CAPITAL STOCK TRANSACTIONS

12 Months Ended

Dec. 31, 2011

CAPITAL STOCK TRANSACTIONS [Abstract]

CAPITAL STOCK TRANSACTIONS

11. CAPITAL STOCK TRANSACTIONS

A. STOCK REPURCHASE PROGRAM

The Board of Directors of UTG authorized the repurchase in the open market or in privately negotiated transactions of up to $5 million of UTG's common stock.  This program can be terminated at any time.  Open market purchases are generally limited to a maximum per share price of the most recent reported per share GAAP equity book value of the Company. Through December 31, 2011, UTG has spent $3,682,794 in the acquisition of 490,726 shares under this program.

B. ACAP MERGER

On November 14, 2011, ACAP was merged into UTG.  The merger was a share exchange with ACAP shareholders receiving 233 UTG shares for each ACAP share held.  UTG issued 50,328 shares of common stock under this transaction.

C. EARNINGS PER SHARE CALCULATIONS

The following is a reconciliation of the numerators and denominators of the basic and diluted EPS computations as presented on the income statement.

		For the Year Ended December 31, 2011
		(Numerator)	Shares (Denominator)		Per-Share Amount
Basic EPS
Income (Loss) attributable to Common Shareholders	$	6,316,615	3,824,444	$	1.65
Effect of Dilutive Securities
None		0	0
Diluted EPS
Income (Loss) attributable to Common Shareholders and Assumed Conversions	$	6,316,615	3,824,444	$	1.65

		For the Year Ended December 31, 2010
		(Numerator)	Shares (Denominator)		Per-Share Amount
Basic EPS
Income (Loss) attributable to Common Shareholders	$	7,596,575	3,874,012	$	1.96
Effect of Dilutive Securities
None		0	0
Diluted EPS
Income (Loss) attributable to Common Shareholders and Assumed Conversions	$	7,596,575	3,874,012	$	1.96

In accordance with FASB ASC Topic 260 “Earnings per share,” the computation of diluted earnings per share is the same as basic earnings per share for the years ending December 31, 2011 and 2010, as there were no outstanding securities, options or other offers that give the right to receive or acquire common shares of UTG.