Onity (ONIT) 10-K2010 FY Annual report

Filed: 28 Feb 11, 12:00am

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New words: accessing, accordion, Accumulat, acknowledging, acqu, adapt, adhere, adop, affidavit, agre, aimed, al, assignee, ASU, ation, auto, ax, ay, ayable, BCFP, BCRE, behavior, behavioral, BHI, boosting, borro, bring, broader, brough, Bureau, buted, Carolina, carryback, catastrophic, cer, certainty, ch, Chicago, cient, cited, clarified, clarify, closure, Competen, Comptroller, configured, conservator, consoli, continuatio, cooperating, correct, dama, de, decade, dia, disabled, disaggregated, disaggregation, discovered, distri, dynamic, ecorded, ed, el, ember, en, England, ertain, es, escheat, ese, evolve, feasible, FHFA, fi, financia, foreseeable, forgiven, formal, FTC, ges, Ginnie, GSE, haircut, hat, Healthy, hen, hnology, holdback, HomeEq, HomEq, incl, ing, installed, installment, insura, interconnected, intrasegment, inv, jeopardize, label, leader, leasehold, lendi, lengthen, lengthened, lengthening, lessened, lly, lost, ly, midpoint, mix, Mo, Mod, Montevideo, moratoria, Morgan, munication, municipal, nancial, nce, nder, network, neutralize, ng, nnection, nonbank, nonrecurring, North, notarization, notarized, notification, nts, Obama, occupancy, Ocw, od, offshore, oncerned, onsolidation, ooking, opera, osition, otice, ou, Overview, partment, partner, peri, permanent, play, plc, Polic, potentia, predominantly, prehensive, prejudgment, premise, prepaid, prevalent, prohibit, promptly, protracted, prudent, putback, question, Raleigh, randomly, reassessed, recommending, recompute, recoup, rectified, red, reform, reg, reorganization, repeated, RESPA, resul, ret, Retraining, retrial, revealed, Robert, robust, role, rollforward, rtgage, rulemaking, run, Rupee, SAFE, safeguarding, Salcetti, Saxon, scrutiny, secondary, sector, secu, sending, Sept, servi, shown, shutdown, spike, Stanley, Stateme, statute, stored, su, submission, suffi, sult, Supplementary, sweeping, sworn, tailoring, tate, Tec, temporarily, tence, tender, tered, thirty, threat, TILA, tion, tra, traditional, transmitted, ts, twenty, ucing, uding, ulation, uld, undefined, upkeep, ur, vacant, vacated, venture, vintage, WARN, watch, wil, wit, wo, Worker, wrongdoing, XIV

Removed: AAA, absence, amend, building, Canada, capability, CDs, clarification, clearing, collateralizing, Commissioner, comparative, consumed, consummation, Daniel, deceptive, denied, directing, dismissed, disposed, downgraded, effectively, ensure, finite, floating, fulfillment, GAAP, Germany, goal, growing, guarantor, Gunter, half, initiate, innovative, judge, Kingdom, led, letter, leveraging, Martha, master, member, monetary, motion, NCI, negotiating, nominal, noncompliant, Northern, occupy, OREALT, pattern, Peak, petition, pleading, predecessor, preempted, prejudice, prevail, procedure, profitable, promulgated, realizing, reconciling, refund, refused, remediation, replead, revised, runoff, spread, submitted, suffered, turmoil, UK, ultimately, unit, unvested, Vice

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Exhibit 12.1

OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES

COMPUTATION OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	2010		2009		2008		2007		2006

Earnings:
Income (loss) from continuing operations before income taxes (1)	$	37,783	$	96,194	$	44,093	$	49,891	$	77,951

Add:
Interest expensed and capitalized, except interest on deposits, and amortization of capitalized debt expenses		85,011		62,541		86,141		75,890		56,318
Interest on deposits		908		572		654		917		948
Interest component of rental expense		4,101		2,100		2,650		2,217		1,513
Total fixed charges (2)		90,020		65,213		89,445		79,024		58,779
Earnings (losses) for computation purposes	$	127,803	$	161,407	$	133,538	$	128,915	$	136,730

Ratio of earnings to fixed charges:
Including interest on deposits (3)		1.42		2.48		1.49		1.63		2.33
Excluding interest on deposits (3)		1.42		2.49		1.50		1.64		2.35

(1)	Excludes income or loss from equity investees but includes any distributions received representing a return on capital

(2)	Fixed charges represent total interest expensed and capitalized, including and excluding interest on deposits, amortization of capitalized debt expenses as well as the interest component of rental expense.

(3)	The ratios of earnings to fixed charges were computed by dividing (x) income from continuing operations before income taxes plus fixed charges by (y) fixed charges.