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Equity (Tables) | 12 Months Ended
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Dec. 31, 2017
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 years ended December 31, 2017 and 2016. Table 15.1 – Changes in Accumulated Other Comprehensive Income by Component
|  | Years Ended December 31,
|  | 2017 |  | 2016
(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 |  | $ | 115,873 |  |  | $ | (44,020 | ) |  | $ | 139,356 |  |  | $ | (47,363 | )
Other comprehensive income (loss) before reclassifications (1) |  | 22,864 |  |  | 1,022 |  |  | (2,316 | ) |  | 3,271 |
Amounts reclassified from other accumulated comprehensive income |  | (10,536 | ) |  | 45 |  |  | (21,167 | ) |  | 72 |
Net current-period other comprehensive income (loss) |  | 12,328 |  |  | 1,067 |  |  | (23,483 | ) |  | 3,343 |
Balance at End of Period |  | $ | 128,201 |  |  | $ | (42,953 | ) |  | $ | 115,873 |  |  | $ | (44,020 | )
(1) | Amounts presented for net unrealized gains (losses) on available-for-sale securities are net of tax benefit (provision) of zero and $1 million for the years ended December 31, 2017 and 2016, respectively.
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table provides a summary of reclassifications out of accumulated other comprehensive income for the years ended December 31, 2017 and 2016. Table 15.2 – Reclassifications Out of Accumulated Other Comprehensive Income
|  |  |  | Amount Reclassified From Accumulated Other Comprehensive Income
|  | Affected Line Item in the |  | Years Ended December 31,
(In Thousands) |  | Income Statement |  | 2017 |  | 2016
Net Realized (Gain) Loss on AFS Securities |  |  |  |  |  |
Other than temporary impairment (1) |  | Investment fair value changes, net |  | $ | 1,012 |  |  | $ | 368 |
Gain on sale of AFS securities |  | Realized gains, net |  | (11,548 | ) |  | (21,535 | )
|  |  |  | $ | (10,536 | ) |  | $ | (21,167 | )
Net Realized Loss on Interest Rate Agreements Designated as Cash Flow Hedges |  |  |  |  |  |
Amortization of deferred loss |  | Interest expense |  | $ | 45 |  |  | $ | 72 |
|  |  |  | $ | 45 |  |  | $ | 72 |
(1) | For the year ended December 31, 2017, other-than-temporary impairments were $1 million, of which $1 million were recognized through our consolidated statements of income and $0.4 million were recognized in Accumulated other comprehensive income, a component of our consolidated balance sheet. For the year ended December 31, 2016, other-than-temporary impairments were $3 million, of which $0.4 million were recognized through our consolidated statements of income, and $3 million were recognized in Accumulated other comprehensive income, a component of our consolidated balance sheet.
Basic and Diluted Earnings (Loss) Per Common Share | The following table provides the basic and diluted earnings per common share computations for the years ended December 31, 2017, 2016, and 2015. Table 15.3 – Basic and Diluted Earnings per Common Share
|  | Years Ended December 31,
(In Thousands, except Share Data) |  | 2017 |  | 2016 |  | 2015
Basic Earnings per Common Share: |  |  |  |  |  |
Net income attributable to Redwood |  | $ | 140,406 |  |  | $ | 131,252 |  |  | $ | 102,088 |
Less: Dividends and undistributed earnings allocated to participating securities |  | (3,632 | ) |  | (3,742 | ) |  | (2,806 | )
Net income allocated to common shareholders |  | $ | 136,774 |  |  | $ | 127,510 |  |  | $ | 99,282 |
Basic weighted average common shares outstanding |  | 76,792,957 |  |  | 76,747,047 |  |  | 82,945,103 |
Basic Earnings per Common Share |  | $ | 1.78 |  |  | $ | 1.66 |  |  | $ | 1.20 |
Diluted Earnings per Common Share: |  |  |  |  |  |
Net income attributable to Redwood |  | $ | 140,406 |  |  | $ | 131,252 |  |  | $ | 102,088 |
Less: Dividends and undistributed earnings allocated to participating securities |  | (3,836 | ) |  | (4,035 | ) |  | (2,677 | )
Add back: Interest expense on convertible notes for the period, net of tax |  | 26,898 |  |  | 23,862 |  |  | — |
Net income allocated to common shareholders |  | $ | 163,468 |  |  | $ | 151,079 |  |  | $ | 99,411 |
Weighted average common shares outstanding |  | 76,792,957 |  |  | 76,747,047 |  |  | 82,945,103 |
Net effect of dilutive equity awards |  | 185,383 |  |  | 28,435 |  |  | 1,573,292 |
Net effect of assumed convertible notes conversion to common shares |  | 24,996,668 |  |  | 21,133,608 |  |  | — |
Diluted weighted average common shares outstanding |  | 101,975,008 |  |  | 97,909,090 |  |  | 84,518,395 |
Diluted Earnings per Common Share |  | $ | 1.60 |  |  | $ | 1.54 |  |  | $ | 1.18 |

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