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Shareholders' Equity
6 Months Ended
Jun. 30, 2018
Shareholders' Equity [Abstract]  
Shareholders' Equity
Note 6 – Shareholders' Equity

Stock Repurchase Program – The Board of Directors of UTG has authorized the repurchase of up to $14.5 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, 2018, the Company repurchased 38,485 shares through the stock repurchase program for $953,419. Through June 30, 2018, UTG has spent approximately $13.5 million in the acquisition of 1,127,669 shares under this program.

During 2018, the Company issued 9,200 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, 2018 and 2017, diluted earnings per share were the same as basic earnings per share since the Company had no dilutive instruments outstanding.