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Equity (Tables)
 3 Months Ended
Mar. 31, 2019
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, 2019 and 2018.
Table 17.1 – Changes in Accumulated Other Comprehensive Income by Component
 
 
Three Months Ended March 31, 2019
 
Three Months Ended March 31, 2018
(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
 
$
95,342

 
$
(34,045
)
 
$
128,201

 
$
(42,953
)
Other comprehensive income (loss)
before reclassifications
 
6,718

 
(5,838
)
 
(4,237
)
 
8,431

Amounts reclassified from other
accumulated comprehensive income
 
(9,493
)
 
—

 
(9,387
)
 
—

Net current-period other comprehensive (loss) income
 
(2,775
)
 
(5,838
)
 
(13,624
)
 
8,431

Balance at End of Period
 
$
92,567

 
$
(39,883
)
 
$
114,577

 
$
(34,522
)
Reclassifications out of Accumulated Other Comprehensive Income
The following table provides a summary of reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2019 and 2018.
Table 17.2 – 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
 
2019
 
2018
Net Realized (Gain) Loss on AFS Securities
 
 
 
 
 
 
Gain on sale of AFS securities
 
Realized gains, net
 
$
(9,493
)
 
$
(9,387
)
 
 
 
 
$
(9,493
)
 
$
(9,387
)
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, 2019 and 2018.
Table 17.3 – Basic and Diluted Earnings per Common Share
 
 
Three Months Ended March 31,
(In Thousands, except Share Data)
 
2019
 
2018
Basic Earnings per Common Share:
 
 
 
 
Net income attributable to Redwood
 
$
54,464

 
$
46,845

Less: Dividends and undistributed earnings allocated to participating securities
 
(1,539
)
 
(1,433
)
Net income allocated to common shareholders
 
$
52,925

 
$
45,412

Basic weighted average common shares outstanding
 
92,685,350

 
75,396,649

Basic Earnings per Common Share
 
$
0.57

 
$
0.60

Diluted Earnings per Common Share:
 
 
 
 
Net income attributable to Redwood
 
$
54,464

 
$
46,845

Less: Dividends and undistributed earnings allocated to participating securities
 
(1,539
)
 
(1,394
)
Add back: Interest expense on convertible notes for the period, net of tax
 
8,687

 
8,641

Net income allocated to common shareholders
 
$
61,612

 
$
54,092

Weighted average common shares outstanding
 
92,685,350

 
75,396,649

Net effect of dilutive equity awards
 
150,170

 
34,827

Net effect of assumed convertible notes conversion to common shares
 
33,442,640

 
32,763,121

Diluted weighted average common shares outstanding
 
126,278,160

 
108,194,597

Diluted Earnings per Common Share
 
$
0.49

 
$
0.50