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Stock Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Activity of Stock Option Plans | Activity of the stock option plans during the three month period ended March 31, 2023, is summarized as follows: 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, 2023 |  |  | 976,605 |  |  | $ | 4.78 |  |  |  | 1,157,203 |  |  | $ | 5.59 |
Granted |  |  | 16,000 |  |  |  |  |  |  |  | - |  |  |  |  |
Exercised |  |  | (90,705 | ) |  |  |  |  |  |  | - |  |  |  |  |
Cancelled |  |  | - |  |  |  |  |  |  |  | - |  |  |  |  |
Outstanding at March 31, 2023 |  |  | 901,900 |  |  | $ | 4.92 |  |  |  | 1,157,203 |  |  | $ | 5.59 |
As of March 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 827,025 |  |  | $ | 4.76 |  |  |  | 935,953 |  |  | $ | 5.36 |
As of March 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 155,133 |  |  |  |  |  |  |  | 795,000 |  |  |  |  |
Weighted average contractual term of options outstanding at March 31, 2023 |  |  | 4.60 years |  |  |  |  |  |  |  | 6.66 years |  |  |  |  |
Weighted average contractual term of options exercisable at March 31, 2023 |  |  | 4.14 years |  |  |  |  |  |  |  | 6.20 years |  |  |  |  |
Aggregated intrinsic value of options outstanding at March 31, 2023 (1) |  | $ | 1,182,602 |  |  |  |  |  |  | $ | 741,380 |  |  |  |  |
Aggregated intrinsic value of options exercisable at March 31, 2023 (1) |  | $ | 1,214,210 |  |  |  |  |  |  | $ | 812,293 |  |  |  |  |
(1) | The Company used a stock price of $6.23 as of March 31, 2023 to derive intrinsic value.
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements March 31, 2023 (Unaudited) 5) Stock Compensation Plans (Continued) Activity of the stock option plans during the three month period ended March 31, 2022, is summarized as follows:
|  | 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 |
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, which was the closing price of the Company’s Class A shares on Nasdaq for that day, to derive intrinsic value.
Schedule of Activity Restricted Stock Units | Activity of the RSUs during the three month period ended March 31, 2023 is summarized as follows: Schedule of Activity Restricted Stock Units
|  | Number of Class A Shares |  |  | Weighted Average Grant Date Fair Value |
Non-vested at January 1, 2023 |  |  | 1,620 |  |  | $ | 6.48 |
Granted |  |  | - |  |  |  |  |
Vested |  |  | - |  |  |  |  |
Non-vested at March 31, 2023 |  |  | 1,620 |  |  | $ | 6.48 |
Available RSUs for future grant |  | $ | 18,380 |  |  |  |  |
Aggregated intrinsic value of RSUs outstanding at March 31, 2023 (1) |  | $ | - |  |  |  |  |
(1) | The Company used a stock price of $6.23 as of March 31, 2023 to derive intrinsic value.

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