SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2016

SHAREHOLDERS' EQUITY [Abstract]

CAPITAL STOCK TRANSACTIONS

Note 6 – Shareholders' Equity

Stock Repurchase Programs - 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 15, 2016, the Board of Directors of UTG authorized the repurchase of up to an additional $2 million of UTG's common stock and on July 14, 2016, the BOD again increased the amount available by an additional $4.5 million, for a total repurchase of $14.5 million. Repurchased shares are available for future issuance for general corporate purposes. Company Management has broad authority to operate the program, including the discretion of whether to purchase shares and the ability to suspend or terminate the program. Open market purchases are made based on the last available market price but may be limited.  During the first six months of 2016, the Company repurchased approximately 46,000shares through the stock repurchase program for approximately $703,000. Through June 30, 2016, UTG has spent approximately $7.3 million in the acquisition of approximately 735,000shares under this program.

As mentioned in Note 5 above, on July 22, 2016 the Company entered in to an agreement to acquire 300,000 shares of its outstanding common stock form a shareholder that owned approximately 8 % of the Company's outstanding common stock. The purchase price per share was $14.50 and was paid with cash and was derived through private negotiation. The purchase was paid with cash and the issuance of promissory notes. This transaction occurred subsequent to the reporting period, and was not reported as of the balance sheet date.

Earnings Per Share Calculations - Earnings per share are based on the weighted average number of common shares outstanding during each period.  For the three and six months ended June 30, 2016 and 2015, diluted earnings per share were the same as basic earnings per share since the Company had no dilutive instruments outstanding.