I've been a divemaster for a little while, looking to become my instructor. An instructor I have been studying under says you should keep your regulator in your mouth from the time you go into the water to the time you are up the ladder.
The other day we were taking a group out and the surface was smooth when we went under but super choppy when we surfaced. I kept my reg in, no problem, but most of the other people in the group just immediately took their regs out and were constantly spluttering and spitting out water. We had one relatively novice diver who had removed his reg and it got tangled up behind him and he started panicking from getting whacked by waves. Luckily I was was able to swim over, untangle him, and get the regulator back in his mouth.
Anyways, just because you surface doesn't mean you immediantly take the regulator out!