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Stock Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Compensation
In 2023, 2022 and 2021, 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 granted 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 of three years, 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 UnitsUnitsWeighted Average Grant PriceWeighted Average Remaining Contractual Life
Aggregate Fair Value (1)
(In thousands)(In years)(In thousands)
Outstanding at December 31, 2020
190 $6.03 0.88$1,142 
Granted178 5.83 1,040 
Less:
Vested147 6.21 913 
Forfeited8 5.96 47 
Outstanding at December 31, 2021213 $5.75 1.63$1,222 
Granted184 4.00 734 
Less:
Vested119 5.63 669 
Forfeited12 4.27 51 
Outstanding at December 31, 2022266 4.65 1.611,236 
Granted464 3.03 1,409 
Less:
Vested148 4.56 673 
Forfeited8 4.47 37 
Outstanding at December 31, 2023574 $3.37 1.63$1,935 
(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, 2023, we recognized $0.9 million of expense, while $1.3 million was unrecognized and is expected to be amortized up to two 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, $0.5 million and $0.6 million was recognized in 2023, 2022 and 2021, respectively, related to these awards.