EXHIBIT 99.2
United Community Banks, Inc.
Proforma Earnings per share (operating)(1)
Restated for 3 for 2 stock split (Record date — April 14, 2004/Distribution date — April 28, 2004)
(in thousands, except per share data)
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
For the quarter ended | 2003 | 2003 | 2003 | 2003 | 2002 | |||||||||||||||
Basic earnings per share: | ||||||||||||||||||||
Weighted average shares outstanding | 35,260 | 35,112 | 34,280 | 31,827 | 31,940 | |||||||||||||||
Net income available to common shareholders | $ | 10,580 | $ | 10,352 | $ | 9,869 | $ | 8,593 | $ | 8,534 | ||||||||||
Basic earnings per share | $ | .30 | $ | .29 | $ | .29 | $ | .27 | $ | .27 | ||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Weighted average shares outstanding | 35,260 | 35,112 | 34,280 | 31,827 | 31,940 | |||||||||||||||
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period | 759 | 670 | 687 | 689 | 757 | |||||||||||||||
Effect of conversion of subordinated debt | 372 | 402 | 420 | 420 | 420 | |||||||||||||||
Total weighted average shares and common stock equivalents outstanding | 36,391 | 36,185 | 35,387 | 32,936 | 33,117 | |||||||||||||||
Net income available to common shareholders | 10,580 | 10,352 | 9,869 | 8,593 | 8,534 | |||||||||||||||
Income effect of conversion of subordinated debt, net of tax | 23 | 23 | 24 | 25 | 27 | |||||||||||||||
Net income, adjusted for effect of conversion of subordinated debt, net of tax | 10,603 | 10,375 | 9,893 | 8,618 | 8,561 | |||||||||||||||
Diluted earnings per share | $ | .29 | $ | .29 | $ | .28 | $ | .26 | $ | .26 | ||||||||||
Period-end shares outstanding | 35,289 | 35,232 | 34,967 | 33,055 | 31,895 | |||||||||||||||
Cash dividends declared per share | $ | .0500 | $ | .0500 | $ | .0500 | $ | .0500 | $ | .0417 | ||||||||||
Book value per share | $ | 8.47 | $ | 8.20 | $ | 8.15 | $ | 7.39 | $ | 6.89 | ||||||||||
[Continued from above table, first column(s) repeated]
September 30, | June 30, | March 31, | December 31, | |||||||||||||
For the quarter ended | 2002 | 2002 | 2002 | 2001 | ||||||||||||
Basic earnings per share: | ||||||||||||||||
Weighted average shares outstanding | 32,089 | 32,111 | 32,110 | 31,914 | ||||||||||||
Net income available to common shareholders | $ | 8,375 | $ | 8,073 | $ | 7,694 | $ | 7,679 | ||||||||
Basic earnings per share | $ | .26 | $ | .25 | $ | .24 | $ | .24 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Weighted average shares outstanding | 32,089 | 32,111 | 32,110 | 31,914 | ||||||||||||
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period | 841 | 1,043 | 564 | 506 | ||||||||||||
Effect of conversion of subordinated debt | 420 | 420 | 420 | 420 | ||||||||||||
Total weighted average shares and common stock equivalents outstanding | 33,349 | 33,574 | 33,094 | 32,840 | ||||||||||||
Net income available to common shareholders | 8,375 | 8,073 | 7,694 | 7,679 | ||||||||||||
Income effect of conversion of subordinated debt, net of tax | 29 | 29 | 28 | 32 | ||||||||||||
Net income, adjusted for effect of conversion of subordinated debt, net of tax | 8,404 | 8,102 | 7,722 | 7,711 | ||||||||||||
Diluted earnings per share | $ | .25 | $ | .24 | $ | .23 | $ | .23 | ||||||||
Period-end shares outstanding | 32,017 | 32,121 | 32,101 | 32,267 | ||||||||||||
Cash dividends declared per share | $ | .0417 | $ | .0417 | $ | .0417 | $ | .0333 | ||||||||
Book value per share | $ | 6.67 | $ | 6.47 | $ | 6.07 | $ | 5.98 | ||||||||
Six Months Ended | Nine Months Ended | Years Ended | ||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | December 31, | ||||||||||||||||
2003 | 2002 | 2003 | 2002 | 2003 | ||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||
