Shareholders' Equity

6 Months Ended

Jun. 30, 2017

Shareholders' Equity [Abstract]

Shareholders' Equity

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 15, 2016, the Board of Directors of UTG authorized the repurchase of up to an additional $2 millionof UTG’s common stock and on July 14, 2016, the Board of Directors again increased the amount available by an additional $4.5 million, for a total repurchase of $14.5million. 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 six month period ended June 30, 2017, the Company repurchased approximately 11,500shares through the stock repurchase program for approximately $206,000. Through June 30, 2017, UTG has spent approximately $12.1million in the acquisition of approximately 1,070,000shares under this program.

During 2017, the Company issued approximately 11,000 shares of stock to management as compensation. These awards are determined at the discretion of the Board of Directors

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, 2017 and 2016, diluted earnings per share were the same as basic earnings per share since the Company had no dilutive instruments outstanding.