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Equity Compensation Plans | 9 Months Ended
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Sep. 30, 2020
Share-based Payment Arrangement [Abstract] |
Equity Compensation Plans | Equity Compensation Plans At September 30, 2020 and December 31, 2019, 8,629,455 and 3,637,480 shares of common stock, respectively, were available for grant under our Incentive Plan. During the second quarter of 2020, Redwood shareholders approved for grant an additional 5 million shares of common stock under our Incentive Plan. The unamortized compensation cost of awards issued under the Incentive Plan and purchases under the Employee Stock Purchase Plan totaled $20 million at September 30, 2020, as shown in the following table. Table 18.1 – Activities of Equity Compensation Costs by Award Type
|  |  |  | Nine Months Ended September 30, 2020
(In Thousands) |  |  |  | Restricted Stock Awards |  | Restricted Stock Units |  | Deferred Stock Units |  | Performance Stock Units |  | Employee Stock Purchase Plan |  | Total
Unrecognized compensation cost at beginning of period |  |  |  | $ | 1,990 |  |  | $ | 3,534 |  |  | $ | 17,858 |  |  | $ | 8,946 |  |  | $ | — |  |  | $ | 32,328 |
Equity grants |  |  |  | 108 |  |  | 3,581 |  |  | 6,780 |  |  | — |  |  | 160 |  |  | 10,629 |
Performance-based valuation adjustment |  |  |  | — |  |  | — |  |  | — |  |  | (7,352) |  |  | — |  |  | (7,352) |
Equity grant forfeitures |  |  |  | (529) |  |  | (2,161) |  |  | (4,733) |  |  | (648) |  |  | — |  |  | (8,071) |
Equity compensation expense |  |  |  | (807) |  |  | (1,067) |  |  | (6,268) |  |  | 326 |  |  | (80) |  |  | (7,896) |
Unrecognized Compensation Cost at End of Period |  |  |  | $ | 762 |  |  | $ | 3,887 |  |  | $ | 13,637 |  |  | $ | 1,272 |  |  | $ | 80 |  |  | $ | 19,638 |
At September 30, 2020, the weighted average amortization period remaining for all of our equity awards was one year. Restricted Stock Awards ("RSAs") At September 30, 2020 and December 31, 2019, there were 80,550 and 216,470 shares, respectively, of RSAs outstanding. Restrictions on these shares lapse through 2022. During the nine months ended September 30, 2020, there were no RSAs granted, restrictions on 101,063 RSAs lapsed and those shares were distributed, and 34,857 RSAs were forfeited. Restricted Stock Units ("RSUs") At September 30, 2020 and December 31, 2019, there were 294,986 and 275,173 shares, respectively, of RSUs outstanding. Restrictions on these shares lapse through 2024. During the nine months ended September 30, 2020, there were 205,482 RSUs granted, 55,514 RSUs distributed, and 130,155 RSUs forfeited. Deferred Stock Units (“DSUs”) At September 30, 2020 and December 31, 2019, there were 2,420,737 and 2,630,805 DSUs, respectively, outstanding of which 1,406,190 and 1,286,063, respectively, had vested. During the nine months ended September 30, 2020, there were 494,719 DSUs granted, 413,533 DSUs distributed, and 291,253 DSUs forfeited. Unvested DSUs at September 30, 2020 vest through 2024. Performance Stock Units (“PSUs”) At September 30, 2020 and December 31, 2019, the target number of PSUs that were unvested was 739,895 and 839,070, respectively. During the nine months ended September 30, 2020, 99,175 PSUs were forfeited. Vesting for all PSUs will generally occur at the end of three years from their grant date based on various Total Shareholder Return ("TSR") performance calculations, as discussed in our Annual Report on Form 10-K for the year ended December 31, 2019. During the first quarter of 2020, for PSUs granted in 2018 and 2019, we adjusted our vesting estimate to assume that none of these awards will meet the minimum performance thresholds for vesting. This adjustment resulted in a reversal of $1 million of stock-based compensation expense recorded in the first quarter of 2020. Employee Stock Purchase Plan ("ESPP") The ESPP allows a maximum of 600,000 shares of common stock to be purchased in aggregate for all employees. As of September 30, 2020 and December 31, 2019, 477,142 and 430,772 shares had been purchased, respectively, and there remained a negligible amount of uninvested employee contributions in the ESPP at September 30, 2020

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