Weighted average shares outstanding | 33,060 | 32,111 | 33,752 | 32,103 | 34,132 | |||||||||||||||
Net income available to common shareholders | $ | 18,462 | $ | 15,767 | $ | 28,814 | $ | 24,142 | $ | 39,409 | ||||||||||
Basic earnings per share | $ | .56 | $ | .49 | $ | .85 | $ | .75 | $ | 1.15 | ||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Weighted average shares outstanding | 33,060 | 32,111 | 33,752 | 32,103 | 34,132 | |||||||||||||||
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period | 686 | 805 | 688 | 817 | 715 | |||||||||||||||
Effect of conversion of subordinated debt | 420 | 420 | 410 | 420 | 405 | |||||||||||||||
Total weighted average shares and common stock equivalents outstanding | 34,166 | 33,335 | 34,849 | 33,340 | 35,252 | |||||||||||||||
Net income available to common shareholders | 18,462 | 15,767 | 28,814 | 24,142 | 39,409 | |||||||||||||||
Income effect of conversion of subordinated debt, net of tax | 49 | 57 | 72 | 86 | 95 | |||||||||||||||
Net income, adjusted for effect of conversion of subordinated debt, net of tax | 18,511 | 15,824 | 28,886 | 24,228 | 39,504 | |||||||||||||||
Diluted earnings per share | $ | .54 | $ | .47 | $ | .83 | $ | .73 | $ | 1.12 | ||||||||||
Period-end shares outstanding | 34,967 | 32,121 | 35,232 | 32,017 | 35,289 | |||||||||||||||
Cash dividends declared per share | $ | .1000 | $ | .0833 | $ | .1500 | $ | .1250 | $ | .2000 | ||||||||||
Book value per share | $ | 8.15 | $ | 6.47 | $ | 8.20 | $ | 6.67 | $ | 8.47 | ||||||||||
[Continued from above table, first column(s) repeated]
Years Ended | ||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||
Weighted average shares outstanding | 32,062 | 31,691 | 30,900 | 30,237 | 29,997 | |||||||||||||||
Net income available to common shareholders | $ | 32,676 | $ | 28,194 | $ | 21,704 | $ | 17,253 | $ | 15,650 | ||||||||||
Basic earnings per share | $ | 1.02 | $ | .89 | $ | .70 | $ | .57 | $ | .52 | ||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Weighted average shares outstanding | 32,062 | 31,691 | 30,900 | 30,237 | 29,997 | |||||||||||||||
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period | 759 | 513 | 471 | 606 | 498 | |||||||||||||||
Effect of conversion of subordinated debt | 420 | 420 | 420 | 420 | 420 | |||||||||||||||
Total weighted average shares and common stock equivalents outstanding | 33,241 | 32,624 | 31,791 | 31,263 | 30,915 | |||||||||||||||
Net income available to common shareholders | 32,676 | 28,194 | 21,704 | 17,253 | 15,650 | |||||||||||||||
Income effect of conversion of subordinated debt, net of tax | 113 | 169 | 220 | 191 | 206 | |||||||||||||||
Net income, adjusted for effect of conversion of subordinated debt, net of tax | 32,789 | 28,363 | 21,924 | 17,444 | 15,856 | |||||||||||||||
Diluted earnings per share | $ | .99 | $ | .87 | $ | .69 | $ | .56 | $ | .51 | ||||||||||
Period-end shares outstanding | 31,895 | 32,266 | 31,542 | 30,281 | 29,508 | |||||||||||||||
Cash dividends declared per share | $ | .1667 | $ | .1333 | $ | .1000 | $ | .0667 | $ | .0500 | ||||||||||
Book value per share | $ | 6.89 | $ | 5.98 | $ | 4.97 | $ | 3.85 | $ | 3.91 | ||||||||||
(1) | The financial information above is presented on an operating basis which excludes after-tax merger-related charges totaling $580 thousand or $.01 per diluted share occurring in the 4th quarter of 2003, $668 thousand or $.01 per diluted share occurring in the 2nd quarter of 2003, $840 thousand or $.01 per diluted share occurring in the 1st quarter of 2003, $1.1 million or $.03 per diluted share occurring in the 4th quarter of 2001, $7.2 million or $.23 per diluted share occurring in the 3rd quarter of 2000, and $1.2 million or $.04 per diluted share occurring in 1999. |
United Community Banks, Inc.
