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Equity (Tables)
 3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
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 months ended March 31, 2015 and 2014.
Changes in Accumulated Other Comprehensive Income by Component
 
 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
(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
 
$
186,737

 
$
(46,049
)
 
$
164,654

 
$
(15,888
)
Other comprehensive income (loss)
   before reclassifications
 
5,053

 
(8,442
)
 
19,323

 
(8,795
)
Amounts reclassified from other
   accumulated comprehensive income
 
(1,690
)
 
31

 
1,298

 
60

Net current-period other comprehensive income (loss)
 
3,363

 
(8,411
)
 
20,621

 
(8,735
)
Balance at End of Period
 
$
190,100

 
$
(54,460
)
 
$
185,275

 
$
(24,623
)
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
The following table provides a summary of reclassifications out of accumulated other comprehensive income for three months ended March 31, 2015 and 2014.
Reclassifications Out of Accumulated Other Comprehensive Income
 
 
 
 
Amount Reclassified From Accumulated Other Comprehensive Income
 
 
Affected Line Item in the
 
Three Months Ended March 31,
(In Thousands)
 
Income Statement
 
2015
 
2014
Net realized gains (losses) on AFS securities
 
 
 
 
 
 
Other than temporary impairment
 
Other market valuations, net
 
$
—

 
$
1,298

Gain on sale of AFS securities
 
Realized gains, net
 
$
(1,690
)
 
$
—

 
 
 
 
$
(1,690
)
 
$
1,298

Net realized gains on interest rate
agreements designated as cash flow hedges
 
 
 
 
 
 
Amortization of deferred loss
 
Interest expense
 
$
31

 
$
60

 
 
 
 
$
31

 
$
60
Basic and Diluted Earnings (Loss) Per Common Share
The following table provides the basic and diluted earnings per common share computations for the three months ended March 31, 2015 and 2014.
Basic and Diluted Earnings Per Common Share
 
 
Three Months Ended March 31,
(In Thousands, Except Share Data)
 
2015
 
2014
Basic Earnings Per Common Share:
 
 
 
 
Net income attributable to Redwood
 
$
14,801

 
$
12,333

Less: Dividends and undistributed earnings allocated to participating securities
 
(822
)
 
(702
)
Net income allocated to common shareholders
 
$
13,979

 
$
11,631

Basic weighted average common shares outstanding
 
83,360,312

 
82,410,562

Basic Earnings Per Common Share
 
$
0.17

 
$
0.14

 
 
 
 
 
Diluted Earnings Per Common Share:
 
 
 
 
Net income attributable to Redwood
 
$
14,801

 
$
12,333

Less: Dividends and undistributed earnings allocated to participating securities
 
(822
)
 
(702
)
Net income allocated to common shareholders
 
$
13,979

 
$
11,631

Weighted average common shares outstanding
 
83,360,312

 
82,410,562

Net effect of dilutive equity awards
 
2,261,904

 
2,529,978

Diluted weighted average common shares outstanding
 
85,622,216

 
84,940,540

Diluted Earnings Per Common Share
 
$
0.16

 
$
0.14