Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Computation of Earnings Per Share

	Three months ended			Three months ended
	June 30,			June 30,
	2013			2012
	(Dollars in thousands, except per share data)
Net income per consolidated statements of income	$	3,389		$	62
Net income allocated to participating securities		(9	)		—
Amortization of discount on preferred stock		(5,930	)		—
Net income (loss) allocated to common stock	$	(2,550	)	$	62
Basic earnings per common share computation:
Distributed earnings allocated to common stock	$	—		$	—
Undistributed earnings (loss) allocated to common stock		(2,550	)		62
Net income (loss) allocated to common stock	$	(2,550	)	$	62
Weighted average common shares outstanding, including shares considered participating securities		43,276			32,942
Less: Average participating securities		(116	)		(140	)
Weighted average shares		43,160			32,802
Basic earnings (loss) per common share	$	(0.06	)	$	—
Diluted earnings per common share computation:
Net income (loss) allocated to common stock	$	(2,550	)	$	62
Weighted average common shares outstanding for basic earnings per common share		43,160			32,802
Add: Dilutive effects of assumed exercises of stock options		—			41
Weighted average shares and dilutive potential common shares		43,160			32,843
Diluted earnings (loss) per common share	$	(0.06	)	$	—

	Six months ended			Six months ended
	June 30,			June 30,
	2013			2012
	(Dollars in thousands, except per share data)
Net income per consolidated statements of income	$	6,071		$	3,858
Net income allocated to participating securities		(19	)		(10	)
Amortization of discount on preferred stock		(6,751	)		0
Net income (loss) allocated to common stock	$	(699	)	$	3,848
Basic earnings per common share computation:
Distributed earnings allocated to common stock	$	—		$	—
Undistributed earnings (loss) allocated to common stock		(699	)		3,848
Net income (loss) allocated to common stock	$	(699	)	$	3,848
Weighted average common shares outstanding, including shares considered participating securities		38,509			32,749
Less: Average participating securities		(121	)		(89	)
Weighted average shares		38,388			32,660
Basic earnings (loss) per common share	$	(0.02	)	$	0.12
Diluted earnings per common share computation:
Net income (loss) allocated to common stock	$	(699	)	$	3,848
Weighted average common shares outstanding for basic earnings per common share		38,388			32,660
Add: Dilutive effects of assumed exercises of stock options		—			13
Weighted average shares and dilutive potential common shares		38,388			32,673
Diluted earnings (loss) per common share	$	(0.02	)	$	0.12

Summary of BCF Resulting from Issuance of Preferred Shares

The BCF resulting from the issuance of the preferred shares of United Community is calculated as follows:

Total common shares that may be issued upon conversion of preferred shares		7,942,000
Intrinsic value (difference between consideration allocated to preferred stock upon conversion at $2.75 per share and market price of $3.60 per share on March 22, 2013)	$	0.85
Beneficial conversion feature	$	6,750,700