Proforma Earnings per share (GAAP)
Restated for 3 for 2 stock split (Record date — April 14, 2004 / Distribution date — April 28, 2004)
(in thousands, except per share data)
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
For the quarter ended | 2003 | 2003 | 2003 | 2003 | 2002 | |||||||||||||||
Basic earnings per share: | ||||||||||||||||||||
Weighted average shares outstanding | 35,260 | 35,112 | 34,280 | 31,827 | 31,940 | |||||||||||||||
Net income available to common shareholders | $ | 10,197 | $ | 10,352 | $ | 9,441 | $ | 8,047 | $ | 8,534 | ||||||||||
Basic earnings per share | $ | .29 | $ | .29 | $ | .28 | $ | .25 | $ | .27 | ||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Weighted average shares outstanding | 35,260 | 35,112 | 34,280 | 31,827 | 31,940 | |||||||||||||||
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period | 759 | 670 | 687 | 689 | 757 | |||||||||||||||
Effect of conversion of subordinated debt | 372 | 402 | 420 | 420 | 420 | |||||||||||||||
Total weighted average shares and common stock equivalents outstanding | 36,391 | 36,185 | 35,387 | 32,936 | 33,117 | |||||||||||||||
Net income available to common shareholders | 10,197 | 10,352 | 9,441 | 8,047 | 8,534 | |||||||||||||||
Income effect of conversion of subordinated debt, net of tax | 23 | 23 | 24 | 25 | 27 | |||||||||||||||
Net income, adjusted for effect of conversion of subordinated debt, net of tax | 10,220 | 10,375 | 9,465 | 8,072 | 8,561 | |||||||||||||||
Diluted earnings per share | $ | .28 | $ | .29 | $ | .27 | $ | .25 | $ | .26 | ||||||||||
Period-end shares outstanding | 35,289 | 35,232 | 34,967 | 33,055 | 31,895 | |||||||||||||||
Cash dividends declared per share | $ | .0500 | $ | .0500 | $ | .0500 | $ | .0500 | $ | .0417 | ||||||||||
Book value per share | $ | 8.47 | $ | 8.20 | $ | 8.15 | $ | 7.39 | $ | 6.89 | ||||||||||
[Continued from above table, first column(s) repeated]
September 30, | June 30, | March 31, | December 31, | |||||||||||||
For the quarter ended | 2002 | 2002 | 2002 | 2001 | ||||||||||||
Basic earnings per share: | ||||||||||||||||
Weighted average shares outstanding | 32,089 | 32,111 | 32,110 | 31,914 | ||||||||||||
Net income available to common shareholders | $ | 8,375 | $ | 8,073 | $ | 7,694 | $ | 6,595 | ||||||||
Basic earnings per share | $ | .26 | $ | .25 | $ | .24 | $ | .21 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Weighted average shares outstanding | 32,089 | 32,111 | 32,110 | 31,914 | ||||||||||||
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period | 841 | 1,043 | 564 | 506 | ||||||||||||
Effect of conversion of subordinated debt | 420 | 420 | 420 | 420 | ||||||||||||
Total weighted average shares and common stock equivalents outstanding | 33,349 | 33,574 | 33,094 | 32,840 | ||||||||||||
Net income available to common shareholders | 8,375 | 8,073 | 7,694 | 6,595 | ||||||||||||
Income effect of conversion of subordinated debt, net of tax | 29 | 29 | 28 | 32 | ||||||||||||
Net income, adjusted for effect of conversion of subordinated debt, net of tax | 8,404 | 8,102 | 7,722 | 6,627 | ||||||||||||
Diluted earnings per share | $ | .25 | $ | .24 | $ | .23 | $ | .20 | ||||||||
Period-end shares outstanding | 32,017 | 32,121 | 32,101 | 32,267 | ||||||||||||
Cash dividends declared per share | $ | .0417 | $ | .0417 | $ | .0417 | $ | .0333 | ||||||||
Book value per share | $ | 6.67 | $ | 6.47 | $ | 6.07 | $ | 5.98 | ||||||||
