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Equity (Tables) | 12 Months Ended
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Dec. 31, 2019
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, 2019 and 2018. Table 17.1 – Changes in Accumulated Other Comprehensive Income by Component
|  | Years Ended December 31,
|  | 2019 |  | 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 |  | 17,077 |  |  | (16,894 | ) |  | (7,298 | ) |  | 8,908 |
Amounts reclassified from other accumulated comprehensive income (1) |  | (19,967 | ) |  | — |  |  | (25,561 | ) |  | — |
Net current-period other comprehensive income (loss) |  | (2,890 | ) |  | (16,894 | ) |  | (32,859 | ) |  | 8,908 |
Balance at End of Period |  | $ | 92,452 |  |  | $ | (50,939 | ) |  | $ | 95,342 |  |  | $ | (34,045 | )
(1) Amount is presented net of tax provision of $2 million for the year ended December 31, 2018.
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, 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 |  | Years Ended December 31,
(In Thousands) |  | Income Statement |  | 2019 |  | 2018
Net Realized (Gain) Loss on AFS Securities |  |  |  |  |  |
Other than temporary impairment (1) |  | Investment fair value changes, net |  | $ | — |  |  | $ | 89 |
Gain on sale of AFS securities |  | Realized gains, net |  | (19,967 | ) |  | (27,178 | )
Gain on sale of AFS securities |  | Provision for income taxes |  | — |  |  | 1,528 |
|  |  |  | $ | (19,967 | ) |  | $ | (25,561 | )
(1) For the year ended December 31, 2019, there were no other-than-temporary impairments. For the year ended December 31, 2018, other-than-temporary impairments were $1 million, of which $0.1 million were recognized through our consolidated statements of income, and $1 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, 2019, 2018, and 2017. Table 17.3 – Basic and Diluted Earnings per Common Share
|  | Years Ended December 31,
(In Thousands, except Share Data) |  | 2019 |  | 2018 |  | 2017
Basic Earnings per Common Share: |  |  |  |  |  |
Net income attributable to Redwood |  | $ | 169,183 |  |  | $ | 119,600 |  |  | $ | 140,406 |
Less: Dividends and undistributed earnings allocated to participating securities |  | (4,797 | ) |  | (3,754 | ) |  | (3,632 | )
Net income allocated to common shareholders |  | $ | 164,386 |  |  | $ | 115,846 |  |  | $ | 136,774 |
Basic weighted average common shares outstanding |  | 101,120,744 |  |  | 78,724,912 |  |  | 76,792,957 |
Basic Earnings per Common Share |  | $ | 1.63 |  |  | $ | 1.47 |  |  | $ | 1.78 |
Diluted Earnings per Common Share: |  |  |  |  |  |
Net income attributable to Redwood |  | $ | 169,183 |  |  | $ | 119,600 |  |  | $ | 140,406 |
Less: Dividends and undistributed earnings allocated to participating securities |  | (5,273 | ) |  | (4,283 | ) |  | (3,836 | )
Add back: Interest expense on convertible notes for the period, net of tax |  | 36,212 |  |  | 32,653 |  |  | 26,898 |
Net income allocated to common shareholders |  | $ | 200,122 |  |  | $ | 147,970 |  |  | $ | 163,468 |
Weighted average common shares outstanding |  | 101,147,225 |  |  | 78,724,912 |  |  | 76,792,957 |
Net effect of dilutive equity awards |  | 251,100 |  |  | 189,120 |  |  | 185,383 |
Net effect of assumed convertible notes conversion to common shares |  | 35,382,269 |  |  | 31,113,738 |  |  | 24,996,668 |
Diluted weighted average common shares outstanding |  | 136,780,594 |  |  | 110,027,770 |  |  | 101,975,008 |
Diluted Earnings per Common Share |  | $ | 1.46 |  |  | $ | 1.34 |  |  | $ | 1.60 |

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