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Equity - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended
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Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016
Equity [Abstract] |  |  |  |
Net income attributable to Redwood | $ 36,324 | $ 41,281 | $ 73,293 | $ 53,344
Less: Dividends and undistributed earnings allocated to participating securities | (884) | (1,089) | (1,852) | (1,494)
Net income allocated to common shareholders | $ 35,440 | $ 40,192 | $ 71,441 | $ 51,850
Basic weighted average common shares outstanding (in shares) | 76,819,703 | 76,664,829 | 76,779,178 | 76,901,255
Basic earnings per common share (in dollars per share) | $ 0.46 | $ 0.52 | $ 0.93 | $ 0.67
Less: Dividends and undistributed earnings allocated to participating securities | $ (935) | $ (1,134) | $ (1,940) | $ (1,668)
Add back: Interest expense on convertible notes for the period, net of tax | 6,205 | 7,015 | 12,075 | 7,637
Net income allocated to common shareholders | $ 41,594 | $ 47,162 | $ 83,428 | $ 59,313
Net effect of dilutive equity awards (in shares) | 235,273 | 369 | 173,235 | 1,675
Net effect of assumed convertible notes conversion to common shares (in shares) | 20,439,168 | 21,096,738 | 20,766,137 | 11,825,450
Diluted weighted average common shares outstanding (in shares) | 97,494,144 | 97,761,936 | 97,718,550 | 88,728,380
Diluted earnings per common share (in dollars per share) | $ 0.43 | $ 0.48 | $ 0.85 | $ 0.67

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