Six Months Ended | Nine Months Ended | Years Ended | ||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | December 31, | ||||||||||||||||
2003 | 2002 | 2003 | 2002 | 2003 | ||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||
Weighted average shares outstanding | 33,060 | 32,111 | 33,752 | 32,103 | 34,132 | |||||||||||||||
Net income available to common shareholders | $ | 17,488 | $ | 15,767 | $ | 27,840 | $ | 24,142 | $ | 38,052 | ||||||||||
Basic earnings per share | $ | .53 | $ | .49 | $ | .82 | $ | .75 | $ | 1.11 | ||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Weighted average shares outstanding | 33,060 | 32,111 | 33,752 | 32,103 | 34,132 | |||||||||||||||
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period | 686 | 805 | 688 | 817 | 715 | |||||||||||||||
Effect of conversion of subordinated debt | 420 | 420 | 410 | 420 | 405 | |||||||||||||||
Total weighted average shares and common stock equivalents outstanding | 34,166 | 33,335 | 34,849 | 33,340 | 35,252 | |||||||||||||||
Net income available to common shareholders | 17,488 | 15,767 | 27,840 | 24,142 | 38,052 | |||||||||||||||
Income effect of conversion of subordinated debt, net of tax | 49 | 57 | 72 | 86 | 95 | |||||||||||||||
Net income, adjusted for effect of conversion of subordinated debt, net of tax | 17,537 | 15,824 | 27,912 | 24,228 | 38,147 | |||||||||||||||
Diluted earnings per share | $ | .51 | $ | .47 | $ | .80 | $ | .73 | $ | 1.08 | ||||||||||
Period-end shares outstanding | 34,967 | 32,121 | 35,232 | 32,017 | 35,289 | |||||||||||||||
Cash dividends declared per share | $ | .1000 | $ | .0833 | $ | .1500 | $ | .1250 | $ | .2000 | ||||||||||
Book value per share | $ | 8.15 | $ | 6.47 | $ | 8.20 | $ | 6.67 | $ | 8.47 | ||||||||||
[Continued from above table, first column(s) repeated]
Years Ended | ||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||
Weighted average shares outstanding | 32,062 | 31,691 | 30,900 | 30,237 | 29,997 | |||||||||||||||
Net income available to common shareholders | $ | 32,676 | $ | 27,110 | $ | 14,474 | $ | 16,098 | $ | 15,650 | ||||||||||
Basic earnings per share | $ | 1.02 | $ | .86 | $ | .47 | $ | .53 | $ | .52 | ||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Weighted average shares outstanding | 32,062 | 31,691 | 30,900 | 30,237 | 29,997 | |||||||||||||||
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period | 759 | 513 | 471 | 606 | 498 | |||||||||||||||
Effect of conversion of subordinated debt | 420 | 420 | 420 | 420 | 420 | |||||||||||||||
Total weighted average shares and common stock equivalents outstanding | 33,241 | 32,624 | 31,791 | 31,263 | 30,915 | |||||||||||||||
Net income available to common shareholders | 32,676 | 27,110 | 14,474 | 16,098 | 15,650 | |||||||||||||||
Income effect of conversion of subordinated debt, net of tax | 113 | 169 | 220 | 191 | 206 | |||||||||||||||
Net income, adjusted for effect of conversion of subordinated debt, net of tax | 32,789 | 27,279 | 14,694 | 16,289 | 15,856 | |||||||||||||||
Diluted earnings per share | $ | .99 | $ | .84 | $ | .46 | $ | .52 | $ | .51 | ||||||||||
Period-end shares outstanding | 31,895 | 32,266 | 31,542 | 30,281 | 29,508 | |||||||||||||||
Cash dividends declared per share | $ | .1667 | $ | .1333 | $ | .1000 | $ | .0667 | $ | .0500 | ||||||||||
Book value per share | $ | 6.89 | $ | 5.98 | $ | 4.97 | $ | 3.85 | $ | 3.91 | ||||||||||