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Equity (Tables)
 3 Months Ended
Mar. 31, 2016
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 months ended March 31, 2016 and 2015.
Table 16.1 – Changes in Accumulated Other Comprehensive Income by Component
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2016
 
Three Months Ended March 31, 2015
(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
 
$
139,356

 
$
(47,363
)
 
$
186,737

 
$
(46,049
)
Other comprehensive income (loss)
before reclassifications
 
(10,103
)
 
(14,243
)
 
5,053

 
(8,442
)
Amounts reclassified from other
accumulated comprehensive income
 
(10,953
)
 
18

 
(1,690
)
 
31

Net current-period other comprehensive income (loss)
 
(21,056
)
 
(14,225
)
 
3,363

 
(8,411
)
Balance at End of Period
 
$
118,300

 
$
(61,588
)
 
$
190,100

 
$
(54,460
)
Reclassifications out of Accumulated Other Comprehensive Income
The following table provides a summary of reclassifications out of accumulated other comprehensive income for three months ended March 31, 2016 and 2015.
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 March 31,
(In Thousands)
 
Income Statement
 
2016
 
2015
Net realized (gain) loss on AFS securities
 
 
 
 
 
 
Gain on sale of AFS securities
 
Realized gains, net
 
(10,953
)
 
(1,690
)
 
 
 
 
$
(10,953
)
 
$
(1,690
)
Net realized loss on interest rate
agreements designated as cash flow hedges
 
 
 
 
 
 
Amortization of deferred loss
 
Interest expense
 
$
18

 
$
31

 
 
 
 
$
18

 
$
31
Basic and Diluted Earnings Per Common Share
The following table provides the basic and diluted earnings per common share computations for the three months ended March 31, 2016 and 2015.
Table 16.3 – Basic and Diluted Earnings Per Common Share
 
 
Three Months Ended March 31,
(In Thousands, Except Share Data)
 
2016
 
2015
Basic Earnings Per Common Share:
 
 
 
 
Net income attributable to Redwood
 
$
12,063

 
$
14,801

Less: Dividends and undistributed earnings allocated to participating securities
 
(701
)
 
(822
)
Net income allocated to common shareholders
 
$
11,362

 
$
13,979

Basic weighted average common shares outstanding
 
77,137,682

 
83,360,312

Basic Earnings Per Common Share
 
$
0.15

 
$
0.17

Diluted Earnings Per Common Share:
 
 
 
 
Net income attributable to Redwood
 
$
12,063

 
$
14,801

Less: Dividends and undistributed earnings allocated to participating securities
 
(701
)
 
(822
)
Net income allocated to common shareholders
 
$
11,362

 
$
13,979

Weighted average common shares outstanding
 
77,137,682

 
83,360,312

Net effect of dilutive equity awards
 
—

 
2,261,904

Diluted weighted average common shares outstanding
 
77,137,682

 
85,622,216

Diluted Earnings Per Common Share
 
$
0.15

 
$
0.16