SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2016

SHAREHOLDERS' EQUITY [Abstract]

CAPITAL STOCK TRANSACTIONS

Note 6 – Shareholders' Equity

Stock Repurchase Program - The Board of Directors of UTG has authorized the repurchase in the open market or in privately negotiated transactions of UTG's common stock. At a meeting of the Board of Directors on June 3, 2015, the Board of Directors of UTG authorized the repurchase of up to an additional  $1,000,000 of UTG's common stock, for a total repurchase of $8,000,000. Repurchased shares are available for future issuance for general corporate purposes.  This program can be suspended or terminated at any time without further notice.  Open market purchases are made based on the last available market price and are generally limited to a maximum per share price of the most recent reported per share GAAP equity book value of the Company.   During 2016, the Company repurchased 39,311shares through the stock repurchase program for $600,578. Through March 31, 2016, UTG has spent $7.1 million in the acquisition of 727,928shares under this program.

On July 20, 2015 the Board of Directors of UTG also clarified and amended the terms on which UTG may repurchase shares in the program and gave Company Management broad authority to operate the program, including the discretion of whether to purchase shares and the ability to suspend or terminate the program. The program may be suspended or terminated at any time without further notice.

Earnings Per Share Calculations - Earnings per share are based on the weighted average number of common shares outstanding during each period.  For the three month period ended March 31, 2016, diluted earnings per share were the same as basic earnings per share since the Company had no dilutive instruments outstanding.