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Stock Compensation Plans (Tables) | 9 Months Ended
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Sep. 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 September 30, 2022, and the changes during the nine months ended September 30, 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 |  |  | $ | 4.38 |  |  |  | 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 September 30, 2022 |  |  | 1,003,210 |  |  | $ | 4.58 |  |  |  | 862,203 |  |  | $ | 5.26 |
As of September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 978,835 |  |  | $ | 4.49 |  |  |  | 804,703 |  |  | $ | 5.04 |
As of September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 1,239,795 |  |  |  |  |  |  |  | 17,523 |  |  |  |  |
Weighted average contractual term of options outstanding at September 30, 2022 |  |  | 4.32 years |  |  |  |  |  |  |  | 6.75 years |  |  |  |  |
Weighted average contractual term of options exercisable at September 30, 2022 |  |  | 4.19 years |  |  |  |  |  |  |  | 6.63 years |  |  |  |  |
Aggregated intrinsic value of options outstanding at September 30, 2022 (1) |  | $ | 1,775,100 |  |  |  |  |  |  | $ | 939,395 |  |  |  |  |
Aggregated intrinsic value of options exercisable at September 30, 2022 (1) |  | $ | 1,819,950 |  |  |  |  |  |  | $ | 1,055,445 |  |  |  |  |
(1) |  | The Company used a stock price of $6.35 as of September 30, 2022 to derive intrinsic value.
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2022 (Unaudited) 5) Stock Compensation Plans (Continued) 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:
|  | 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, which was the closing price of the Company’s Class A shares on Nasdaq for that day, to derive intrinsic value.

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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