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Stockholders' Equity and Restrictions | 12 Months Ended
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Dec. 31, 2024
Stockholders' Equity Note [Abstract] |
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 other than that held in treasury. A summary of the change in the number of shares of Class A common stock and treasury stock issued is as follows:
(In thousands) | Common Stock |  | Treasury
Class A |  |  |  | Stock
Balance at December 31, 2022 | 53,758 |  |  |  |  | 4,937 |
Stock issued for compensation | 125 |  |  |  |  | — |
Acquisition of Class A shares | — |  |  |  |  | 393 |
Balance at December 31, 2023 | 53,883 |  |  |  |  | 5,330 |
Stock issued for compensation | 352 |  |  |  |  | — |
Balance at December 31, 2024 | 54,235 |  |  |  |  | 5,330 |
EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share.
Years ended December 31, (In thousands, except per share amounts) |  | 2024 |  | 2023 |  |
Basic and diluted earnings per share: |  |  |  |  |  |
Numerator: |  |  |  |  |  |
Net income |  | $ | 14,912 |  |  | 24,437 |  |  |
Net income allocated to Class A common stock |  | $ | 14,912 |  |  | 24,437 |  |  |
Denominator: |  |  |  |  |  |
Weighted average shares of Class A outstanding - basic |  | 49,738 |  |  | 49,696 |  |  |
Weighted average shares of Class A outstanding - diluted |  | 50,748 |  |  | 50,681 |  |  |
Basic earnings per share of Class A common stock |  | $ | 0.30 |  |  | 0.49 |  |  |
Diluted earnings per share of Class A common stock |  | $ | 0.29 |  |  | 0.48 |  |  |
STATUTORY CAPITAL AND SURPLUS The table below shows the combined total of all of our domestic insurance subsidiaries' statutory capital and surplus and statutory net income (loss) for life insurance operations and property insurance operations, although these amounts are not all available as dividends to Citizens since CICA Domestic is the only subsidiary directly owned by Citizens. All other domestic subsidiaries are owned by CICA Domestic. SPFIC, our property insurance subsidiary, was dissolved during 2024.
As of December 31, (In thousands) | 2024 |  | 2023
Combined statutory capital and surplus: |  |  |
Life insurance operations | $ | 28,814 |  |  | 29,416 |
Property insurance operations | — |  |  | 5,692 |
Total combined statutory capital and surplus | $ | 28,814 |  |  | 35,108 |
Years ended December 31, (In thousands) | 2024 |  | 2023 |  |
Combined statutory net income (loss): |  |  |  |  |
Life insurance operations | $ | (9,996) |  |  | (3,606) |  |  |
Property insurance operations | (294) |  |  | (1,219) |  |  |
Total combined statutory net income (loss) | $ | (10,290) |  |  | (4,825) |  |  |
Generally, the net assets of the domestic insurance subsidiaries available for transfer to their immediate parent are limited to the lesser of the subsidiary's net gain from operations during the preceding year or 10% of the subsidiary's net statutory surplus as of the end of the preceding year as determined in accordance with accounting practices prescribed or permitted by insurance regulatory authorities. Under these practices, total surplus at December 31, 2024 was $25.7 million and net loss from operations was $10.2 million for CICA Domestic for the year ended December 31, 2024. Based upon these amounts, no dividend could be paid to the Company without prior regulatory approval in 2025. Payments of dividends in excess of such amounts would generally require approval by regulatory authorities. Our domestic insurance subsidiaries have calculated their risk-based capital ("RBC") in accordance with the National Association of Insurance Commissioners' ("NAIC") Model Rule and the RBC rules as adopted by their respective states of domicile. All domestic insurance subsidiaries exceeded the minimum capital requirements at December 31, 2024. 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 CICA Domestic's RBC remains above 350%. As CICA Domestic's RBC exceeded 350% at December 31, 2024, 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. CICA International began issuing new business as of January 1, 2023 and received the transfer of all of CICA Bermuda's in force insurance business as of August 31, 2023. CICA International's capital exceeds both of the required minimum capital and related ratio.
As of December 31, (In thousands) | 2024 |  | 2023
CICA International capital and surplus | $ | 91,513 |  |  | 66,619 |
Years ended December 31, (In thousands) | 2024 |  | 2023 |  |
CICA International net income | $ | 18,871 |  |  | 27,484 |  |  |
As stated above, CICA International exceeded both of the capital and surplus metrics established by the OIC. CICA International could pay up to $1.0 million in dividends during 2025 without regulatory approval.

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