Shareholders' Equity

6 Months Ended

Jun. 30, 2025

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.  The Board of Directors of UTG authorized the repurchase of up to $26 million of UTG’s common stock in the open market or in privately negotiated transactions. 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 months ended June 30, 2025, the Company repurchased 6,169 shares through the stock repurchase program for $203,553. Through June 30, 2025, UTG has spent $21,043,106 in the acquisition of 1,386,989 shares under this program.

During 2025, the Company issued 481 shares of stock to management and employees as compensation at a cost of $13,974. 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 six months ended June 30, 2025 and 2024, diluted earnings per share were the same as basic earnings per share since the Company had no dilutive instruments outstanding.

Stock Option Plan

On March 26, 2025, the Company’s Board of Directors approved the UTG, Inc. 2025 Stock Option Plan (the “Plan”) and agreed to recommend the shareholders vote in favor of the Plan. On June 27, 2025, the Company’s shareholders approved the Stock Option Plan which provides for the grant of qualified incentive stock options and nonqualified stock options to employees, directors, consultants and advisors.

The Company has reserved for issuance, an aggregate of 300,000 shares of common stock under the Plan. As of June 30, 2025, no shares have been granted, and 300,000 shares remained under the Plan for future issuance.

The purpose of the Plan is to enable UTG to attract and retain the types of employees, officers, directors, consultants, and advisors who will contribute to UTG long-range success and to promote the successes of UTG’s business through the award of options to purchase shares of common stock of UTG.

The Company’s Compensation Committee will administer the Plan with respect to individuals the Board has identified as “Designated Executives” and by the Board with respect to all others eligible to participate in the Plan. The Compensation Committee and the Board are known as the “Governing Committee” of the Plan.

The Company did not grant any stock options during the six months ended June 30, 2025. The Company does not currently maintain a formal policy or practice regarding the timing of options in relation to the release of material nonpublic information (“MNPI”), as such, option awards are not part of its executive compensation program. The Company has not timed the disclosure of MNPI for the purpose of affecting the value of executive compensation.

No option shall be exercised less than 6 months or more than 10 years after the date such option is granted. The Plan will terminate 10 years from the date of approval by shareholders, unless previously terminated by the Board. After the Plan is terminated, no awards of stock options may be granted but stock options previously awarded will remain outstanding in accordance with their applicable terms and conditions and the Plan’s terms and conditions.