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Stock Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Activity of Stock Option Plans | A summary of the status of the Company’s stock compensation plans as of March 31, 2022, and the changes during the three months ended March 31, 2022, are presented below: Schedule of Activity of Stock Option Plans
|  | Number of Class A Shares |  |  | Weighted Average Exercise Price |  |  | Number of Class C Shares |  |  | Weighted Average Exercise Price |
Outstanding at January 1, 2022 |  |  | 1,024,351 |  |  | $ | 4.61 |  |  |  | 821,146 |  |  | $ | 5.48 |
Adjustment for effect of stock dividends |  |  | - |  |  |  |  |  |  |  | - |  |  |  |  |
Granted |  |  | 4,000 |  |  |  |  |  |  |  | - |  |  |  |  |
Exercised |  |  | (50,968 | ) |  |  |  |  |  |  | - |  |  |  |  |
Cancelled |  |  | - |  |  |  |  |  |  |  | - |  |  |  |  |
Outstanding at March 31, 2022 |  |  | 977,383 |  |  | $ | 4.77 |  |  |  | 821,146 |  |  | $ | 5.48 |
As of March 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 906,258 |  |  | $ | 4.46 |  |  |  | 648,646 |  |  | $ | 4.67 |
As of March 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 228,376 |  |  |  |  |  |  |  | 16,689 |  |  |  |  |
Weighted average contractual term of options outstanding at March 31, 2022 |  |  | 4.44 years |  |  |  |  |  |  |  | 7.00 years |  |  |  |  |
Weighted average contractual term of options exercisable at March 31, 2022 |  |  | 4.03 years |  |  |  |  |  |  |  | 6.57 years |  |  |  |  |
Aggregated intrinsic value of options outstanding at March 31, 2022 (1) |  | $ | 5,115,622 |  |  |  |  |  |  | $ | 3,666,085 |  |  |  |  |
Aggregated intrinsic value of options exercisable at March 31, 2022 (1) |  | $ | 5,017,469 |  |  |  |  |  |  | $ | 3,460,285 |  |  |  |  |
(1) | The Company used a stock price of $10.00 as of March 31, 2022 to derive intrinsic value.
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements March 31, 2022 (Unaudited) 5) Stock Compensation Plans (Continued) A summary of the status of the Company’s stock compensation plans as of March 31, 2021, and the changes during the three months ended March 31, 2021, 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, 2021 |  |  | 1,072,863 |  |  | $ | 4.33 |  |  |  | 662,666 |  |  | $ | 4.73 |
Adjustment for effect of stock dividends |  |  | - |  |  |  |  |  |  |  | - |  |  |  |  |
Granted |  |  | - |  |  |  |  |  |  |  | - |  |  |  |  |
Exercised |  |  | (32,925 | ) |  |  |  |  |  |  | - |  |  |  |  |
Cancelled |  |  | - |  |  |  |  |  |  |  | - |  |  |  |  |
Outstanding at March 31, 2021 |  |  | 1,039,938 |  |  | $ | 4.34 |  |  |  | 662,666 |  |  | $ | 4.73 |
As of March 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 1,039,938 |  |  | $ | 4.34 |  |  |  | 662,666 |  |  | $ | 4.73 |
As of March 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 330,371 |  |  |  |  |  |  |  | 266,500 |  |  |  |  |
Weighted average contractual term of options outstanding at March 31, 2021 |  |  | 6.28 years |  |  |  |  |  |  |  | 6.71 years |  |  |  |  |
Weighted average contractual term of options exercisable at March 31, 2021 |  |  | 6.28 years |  |  |  |  |  |  |  | 6.71 years |  |  |  |  |
Aggregated intrinsic value of options outstanding at March 31, 2021 (1) |  | $ | 5,212,677 |  |  |  |  |  |  | $ | 3,059,620 |  |  |  |  |
Aggregated intrinsic value of options exercisable at March 31, 2021 (1) |  | $ | 5,212,677 |  |  |  |  |  |  | $ | 3,059,620 |  |  |  |  |
(1) | The Company used a stock price of $9.35 as of March 31, 2021 to derive intrinsic value.

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