Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Computation of Earnings Per Share

	Three months ended			Three months ended
	March 31,			March 31,
	2014			2013
	(Dollars in thousands, except per share data)
Net income per consolidated statements of income	$	2,094		$	2,682
Net income allocated to participating securities		(9	)		(10	)
Amortization of discount on preferred stock		—			(821	)
Net income allocated to common stock	$	2,085		$	1,851
Basic earnings per common share computation:
Distributed earnings allocated to common stock	$	—		$	—
Undistributed earnings allocated to common stock		2,085			1,851
Net income allocated to common stock	$	2,085		$	1,851
Weighted average common shares outstanding, including shares considered participating securities		50,407			33,689
Less: Average participating securities		(211	)		(124	)
Weighted average shares		50,196			33,565
Basic earnings per common share	$	0.04		$	0.06
Diluted earnings per common share computation:
Net income allocated to common stock	$	2,085		$	1,851
Weighted average common shares outstanding for basic earnings per common share		50,196			33,565
Add: Dilutive effects of assumed exercises of stock options		254			264
Weighted average shares and dilutive potential common shares		50,450			33,829
Diluted earnings per common share	$	0.04		$	0.05

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