Stock Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

In 2021, 2020 and 2019, the Company's Board of Directors approved awards of restricted stock units ("RSUs") under the Citizens, Inc. Omnibus Incentive Plan for non-employee directors and the executive management team. The RSUs granted to the directors vest one year from the date of the annual shareholders meeting, subject to continued service on the Board. RSUs to the executive management team are subject to achieving performance goals and once the goals are met, RSUs are awarded. These awarded RSUs have a time-based vesting component, which was two years for the executive officers prior to 2021 and is now three years, in all cases, subject to continued employment. In addition, the Board also approved an allotment of RSUs for other employees with a delegation to the Chief Executive Officer to determine the participants and number of RSUs to be awarded. There were three million shares originally authorized to be granted under the plan.

The following table provides a rollforward of restricted stock activity:


Restricted Stock Units	Units	Weighted Average Grant Price		Weighted Average Remaining Contractual Life	Aggregate Fair Value (1)
	(In thousands)			(In years)	(In thousands)
Outstanding at December 31, 2019	275	$	7.09	0.50	$	1,947
Granted	350	6.59			1,948
Less:
Vested	435	6.65			2,753
Forfeited	—	7.18			—
Outstanding at December 31, 2020	190	6.03		0.88	1,142
Granted	178	5.83			1,040
Less:
Vested	147	6.21			913
Forfeited	8	5.96			47
Outstanding at December 31, 2021	213	$	5.75	1.63	$	1,222

(1) Fair value per share of restricted stock units was equal to Grant Date fair value per share, which was calculated based on the closing price of the Company's Class A common stock on the NYSE on the grant date, in accordance with ASC Topic 718.

As of December 31, 2021, we recognized $0.7 million of expense, while $0.8 million was unrecognized and is expected to be amortized up to three years.

Restricted stock unit awards give the participant the right to receive common stock in the future, subject to certain restrictions and a risk of forfeiture. Forfeitures are recognized in the period they occur. Compensation expense of $0.6 million, $2.2 million and $2.1 million was recognized as of December 31, 2021, 2020 and 2019, respectively, related to these awards.

Under the terms of an employment agreement in connection with his resignation following a change in control of the Company, all of the outstanding restricted stock units granted to our former Chief Executive Officer immediately vested during 2020.