Stock Compensation Stock Compensation

6 Months Ended

Jun. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Stock Compensation

In January, 2018, the Company's Board of Directors approved awards of restricted stock units under the Citizens, Inc. Omnibus Incentive Plan for non-employee directors and the executive management team totaling $10,500 per director and $976,000 in total to the executive management team. The grant date was February 15, 2018 with a one-year vesting schedule for the directors and a two-year vesting schedule for the executive management team. In addition, the Board also approved equity grants for 2018 not to exceed $1.2 million for other employees with a delegation to the CEO to determine the value to be awarded.



	Restricted Stock Units
	Units	Aggregate Fair Value ⁽¹⁾

Outstanding at January 1, 2018	—	$	—
Granted	148,883	1,070,500
Less:
Vested	—	—
Forfeited	1,460	10,497
Outstanding at June 30, 2018	147,423	$	1,060,003

⁽¹⁾ Fair value per share of restricted stock units on June 30, 2018 was equal to Grant Date fair value per share.

Restricted stock awards give the participant the right to receive common stock in the future, subject to certain restrictions and a risk of forfeiture. Compensation expense of $213,000 was recognized as of June 30, 2018 related to these awards.