By Kristin Roberts

WASHINGTON, May 14 (Reuters) - The U.S. Army, stretched thin by wars in Afghanistan and Iraq, has only half of the senior captains it needs and will offer money and other incentives to keep those officers, according to a memo obtained by Reuters on Monday.

The number of senior captains, or captains closest to promotion, stands at just 51 percent of the Army's requirements, according to a memo from Col. George Lockwood, director of officer personnel management at the Army's Human Resources Command.

Lockwood said the strains of the U.S.-declared "Global War on Terror" had contributed to the shortage of officers at the rank of captain.

Previous decisions to promote officers more quickly to meet targets for Army majors -- the rank above captain -- also had hurt the number of junior officers available, he said.

"The Army is growing and implementing a number of programs to increase accessions, but new lieutenants will not substitute for senior captains," Lockwood wrote. "We must retain the talented officers we have developed and are seeking an aggressive overall company grade retention rate of 95 percent in all branches."

Captains typically command company-sized units, or units with as many as 190 soldiers.

Lockwood's memo marks the latest sign of the strain that U.S. military operations have placed on the Army -- the largest branch of the U.S. armed forces.

With the Marine Corps, the Army has been most stressed by wars in Iraq and Afghanistan, which have taken a toll on manpower and equipment and left many units unprepared for another fight.

Lockwood urged officers to encourage more junior officers to stay on active duty.

According to his memo, the Army will offer $20,000 bonuses and a limited number of slots for civilian graduate school, military school and language training.

"If you're in a leadership position, you must scan your officer's records and identify those eligible for this program, and counsel them as soon as possible," Lockwood wrote.

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