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Stock Compensation Plans (Tables)
 3 Months Ended
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:

 

   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:

 

   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.