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Equity (Tables) | 9 Months Ended
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Sep. 30, 2014
Changes to Accumulated Other Comprehensive Income (Loss) by Component | The following table provides a summary of changes to accumulated other comprehensive income by component for the three and nine months ended September 30, 2014 and 2013. Changes in Accumulated Other Comprehensive Income by Component
|  | Three Months Ended September 30, 2014 |  |  | Three Months Ended September 30, 2013 |
(In Thousands) |  | Net unrealized gains on available-for-sale securities |  |  | Net unrealized losses on interest rate agreements accounted for as cash flow hedges |  |  | Net unrealized gains on available-for-sale securities |  |  | Net unrealized losses on interest rate agreements accounted for as cash flow hedges |
Balance at beginning of period |  | $ | 197,542 |  |  | $ | (29,985) |  |  | $ | 145,349 |  |  | $ | (27,066) |
Other comprehensive income (loss) before reclassifications |  |  | 1,849 |  |  |  | (3,258) |  |  |  | (633) |  |  |  | 4,018 |
Amounts reclassified from other accumulated comprehensive income |  |  | (6,409) |  |  |  | 32 |  |  |  | (6,962) |  |  |  | 62 |
Net current-period other comprehensive (loss) income |  |  | (4,560) |  |  |  | (3,226) |  |  |  | (7,595) |  |  |  | 4,080 |
Balance at End of Period |  | $ | 192,982 |  |  | $ | (33,211) |  |  | $ | 137,754 |  |  | $ | (22,986) |
|  | Nine Months Ended September 30, 2014 |  |  | Nine Months Ended September 30, 2013 |
(In Thousands) |  | Net unrealized gains on available-for-sale securities |  |  | Net unrealized losses on interest rate agreements accounted for as cash flow hedges |  |  | Net unrealized gains on available-for-sale securities |  |  | Net unrealized losses on interest rate agreements accounted for as cash flow hedges |
Balance at beginning of period |  | $ | 164,654 |  |  | $ | (15,888) |  |  | $ | 186,580 |  |  | $ | (48,248) |
Other comprehensive income (loss) before reclassifications |  |  | 35,078 |  |  |  | (17,454) |  |  |  | (29,615) |  |  |  | 25,043 |
Amounts reclassified from other accumulated comprehensive income |  |  | (6,750) |  |  |  | 131 |  |  |  | (19,211) |  |  |  | 219 |
Net current-period other comprehensive (loss) income |  |  | 28,328 |  |  |  | (17,323) |  |  |  | (48,826) |  |  |  | 25,262 |
Balance at End of Period |  | $ | 192,982 |  |  | $ | (33,211) |  |  | $ | 137,754 |  |  | $ | (22,986) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table provides a summary of reclassifications out of accumulated other comprehensive income for three and nine months ended September 30, 2014 and 2013. Reclassifications Out of Accumulated Other Comprehensive Income
|  | Affected Line Item in the |  | Amount reclassified from accumulated other comprehensive income Three Months Ended September 30, |
(In Thousands) |  | Income Statement |  | 2014 |  |  | 2013 |
Net realized gains (losses) on AFS securities |  |  |  |  |  |  |  |  |  |
Other than temporary impairment |  | Other market valuations, net |  | $ | 188 |  |  | $ | - |
Gain on sale of AFS securities |  | Realized gains, net |  |  | (6,597) |  |  |  | (6,962) |
|  |  |  | $ | (6,409) |  |  | $ | (6,962) |
Net realized gains on interest rate agreements designated as cash flow hedges |  |  |  |  |  |  |  |  |  |
Amortization of deferred loss |  | Interest expense |  | $ | 32 |  |  | $ | 62 |
|  |  |  | $ | 32 |  |  | $ | 62 |
|  | Affected Line Item in the |  | Amount reclassified from accumulated other comprehensive income Nine Months Ended September 30, |
(In Thousands) |  | Income Statement |  | 2014 |  |  | 2013 |
Net realized gains (losses) on AFS securities |  |  |  |  |  |  |  |  |  |
Other than temporary impairment |  | Other market valuations, net |  | $ | 565 |  |  | $ | (124) |
Gain on sale of AFS securities |  | Realized gains, net |  |  | (7,315) |  |  |  | (19,087) |
|  |  |  | $ | (6,750) |  |  | $ | (19,211) |
Net realized gains on interest rate agreements designated as cash flow hedges |  |  |  |  |  |  |  |  |  |
Amortization of deferred loss |  | Interest expense |  | $ | 131 |  |  | $ | 219 |
|  |  |  | $ | 131 |  |  | $ | 219 |
Basic and Diluted Earnings (Loss) Per Common Share | The following table provides the basic and diluted earnings per common share computations for the three and nine months ended September 30, 2014 and 2013. Basic and Diluted Earnings Per Common Share
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In Thousands, Except Share Data) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Basic Earnings Per Common Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Redwood |  | $ | 45,097 |  |  | $ | 21,929 |  |  | $ | 73,447 |  |  | $ | 148,112 |
Less: Dividends and undistributed earnings allocated to participating securities |  |  | (1,054) |  |  |  | (565) |  |  |  | (1,819) |  |  |  | (4,209) |
Net income allocated to common shareholders |  | $ | 44,043 |  |  | $ | 21,364 |  |  | $ | 71,628 |  |  | $ | 143,903 |
Basic weighted average common shares outstanding |  |  | 83,017,534 |  |  |  | 82,201,473 |  |  |  | 82,722,079 |  |  |  | 81,888,231 |
Basic Earnings Per Common Share |  | $ | 0.53 |  |  | $ | 0.26 |  |  | $ | 0.87 |  |  | $ | 1.76 |
Diluted Earnings Per Common Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Redwood |  | $ | 45,097 |  |  | $ | 21,929 |  |  | $ | 73,447 |  |  | $ | 148,112 |
Less: Dividends and undistributed earnings allocated to participating securities |  |  | (756) |  |  |  | (565) |  |  |  | (1,784) |  |  |  | (3,030) |
Add back: Interest expense on convertible notes |  |  | 3,855 |  |  |  | - |  |  |  | - |  |  |  | 8,790 |
Net income allocated to common shareholders |  | $ | 48,196 |  |  | $ | 21,364 |  |  | $ | 71,663 |  |  | $ | 153,872 |
Weighted average common shares outstanding |  |  | 83,017,534 |  |  |  | 82,201,473 |  |  |  | 82,722,079 |  |  |  | 81,888,231 |
Net effect of dilutive equity awards |  |  | 2,113,248 |  |  |  | 2,220,566 |  |  |  | 2,309,051 |  |  |  | 2,292,451 |
Net effect of assumed convertible notes conversion to common shares |  |  | 11,825,450 |  |  |  | - |  |  |  | - |  |  |  | 9,053,183 |
Diluted weighted average common shares outstanding |  |  | 96,956,232 |  |  |  | 84,422,039 |  |  |  | 85,031,130 |  |  |  | 93,233,865 |
Diluted Earnings Per Common Share |  | $ | 0.50 |  |  | $ | 0.25 |  |  | $ | 0.84 |  |  | $ | 1.65 |

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- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669686-108580 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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