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Equity (Tables) | 9 Months Ended
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Sep. 30, 2015
Equity [Abstract] |
Changes to Accumulated Other Comprehensive Income 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, 2015 and 2014. Table 16.1 – Changes in Accumulated Other Comprehensive Income by Component
|  | Three Months Ended September 30, 2015 |  | Three Months Ended September 30, 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 |  | $ | 179,659 |  |  | $ | (38,965 | ) |  | $ | 197,542 |  |  | $ | (29,985 | )
Other comprehensive income (loss) before reclassifications |  | (5,673 | ) |  | (12,049 | ) |  | 1,849 |  |  | (3,258 | )
Amounts reclassified from other accumulated comprehensive income |  | (3,270 | ) |  | 19 |  |  | (6,409 | ) |  | 32 |
Net current-period other comprehensive loss |  | (8,943 | ) |  | (12,030 | ) |  | (4,560 | ) |  | (3,226 | )
Balance at End of Period |  | $ | 170,716 |  |  | $ | (50,995 | ) |  | $ | 192,982 |  |  | $ | (33,211 | )
|  | Nine Months Ended September 30, 2015 |  | Nine Months Ended September 30, 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 |  | (5,701 | ) |  | (5,023 | ) |  | 35,078 |  |  | (17,454 | )
Amounts reclassified from other accumulated comprehensive income |  | (10,320 | ) |  | 77 |  |  | (6,750 | ) |  | 131 |
Net current-period other comprehensive income (loss) |  | (16,021 | ) |  | (4,946 | ) |  | 28,328 |  |  | (17,323 | )
Balance at End of Period |  | $ | 170,716 |  |  | $ | (50,995 | ) |  | $ | 192,982 |  |  | $ | (33,211 | )
Reclassifications out of Accumulated Other Comprehensive Income | The following table provides a summary of reclassifications out of accumulated other comprehensive income for three and nine months ended September 30, 2015 and 2014. Table 16.2 – Reclassifications Out of Accumulated Other Comprehensive Income
|  |  |  | Amount Reclassified From Accumulated Other Comprehensive Income
|  | Affected Line Item in the |  | Three Months Ended September 30,
(In Thousands) |  | Income Statement |  | 2015 |  | 2014
Net realized (gain) loss on AFS securities |  |  |  |  |  |
Other than temporary impairment (1) |  | Mortgage banking and investment activities, net |  | $ | 198 |  |  | $ | 188 |
Gain on sale of AFS securities |  | Realized gains, net |  | (3,468 | ) |  | (6,597 | )
|  |  |  | $ | (3,270 | ) |  | $ | (6,409 | )
Net realized loss on interest rate agreements designated as cash flow hedges |  |  |  |  |  |
Amortization of deferred loss |  | Interest expense |  | $ | 19 |  |  | $ | 32 |
|  |  |  | $ | 19 |  |  | $ | 32 |
|  |  |  | Amount Reclassified From Accumulated Other Comprehensive Income
|  | Affected Line Item in the |  | Nine Months Ended September 30,
(In Thousands) |  | Income Statement |  | 2015 |  | 2014
Net realized (gain) loss on AFS securities |  |  |  |  |  |
Other than temporary impairment (1) |  | Mortgage banking and investment activities, net |  | $ | 198 |  |  | $ | 565 |
Gain on sale of AFS securities |  | Realized gains, net |  | (10,518 | ) |  | (7,315 | )
|  |  |  | $ | (10,320 | ) |  | $ | (6,750 | )
Net realized loss on interest rate agreements designated as cash flow hedges |  |  |  |  |  |
Amortization of deferred loss |  | Interest expense |  | $ | 77 |  |  | $ | 131 |
|  |  |  | $ | 77 |  |  | $ | 131 |
(1) | For both the three and nine months ended September 30, 2015, other-than-temporary impairments were $257, of which $198 were recognized through the Income Statement and $59 were recognized in Accumulated Other Comprehensive Income. For the three months ended September 30, 2014, other-than-temporary impairments were $188, all of which were recognized through the Income Statement.
For the nine months ended September 30, 2014, other-than-temporary impairments were $4,774, of which $565 were recognized through the Income Statement, and $4,209 were recognized in Accumulated Other Comprehensive Income.
Basic and Diluted Earnings 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, 2015 and 2014. Table 16.3 – Basic and Diluted Earnings Per Common Share
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands, Except Share Data) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Basic Earnings Per Common Share: |  |  |  |  |  |  |  |
Net income attributable to Redwood |  | $ | 19,164 |  |  | $ | 45,097 |  |  | $ | 61,029 |  |  | $ | 73,447 |
Less: Dividends and undistributed earnings allocated to participating securities |  | (553 | ) |  | (1,054 | ) |  | (1,928 | ) |  | (1,819 | )
Net income allocated to common shareholders |  | $ | 18,611 |  |  | $ | 44,043 |  |  | $ | 59,101 |  |  | $ | 71,628 |
Basic weighted average common shares outstanding |  | 83,787,533 |  |  | 83,017,534 |  |  | 83,696,461 |  |  | 82,722,079 |
Basic Earnings Per Common Share |  | $ | 0.22 |  |  | $ | 0.53 |  |  | $ | 0.71 |  |  | $ | 0.87 |
Diluted Earnings Per Common Share: |  |  |  |  |  |  |  |
Net income attributable to Redwood |  | $ | 19,164 |  |  | $ | 45,097 |  |  | $ | 61,029 |  |  | $ | 73,447 |
Less: Dividends and undistributed earnings allocated to participating securities |  | (553 | ) |  | (756 | ) |  | (1,928 | ) |  | (1,784 | )
Add back: Interest expense on convertible notes for the period, net of tax |  | — |  |  | 3,855 |  |  | — |  |  | — |
Net income allocated to common shareholders |  | $ | 18,611 |  |  | $ | 48,196 |  |  | $ | 59,101 |  |  | $ | 71,663 |
Weighted average common shares outstanding |  | 83,787,533 |  |  | 83,017,534 |  |  | 83,696,461 |  |  | 82,722,079 |
Net effect of dilutive equity awards |  | 1,287,171 |  |  | 2,113,248 |  |  | 1,642,535 |  |  | 2,309,051 |
Net effect of assumed convertible notes conversion to common shares |  | — |  |  | 11,825,450 |  |  | — |  |  | — |
Diluted weighted average common shares outstanding |  | 85,074,704 |  |  | 96,956,232 |  |  | 85,338,996 |  |  | 85,031,130 |
Diluted Earnings Per Common Share |  | $ | 0.22 |  |  | $ | 0.50 |  |  | $ | 0.69 |  |  | $ | 0.84 |

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