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Stock Compensation Plans | 3 Months Ended
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Mar. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Stock Compensation Plans | 5) Stock Compensation Plans The Company has two fixed option plans (the “2013 Plan” and the “2014 Director Plan”). Compensation expense for options issued of $271,747 and $39,153 has been recognized for these plans for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the total unrecognized compensation expense related to the options issued was $610,889. The fair value of each option granted is estimated on the date of grant using the Black Scholes Option Pricing Model. The Company estimates the expected life of the options using the simplified method. Future volatility is estimated based upon the weighted historical volatility of the Company’s Class A common stock over a period equal to the expected life of the options. The risk-free interest rate for the expected life of the options is based upon the Federal Reserve Board’s daily interest rates in effect at the time of the grant. 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.
The total intrinsic value (which is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date) of stock options exercised during the three months March 31, 2022 and 2021 was $395,831 and $139,035, respectively. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements March 31, 2022 (Unaudited)

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