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Stockholders' Equity and Restrictions | 6 Months Ended
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Jun. 30, 2022
Earnings Per Share [Abstract] |
Stockholders' Equity Note Disclosure | 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. The two 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. In April 2021, we repurchased all of the outstanding Class B common stock, which is now classified as treasury stock. As a result, all of the directors are elected by the holders of the Class A common stock. Citizens has never issued any preferred stock. A summary of the change in gross number of shares of Class A and Class B common stock and treasury stock is as follows:
| Six Months Ended June 30,
| 2022 |  | 2021
(In thousands) | Common Stock |  | Treasury |  | Common Stock |  | Treasury
Class A |  | Class B |  | Stock |  | Class A |  | Class B |  | Stock
Balance at beginning of year | 53,170 |  |  | 1,002 |  |  | 4,138 |  |  | 52,654 |  |  | 1,002 |  |  | 3,136 |
Stock issued under stock investment plan | 475 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Stock issued for compensation | 81 |  |  | — |  |  | — |  |  | 112 |  |  | — |  |  | — |
Acquisition of Class A shares | — |  |  | — |  |  | 392 |  |  | — |  |  | — |  |  | — |
Acquisition of Class B shares | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,002 |
Other share issuance | 16 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance at end of period | 53,742 |  |  | 1,002 |  |  | 4,530 |  |  | 52,766 |  |  | 1,002 |  |  | 4,138 |
EARNINGS PER SHARE The following tables set forth the computation of basic and diluted earnings (loss) per share.
Three Months Ended June 30, | 2022 |  | 2021
(In thousands, except per share amounts) |
Basic and diluted earnings (loss) per share: |  |  |
Numerator: |  |  |
Net income (loss) | $ | (3,548) |  |  | 5,022 |
Net income (loss) allocated to Class A common stock | $ | (3,548) |  |  | 5,010 |
Net income (loss) allocated to Class B common stock | — |  |  | 12 |
Net income (loss) | $ | (3,548) |  |  | 5,022 |
Denominator: |  |  |
Weighted average shares of Class A outstanding - basic | 50,373 |  |  | 49,602 |
Weighted average shares of Class A outstanding - diluted | 51,065 |  |  | 50,192 |
Weighted average shares of Class B outstanding - basic and diluted | — |  |  | 250 |
Basic and diluted earnings (loss) per share of Class A common stock | $ | (0.07) |  |  | 0.10 |
Basic and diluted earnings (loss) per share of Class B common stock | — |  |  | 0.05 |
Six Months Ended June 30, | 2022 |  | 2021
(In thousands, except per share amounts) |
Basic and diluted earnings (loss) per share: |  |  |
Numerator: |  |  |
Net income (loss) | $ | (4,881) |  |  | 1,449 |
Net income (loss) allocated to Class A common stock | $ | (4,881) |  |  | 1,441 |
Net income (loss) allocated to Class B common stock | — |  |  | 8 |
Net income (loss) | $ | (4,881) |  |  | 1,449 |
Denominator: |  |  |
Weighted average shares of Class A outstanding - basic | 50,278 |  |  | 49,578 |
Weighted average shares of Class A outstanding - diluted | 50,970 |  |  | 50,145 |
Weighted average shares of Class B outstanding - basic and diluted | — |  |  | 572 |
Basic and diluted earnings (loss) per share of Class A common stock | $ | (0.10) |  |  | 0.03 |
Basic and diluted earnings (loss) per share of Class B common stock | — |  |  | 0.01 |
CAPITAL AND SURPLUS Each of our regulated insurance subsidiaries is required to meet stipulated regulatory capital requirements. These include capital requirements imposed by the U.S. National Association of Insurance Commissioners ("NAIC") and the Bermuda Monetary Authority ("BMA"). All insurance subsidiaries exceeded the minimum capital requirements at June 30, 2022. In order to minimize the risk of a shortfall in capital arising from an unexpected adverse deviation or excess risk, the BMA has established a threshold capital level (termed the Target Capital Level ("TCL")), which is set at 120% of a company’s enhanced capital requirement. The TCL serves as an early warning tool for the BMA. As of June 30, 2022, CICA International was above the TCL threshold. At the request of the BMA, on April 15, 2021, Citizens and CICA International entered into a Keep Well Agreement. The Keep Well Agreement requires Citizens to contribute up to $10 million in capital to CICA International as necessary to ensure that CICA International has a minimum capital level of 120% (equal to the TCL). Since CICA International’s capital level currently exceeds 120%, Citizens is not currently required to make a capital contribution.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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