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Equity (Tables)
 6 Months Ended
Jun. 30, 2015
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, 2015 and 2014.
Changes in Accumulated Other Comprehensive Income by Component
 
 
Three Months Ended June 30, 2015
 
Three Months Ended June 30, 2014
(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
 
$
190,100

 
$
(54,460
)
 
$
185,275

 
$
(24,623
)
Other comprehensive income (loss)
   before reclassifications
 
(5,080
)
 
15,469

 
12,721

 
(5,401
)
Amounts reclassified from other
   accumulated comprehensive income
 
(5,361
)
 
26

 
(454
)
 
39

Net current-period other comprehensive income (loss)
 
(10,441
)
 
15,495

 
12,267

 
(5,362
)
Balance at End of Period
 
$
179,659

 
$
(38,965
)
 
$
197,542

 
$
(29,985
)
 
 
Six Months Ended June 30, 2015
 
Six Months Ended June 30, 2014
(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
 
$
186,737

 
$
(46,049
)
 
$
164,654

 
$
(15,888
)
Other comprehensive income (loss)
before reclassifications
 
(28
)
 
7,026

 
33,229

 
(14,196
)
Amounts reclassified from other
accumulated comprehensive income
 
(7,050
)
 
58

 
(341
)
 
99

Net current-period other comprehensive income (loss)
 
(7,078
)
 
7,084

 
32,888

 
(14,097
)
Balance at End of Period
 
$
179,659

 
$
(38,965
)
 
$
197,542

 
$
(29,985
)
Reclassifications out of Accumulated Other Comprehensive Income
The following table provides a summary of reclassifications out of accumulated other comprehensive income for three and six months ended June 30, 2015 and 2014.
Reclassifications Out of Accumulated Other Comprehensive Income
 
 
 
 
Amount Reclassified From Accumulated Other Comprehensive Income
 
 
Affected Line Item in the
 
Three Months Ended June 30,
(In Thousands)
 
Income Statement
 
2015
 
2014
Net realized gains (losses) on AFS securities
 
 
 
 
 
 
Other than temporary impairment
 
Mortgage banking and investment activities, net
 
$
—

 
$
264

Gain on sale of AFS securities
 
Realized gains, net
 
(5,361
)
 
(718
)
 
 
 
 
$
(5,361
)
 
$
(454
)
Net realized gains on interest rate
agreements designated as cash flow hedges
 
 
 
 
 
 
Amortization of deferred loss
 
Interest expense
 
$
26

 
$
39

 
 
 
 
$
26

 
$
39

 
 
 
 
Amount Reclassified From Accumulated Other Comprehensive Income
 
 
Affected Line Item in the
 
Six Months Ended June 30,
(In Thousands)
 
Income Statement
 
2015
 
2014
Net realized gains (losses) on AFS securities
 
 
 
 
 
 
Other than temporary impairment
 
Mortgage banking and investment activities, net
 
$
—

 
$
377

Gain on sale of AFS securities
 
Realized gains, net
 
(7,050
)
 
(718
)
 
 
 
 
$
(7,050
)
 
$
(341
)
Net realized gains on interest rate
agreements designated as cash flow hedges
 
 
 
 
 
 
Amortization of deferred loss
 
Interest expense
 
$
58

 
$
99

 
 
 
 
$
58

 
$
99
Basic and Diluted Earnings Per Common Share
The following table provides the basic and diluted earnings per common share computations for the three and six months ended June 30, 2015 and 2014.
Basic and Diluted Earnings Per Common Share
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In Thousands, Except Share Data)
 
2015
 
2014
 
2015
 
2014
Basic Earnings Per Common Share:
 
 
 
 
 
 
 
 
Net income attributable to Redwood
 
$
27,064

 
$
16,017

 
$
41,865

 
$
28,350

Less: Dividends and undistributed earnings allocated to participating securities
 
(642
)
 
(537
)
 
(1,375
)
 
(1,239
)
Net income allocated to common shareholders
 
$
26,422

 
$
15,480

 
$
40,490

 
$
27,111

Basic weighted average common shares outstanding
 
83,936,844

 
82,740,012

 
83,650,170

 
82,575,636

Basic Earnings Per Common Share
 
$
0.31

 
$
0.19

 
$
0.48

 
$
0.33

 
 
 
 
 
 
 
 
 
Diluted Earnings Per Common Share:
 
 
 
 
 
 
 
 
Net income attributable to Redwood
 
$
27,064

 
$
16,017

 
$
41,865

 
$
28,350

Less: Dividends and undistributed earnings allocated to participating securities
 
(619
)
 
(537
)
 
(1,375
)
 
(1,239
)
Add back: Interest expense on convertible notes for the period, net of tax
 
2,789

 
—

 
—

 
—

Net income allocated to common shareholders
 
$
29,234

 
$
15,480

 
$
40,490

 
$
27,111

Weighted average common shares outstanding
 
83,936,844

 
82,740,012

 
83,650,170

 
82,575,636

Net effect of dilutive equity awards
 
1,546,038

 
2,292,986

 
1,823,735

 
2,418,685

Net effect of assumed convertible notes conversion to common shares
 
9,466,859

 
—

 
—

 
—

Diluted weighted average common shares outstanding
 
94,949,741

 
85,032,998

 
85,473,905

 
84,994,321

Diluted Earnings Per Common Share
 
$
0.31

 
$
0.18

 
$
0.47

 
$
0.32