti-dilutive (1) | 84,748 |  |  | 460,512 |  |  | 59,703 |  |  | 279,516 |
Market-based (2) | 61,354 |  |  | 76,534 |  |  | 61,354 |  |  | 76,534 |
(1)Includes stock options 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.

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