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Stock Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of stock inventive plan changes | A summary of the status of the Company’s stock compensation plans as of September 30, 2021, and the changes during the nine months ended September 30, 2021, are presented below: Schedule of stock inventive plan changes
|  | Number of Class A Shares |  |  | Weighted Average Exercise Price |  |  | Number of Class C Shares |  |  | Weighted Average Exercise Price |
Outstanding at January 1, 2021 |  |  | 1,072,863 |  |  | $ | 4.22 |  |  |  | 662,666 |  |  | $ | 4.61 |
Adjustment for effect of stock dividends |  |  | 47,594 |  |  |  |  |  |  |  | 33,136 |  |  |  |  |
Granted |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |
Exercised |  |  | (134,362 | ) |  |  |  |  |  |  | — |  |  |  |  |
Cancelled |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |
Outstanding at September 30, 2021 |  |  | 986,095 |  |  | $ | 4.31 |  |  |  | 695,802 |  |  | $ | 4.61 |
As of September 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 986,095 |  |  | $ | 4.31 |  |  |  | 695,802 |  |  | $ | 4.61 |
As of September 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 364,851 |  |  |  |  |  |  |  | 279,825 |  |  |  |  |
Weighted average contractual term of options outstanding at September 30, 2021 |  |  | 4.94 years |  |  |  |  |  |  |  | 6.07 years |  |  |  |  |
Weighted average contractual term of options exercisable at September 30, 2021 |  |  | 4.94 years |  |  |  |  |  |  |  | 6.07 years |  |  |  |  |
Aggregated intrinsic value of options outstanding at September 30, 2021 (1) |  | $ | 3,868,045 |  |  |  |  |  |  | $ | 2,515,840 |  |  |  |  |
Aggregated intrinsic value of options exercisable at September 30, 2021 (1) |  | $ | 3,868,045 |  |  |  |  |  |  | $ | 2,515,840 |  |  |  |  |
(1) | The Company used a stock price of $8.23 as of September 30, 2021 to derive intrinsic value.
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2021 (Unaudited) 5) Stock Compensation Plans (Continued) A summary of the status of the Company’s stock compensation plans as of September 30, 2020, and the changes during the nine months ended September 30, 2020, are presented below:
|  | Number of Class A Shares |  |  | Weighted Average Exercise Price |  |  | Number of Class C Shares |  |  | Weighted Average Exercise Price |
Outstanding at January 1, 2020 |  |  | 1,086,053 |  |  | $ | 4.41 |  |  |  | 594,132 |  |  | $ | 5.36 |
Adjustment for effect of stock dividends |  |  | 27,968 |  |  |  |  |  |  |  | 19,354 |  |  |  |  |
Granted |  |  | 77,000 |  |  |  |  |  |  |  | 180,000 |  |  |  |  |
Exercised |  |  | (78,803 | ) |  |  |  |  |  |  | — |  |  |  |  |
Cancelled |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |
Outstanding at September 30, 2020 |  |  | 1,112,218 |  |  | $ | 4.28 |  |  |  | 793,486 |  |  | $ | 4.88 |
As of September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 1,053,033 |  |  | $ | 4.39 |  |  |  | 652,805 |  |  | $ | 5.14 |
As of September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 325,372 |  |  |  |  |  |  |  | 266,500 |  |  |  |  |
Weighted average contractual term of options outstanding at September 30, 2020 |  |  | 5.72 years |  |  |  |  |  |  |  | 5.94 years |  |  |  |  |
Weighted average contractual term of options exercisable at September 30, 2020 |  |  | 5.51 years |  |  |  |  |  |  |  | 5.49 years |  |  |  |  |
Aggregated intrinsic value of options outstanding at September 30, 2020 (1) |  | $ | 2,242,693 |  |  |  |  |  |  | $ | 1,115,985 |  |  |  |  |
Aggregated intrinsic value of options exercisable at September 30, 2020 (1) |  | $ | 2,228,291 |  |  |  |  |  |  | $ | 894,505 |  |  |  |  |
(1) | The Company used a stock price of $6.40 as of September 30, 2020 to derive intrinsic value.

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