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Stock Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2022, and the changes during the six months ended June 30, 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   $4.38    821,146   $5.26 
Adjustment for effect of stock dividends   47,780         41,057      
Granted   4,000         -      
Exercised   (71,330)        -      
Cancelled   (1,591)        -      
Outstanding at June 30, 2022   1,003,210   $4.58    862,203   $5.26 
                     
As of June 30, 2022:                    
Options exercisable   955,460   $4.40    747,203   $4.78 
                     
As of June 30, 2022:                    
Available options for future grant   239,795         17,523      
                     
Weighted average contractual term of options outstanding at June 30, 2022   4.32 years         6.75 years      
                    
Weighted average contractual term of options exercisable at June 30, 2022   4.06 years         6.50 years      
                    
Aggregated intrinsic value of options outstanding at June 30, 2022 (1)  $3,891,873        $2,758,643      
                     
Aggregated intrinsic value of options exercisable at June 30, 2022 (1)  $3,878,980        $2,748,093      

 

 

(1) The Company used a stock price of $8.46 as of June 30, 2022 to derive intrinsic value.

 


 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2022 (Unaudited)

 

5) Stock Compensation Plans (Continued)

 

A summary of the status of the Company’s stock compensation plans as of June 30, 2021, and the changes during the six months ended June 30, 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   $4.22    662,666   $4.61 
Adjustment for effect of stock dividends   47,594         33,136      
Granted   -         -      
Exercised   (97,313)        -      
Cancelled   -         -      
Outstanding at June 30, 2021   1,023,144   $4.29    695,802   $4.61 
                     
As of June 30, 2021:                    
Options exercisable   1,023,144   $4.29    695,802   $4.61 
                     
As of June 30, 2021:                    
Available options for future grant   358,462         279,825      
                     
Weighted average contractual term of options outstanding at June 30, 2021   5.18 years         6.32 years      
                     
Weighted average contractual term of options exercisable at June 30, 2021   5.18 years         6.32 years      
                    

Aggregated intrinsic value of options

outstanding at June 30, 2021 (1)

  $4,135,399        $2,585,420      
                     

Aggregated intrinsic value of options

exercisable at June 30, 2021 (1)

  $4,135,399        $2,585,420      

 

 

(1) The Company used a stock price of $8.33 as of June 30, 2021, which was the closing price of the Company’s Class A shares on Nasdaq for that day, to derive intrinsic value.