XML 35 R25.htm IDEA: XBRL DOCUMENT v3.22.2.2
Stock Compensation Plans (Tables)
 9 Months Ended
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:

 

   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.