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Equity (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2021 and 2020.

Table 17.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component

						Three Months Ended June 30, 2021												Three Months Ended June 30, 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						$	84,527					$	(79,539)					$	(1,865)					$	(83,666)
Other comprehensive income before reclassifications						11,224						—						52,393						—
Amounts reclassified from other accumulated comprehensive income						(7,500)						1,028						2,718						1,029
Net current-period other comprehensive income						3,724						1,028						55,111						1,029
Balance at End of Period						$	88,251					$	(78,511)					$	53,246					$	(82,637)

						Six Months Ended June 30, 2021												Six Months Ended June 30, 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						22,210						—						(28,126)						(32,806)
Amounts reclassified from other accumulated comprehensive income (loss)						(10,295)						2,046						(11,080)						1,108
Net current-period other comprehensive income (loss)						11,915						2,046						(39,206)						(31,698)
Balance at End of Period						$	88,251					$	(78,511)					$	53,246					$	(82,637)

Reclassifications out of Accumulated Other Comprehensive Income

The following table provides a summary of reclassifications out of accumulated other comprehensive income for the three and six months ended June 30, 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 June 30,
(In Thousands)						Income Statement						2021						2020
Net Realized (Gain) Loss on AFS Securities
Decrease in allowance for credit losses on AFS securities						Investment fair value changes, net						$	(13)					$	(54)
Gain on sale of AFS securities						Realized gains, net						(7,487)						2,772
												$	(7,500)					$	2,718
Net Realized Loss on Interest Rate   Agreements Designated as Cash Flow Hedges
Amortization of deferred loss						Interest expense						$	1,028					$	1,029
												$	1,028					$	1,029

												Amount Reclassified From Accumulated Other Comprehensive Income
						Affected Line Item in the						Six Months Ended June 30,
(In Thousands)						Income Statement						2021						2020
Net Realized (Gain) Loss on AFS Securities
(Decrease) increase in allowance for credit losses on AFS securities						Investment fair value changes, net						$	(388)					$	1,471
Gain on sale of AFS securities						Realized gains, net						(9,907)						(12,551)
												$	(10,295)					$	(11,080)
Net Realized Loss on Interest Rate   Agreements Designated as Cash Flow Hedges
Amortization of deferred loss						Interest expense						$	2,046					$	1,108
												$	2,046					$	1,108

Basic and Diluted Earnings Per Common Share

The following table provides the basic and diluted earnings (loss) per common share computations for the three and six months ended June 30, 2021 and 2020.

Table 17.3 – Basic and Diluted Earnings (Loss) per Common Share

						Three Months Ended June 30,												Six Months Ended June 30,
(In Thousands, except Share Data)						2021						2020						2021						2020
Basic Earnings (Loss) per Common Share:
Net income (loss) attributable to Redwood						$	90,025					$	165,444					$	187,282					$	(777,954)
Less: Dividends and undistributed earnings allocated to participating securities						(3,149)						(4,528)						(6,458)						(1,011)
Net income (loss) allocated to common shareholders						$	86,876					$	160,916					$	180,824					$	(778,965)
Basic weighted average common shares outstanding						112,921,070						114,383,289						112,337,984						114,229,928
Basic Earnings (Loss) per Common Share						$	0.77					$	1.41					$	1.61					$	(6.82)
Diluted Earnings (Loss) per Common Share:
Net income (loss) attributable to Redwood						$	90,025					$	165,444					$	187,282					$	(777,954)
Less: Dividends and undistributed earnings allocated to participating securities						(2,869)						(3,116)						(5,829)						(1,011)
Adjust for interest expense and gain on extinguishment of convertible notes for the period, net of tax						6,990						(15,835)						13,971						—
Net income (loss) allocated to common shareholders						$	94,146					$	146,493					$	195,424					$	(778,965)
Weighted average common shares outstanding						112,921,070						114,383,289						112,337,984						114,229,928
Net effect of dilutive equity awards						273,139						—						234,353						—
Net effect of assumed convertible notes conversion to common shares						28,566,875						32,715,790						28,566,875						—
Diluted weighted average common shares outstanding						141,761,084						147,099,079						141,139,212						114,229,928
Diluted Earnings (Loss) per Common Share						$	0.66					$	1.00					$	1.38					$	(6.82)

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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
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-Name Accounting Standards Codification
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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 260
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