Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2013

	Three months ended				Three months ended
		September 30,				September 30,
		2013				2012
		(Dollars in thousands, except per share data)
Net income (loss) per consolidated statements of income		$	1,717			$	(26,891	)
Net (income) loss allocated to participating securities			(4	)			73
Amortization of discount on preferred stock			—				—

Net income (loss) allocated to common stock		$	1,713			$	(26,818	)

Basic earnings per common share computation:
Distributed earnings allocated to common stock		$	—			$	—
Undistributed earnings (loss) allocated to common stock			1,713				(26,818	)

Net income (loss) allocated to common stock		$	1,713			$	(26,818	)

Weighted average common shares outstanding, including shares considered participating securities			50,219				32,847
Less: Average participating securities			(109	)			(96	)

Weighted average shares			50,110				32,751

Basic earnings (loss) per common share		$	0.03			$	(0.82	)

Diluted earnings per common share computation:
Net income (loss) allocated to common stock		$	1,713			$	(26,818	)

Weighted average common shares outstanding for basic earnings per common share			50,110				32,751
Add: Dilutive effects of assumed exercises of stock options			272				—

Weighted average shares and dilutive potential common shares			50,382				32,751

Diluted earnings (loss) per common share		$	0.03			$	(0.82	)


	Nine months ended			Nine months ended
	September 30,			September 30,
	2013			2012
	(Dollars in thousands, except per share data)
Net income (loss) per consolidated statements of income	$	7,788		$	(23,033	)
Net (income) loss allocated to participating securities		(22	)		43
Amortization of discount on preferred stock		(6,751	)		—

Net income (loss) allocated to common stock	$	1,015		$	(22,990	)

Basic earnings per common share computation:
Distributed earnings allocated to common stock	$	—		$	—
Undistributed earnings (loss) allocated to common stock		1,015			(22,990	)

Net income (loss) allocated to common stock	$	1,015		$	(22,990	)

Weighted average common shares outstanding, including shares considered participating securities		42,455			32,781
Less: Average participating securities		(118	)		(66	)

Weighted average shares		42,337			32,715

Basic earnings (loss) per common share	$	0.02		$	(0.70	)

Diluted earnings per common share computation:
Net income (loss) allocated to common stock	$	1,015		$	(22,990	)

Weighted average common shares outstanding for basic earnings per common share		42,337			32,715
Add: Dilutive effects of assumed exercises of stock options		275			—

Weighted average shares and dilutive potential common shares		42,612			32,715

Diluted earnings (loss) per common share	$	0.02		$	(0.70	)

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