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Stock Compensation Plans (Tables)
 3 Months Ended
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:

 

   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.