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Stockholders' Equity and Restrictions | 3 Months Ended
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Mar. 31, 2025
Equity [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. 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:
Three Months Ended March 31, | 2025 |  | 2024
(In thousands) | Common Stock Class A |  |  |  | Treasury Stock |  | Common Stock Class A |  |  |  | Treasury Stock
Balance at beginning of year | 54,235 |  |  |  |  | 5,330 |  |  | 53,883 |  |  |  |  | 5,330 |
Stock issued for compensation | 1 |  |  |  |  | — |  |  | 17 |  |  |  |  | — |
Balance at end of period | 54,236 |  |  |  |  | 5,330 |  |  | 53,900 |  |  |  |  | 5,330 |
EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share.
Three Months Ended March 31, | 2025 |  | 2024
(In thousands, except per share amounts) |
Basic and diluted earnings per share: |  |  |
Numerator: |  |  |
Net income (loss) | $ | (1,623) |  |  | 4,542 |
Net income (loss) allocated to Class A common stock | $ | (1,623) |  |  | 4,542 |
Denominator: |  |  |
Weighted average shares of Class A outstanding - basic | 49,908 |  |  | 49,564 |
Weighted average shares of Class A outstanding - diluted (1) | 50,912 |  |  | 50,561 |
Basic and diluted earnings (loss) per share of Class A common stock | $ | (0.03) |  |  | 0.09 |
(1) Because the Company reported a net loss for the three months ended March 31, 2025, the effect of all potentially dilutive securities was excluded from the calculation of diluted earnings per share as it would be anti-dilutive. 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 March 31, 2025. 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 March 31, 2025, 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 March 31, 2025, CICA International's capital exceeds both of the required minimum capital and related ratio.

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