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Equity (Tables) | 3 Months Ended
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Mar. 31, 2021
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, 2021 and 2020. Table 17.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component
|  | Three Months Ended March 31, 2021 |  | Three Months Ended March 31, 2020
(In Thousands) |  | Available-for-Sale Securities |  | Interest Rate Agreements Accounted for as Cash Flow Hedges |  | Available-for-Sale Securities |  | Interest Rate Agreements Accounted for as Cash Flow Hedges
Balance at beginning of period |  | $ | 76,336 |  |  | $ | (80,557) |  |  | $ | 92,452 |  |  | $ | (50,939) |
Other comprehensive income (loss) before reclassifications |  | 10,986 |  |  | — |  |  | (80,519) |  |  | (32,806) |
Amounts reclassified from other accumulated comprehensive income (loss) |  | (2,795) |  |  | 1,018 |  |  | (13,798) |  |  | 79 |
Net current-period other comprehensive income (loss) |  | 8,191 |  |  | 1,018 |  |  | (94,317) |  |  | (32,727) |
Balance at End of Period |  | $ | 84,527 |  |  | $ | (79,539) |  |  | $ | (1,865) |  |  | $ | (83,666) |
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, 2021 and 2020. Table 17.2 – Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
|  |  |  | Amount Reclassified From Accumulated Other Comprehensive Income
|  | Affected Line Item in the |  | Three Months Ended March 31,
(In Thousands) |  | Income Statement |  | 2021 |  | 2020
Net Realized (Gain) Loss on AFS Securities |  |  |  |  |  |
Credit loss expense on AFS securities |  | Investment fair value changes, net |  | $ | (374) |  |  | $ | 1,525 |
Gain on sale of AFS securities |  | Realized gains, net |  | (2,421) |  |  | (15,323) |
|  |  |  | $ | (2,795) |  |  | $ | (13,798) |
Net Realized Loss on Interest Rate Agreements Designated as Cash Flow Hedges |  |  |  |  |  |
Amortization of deferred loss |  | Interest expense |  | $ | 1,018 |  |  | $ | 79 |
|  |  |  | $ | 1,018 |  |  | $ | 79 |
Basic and Diluted Earnings Per Common Share | The following table provides the basic and diluted earnings (loss) per common share computations for the three months ended March 31, 2021 and 2020. Table 17.3 – Basic and Diluted Earnings (Loss) per Common Share
|  | Three Months Ended March 31, |  |
(In Thousands, except Share Data) |  | 2021 |  | 2020 |  |  |  |
Basic Earnings (Loss) per Common Share: |  |  |  |  |  |  |  |
Net income (loss) attributable to Redwood |  | $ | 97,257 |  |  | $ | (943,398) |  |  |  |  |
Less: Dividends and undistributed earnings allocated to participating securities |  | (3,294) |  |  | (1,209) |  |  |  |  |
Net income (loss) allocated to common shareholders |  | $ | 93,963 |  |  | $ | (944,607) |  |  |  |  |
Basic weighted average common shares outstanding |  | 112,276,842 |  |  | 114,076,568 |  |  |  |  |
Basic Earnings (Loss) per Common Share |  | $ | 0.84 |  |  | $ | (8.28) |  |  |  |  |
Diluted Earnings (Loss) per Common Share: |  |  |  |  |  |  |  |
Net income (loss) attributable to Redwood |  | $ | 97,257 |  |  | $ | (943,398) |  |  |  |  |
Less: Dividends and undistributed earnings allocated to participating securities |  | (2,951) |  |  | (1,209) |  |  |  |  |
Add back: Interest expense on convertible notes for the period, net of tax |  | 7,007 |  |  | — |  |  |  |  |
Net income (loss) allocated to common shareholders |  | $ | 101,313 |  |  | $ | (944,607) |  |  |  |  |
Weighted average common shares outstanding |  | 112,276,842 |  |  | 114,076,568 |  |  |  |  |
Net effect of dilutive equity awards |  | 195,568 |  |  | — |  |  |  |  |
Net effect of assumed convertible notes conversion to common shares |  | 28,566,875 |  |  | — |  |  |  |  |
Diluted weighted average common shares outstanding |  | 141,039,285 |  |  | 114,076,568 |  |  |  |  |
Diluted Earnings (Loss) per Common Share |  | $ | 0.72 |  |  | $ | (8.28) |  |  |  |  |

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