v3.26.1
Stockholders' Equity and Restrictions
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity and Restrictions STOCKHOLDERS' EQUITY AND RESTRICTIONS
STOCK

Our Restated and Amended Articles of Incorporation authorize the issuance of 127,000,000 shares, of which 100,000,000 shares shall be Class A common stock, 2,000,000 shares shall be Class B common stock, and 25,000,000 shall be preferred stock. Both authorized classes of common stock are equal in all respects, except (a) each share of Class A common stock is entitled to receive twice the cash dividends paid on a per share basis to the Class B common stock, if any; and (b) the holders of the Class B common stock have the exclusive right to elect a simple majority of the Board of Directors of Citizens. Citizens currently has no outstanding preferred stock or Class B common stock.

A summary of the change in the number of shares of Class A common stock and treasury stock issued is as follows:

20262025
Six Months Ended June 30,
(In thousands)
Common Stock Class A
Treasury Stock
Common Stock Class ATreasury Stock
Balance at beginning of year54,626 5,330 54,235 5,330 
Stock issued for compensation343 — 331 — 
Balance at end of period54,969 5,330 54,566 5,330 

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share of Class A common stock.

Three Months Ended June 30,
(In thousands, except per share amounts)
20262025
Basic and diluted earnings per share:
Net income (loss)$(425)6,459 
Weighted average shares of Class A outstanding - basic50,521 50,112 
Weighted average shares of Class A outstanding - diluted(1)
51,824 50,985 
Basic and diluted earnings (loss) per share of Class A common stock$(0.01)0.13 
(1) Because the Company reported a net loss for the three months ended June 30, 2026, the effect of all potentially dilutive securities was excluded from the calculation of diluted earnings per share as it would be anti-dilutive
Six Months Ended June 30,
(In thousands, except per share amounts)
20262025
Basic and diluted earnings per share:
Net income (loss)$1,843 4,836 
Weighted average shares of Class A outstanding - basic50,426 50,024 
Weighted average shares of Class A outstanding - diluted51,714 50,897 
Basic and diluted earnings (loss) per share of Class A common stock$0.04 0.10 
.
STATUTORY CAPITAL AND SURPLUS

Each of our domestic regulated insurance subsidiaries is required to meet stipulated regulatory capital requirements imposed by the U.S. National Association of Insurance Commissioners ("NAIC"). All domestic insurance subsidiaries exceeded the minimum capital requirements at June 30, 2026. On March 27, 2024, Citizens and the Colorado Division of Insurance entered into a capital maintenance agreement that specifies that Citizens will infuse capital as needed to ensure that CLOA's RBC remains above 350%. As CLOA's RBC exceeded 350% at June 30, 2026, no capital contribution was necessary.

CICA International is a Puerto Rico domiciled company. The Insurance Code of Puerto Rico does not specifically set forth minimum capital and surplus standards but rather requires that an insurer submit a business plan for approval to the Office of the Commissioner of Insurance ("OIC") that includes proposed minimum capital and surplus. CICA International is required to maintain a minimum of $750,000 in capital and maintain a premium to surplus ratio of 7 to 1. At June 30, 2026, CICA International's capital exceeds both the required minimum capital and related ratio.