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Equity (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021 and 2020. Table 17.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component
|  | Years Ended December 31,
|  | 2021 |  | 2020
(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 |  | $ | 76,336 |  |  | $ | (80,557) |  |  | $ | 92,452 |  |  | $ | (50,939) |
Other comprehensive income (loss) before reclassifications |  | 8,016 |  |  | — |  |  | (3,951) |  |  | (32,806) |
Amounts reclassified from other accumulated comprehensive income (loss) |  | (16,849) |  |  | 4,127 |  |  | (12,165) |  |  | 3,188 |
Net current-period other comprehensive (loss) income |  | (8,833) |  |  | 4,127 |  |  | (16,116) |  |  | (29,618) |
Balance at End of Period |  | $ | 67,503 |  |  | $ | (76,430) |  |  | $ | 76,336 |  |  | $ | (80,557) |
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, 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 |  | Year Ended December 31,
(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) |  |  | $ | 388 |
Gain on sale of AFS securities |  | Realized gains, net |  | (16,461) |  |  | (12,553) |
|  |  |  | $ | (16,849) |  |  | $ | (12,165) |
Net Realized Loss on Interest Rate Agreements Designated as Cash Flow Hedges |  |  |  |  |  |
Amortization of deferred loss |  | Interest expense |  | $ | 4,127 |  |  | $ | 3,188 |
|  |  |  | $ | 4,127 |  |  | $ | 3,188 |
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, 2021, 2020, and 2019. Table 17.3 – Basic and Diluted Earnings per Common Share
|  | Years Ended December 31,
(In Thousands, except Share Data) |  | 2021 |  | 2020 |  | 2019
Basic Earnings (Loss) per Common Share: |  |  |  |  |  |
Net income (loss) attributable to Redwood |  | $ | 319,613 |  |  | $ | (581,847) |  |  | $ | 169,183 |
Less: Dividends and undistributed earnings allocated to participating securities |  | (10,635) |  |  | (1,990) |  |  | (4,797) |
Net income (loss) allocated to common shareholders |  | $ | 308,978 |  |  | $ | (583,837) |  |  | $ | 164,386 |
Basic weighted average common shares outstanding |  | 113,230,190 |  |  | 113,935,605 |  |  | 101,120,744 |
Basic Earnings (Loss) per Common Share |  | $ | 2.73 |  |  | $ | (5.12) |  |  | $ | 1.63 |
Diluted Earnings (Loss) per Common Share: |  |  |  |  |  |
Net income (loss) attributable to Redwood |  | $ | 319,613 |  |  | $ | (581,847) |  |  | $ | 169,183 |
Less: Dividends and undistributed earnings allocated to participating securities |  | (9,880) |  |  | (1,990) |  |  | (5,273) |
Adjust for interest expense and gain on extinguishment of convertible notes for the period, net of tax |  | 27,463 |  |  | — |  |  | 36,212 |
Net income (loss) allocated to common shareholders |  | $ | 337,196 |  |  | $ | (583,837) |  |  | $ | 200,122 |
Weighted average common shares outstanding |  | 113,230,190 |  |  | 113,935,605 |  |  | 101,147,225 |
Net effect of dilutive equity awards |  | 273,236 |  |  | — |  |  | 251,100 |
Net effect of assumed convertible notes conversion to common shares |  | 28,566,875 |  |  | — |  |  | 35,382,269 |
Diluted weighted average common shares outstanding |  | 142,070,301 |  |  | 113,935,605 |  |  | 136,780,594 |
Diluted Earnings (Loss) per Common Share |  | $ | 2.37 |  |  | $ | (5.12) |  |  | $ | 1.46 |

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