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Stock Compensation Plans (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Activity of Stock Option Plans | Activity of the stock option plans during the six month period ended June 30, 2023, is summarized as follows: Schedule of Activity of Stock Option Plans
|  | Number of Class A Shares |  |  | Weighted Average Exercise Price (2) |  |  | Number of Class C Shares |  |  | Weighted Average Exercise Price (2) |
Outstanding at January 1, 2023 |  |  | 976,605 |  |  | $ | 4.56 |  |  |  | 1,157,203 |  |  | $ | 5.31 |
Adjustment for the effect of stock dividends |  |  | 38,266 |  |  |  |  |  |  |  | 57,859 |  |  |  |  |
Granted |  |  | 16,000 |  |  |  |  |  |  |  | - |  |  |  |  |
Exercised |  |  | (214,989 | ) |  |  |  |  |  |  | - |  |  |  |  |
Cancelled |  |  | - |  |  |  |  |  |  |  | - |  |  |  |  |
Outstanding at June 30, 2023 |  |  | 815,882 |  |  | $ | 4.75 |  |  |  | 1,215,062 |  |  | $ | 5.31 |
As of June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 764,632 |  |  | $ | 4.64 |  |  |  | 1,067,562 |  |  | $ | 5.18 |
As of June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 171,386 |  |  |  |  |  |  |  | 834,750 |  |  |  |  |
Weighted average contractual term of options outstanding at June 30, 2023 |  |  | 4.87 years |  |  |  |  |  |  |  | 6.41 years |  |  |  |  |
Weighted average contractual term of options exercisable at June 30, 2023 |  |  | 4.56 years |  |  |  |  |  |  |  | 6.14 years |  |  |  |  |
Aggregated intrinsic value of options outstanding at June 30, 2023 (1) |  | $ | 3,018,675 |  |  |  |  |  |  | $ | 3,815,225 |  |  |  |  |
Aggregated intrinsic value of options exercisable at June 30, 2023 (1) |  | $ | 2,910,455 |  |  |  |  |  |  | $ | 3,487,200 |  |  |  |  |
(1) | The Company used a stock price of $8.45 as of June 30, 2023 to derive intrinsic value.
(2) | Adjusted for the effect of annual stock dividends.
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements June 30, 2023 (Unaudited) 5) Stock Compensation Plans (Continued) Activity of the stock option plans during the six month period ended June 30, 2022, is summarized as follows:
|  | Number of Class A Shares |  |  | Weighted Average Exercise Price (2) |  |  | Number of Class C Shares |  |  | Weighted Average Exercise Price (2) |
Outstanding at January 1, 2022 |  |  | 1,024,351 |  |  | $ | 4.38 |  |  |  | 821,146 |  |  | $ | 5.26 |
Adjustment for the 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, which was the closing price of the Company’s Class A shares on Nasdaq for that day, to derive intrinsic value.
(2) | Adjusted for the effect of annual stock dividends.
Schedule of Activity Restricted Stock Units | Activity of the RSUs during the six month period ended June 30, 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 |  |  | (405 | ) |  |  |  |
Non-vested at June 30, 2023 |  |  | 1,215 |  |  | $ | 6.48 |
Available RSUs for future grant |  | $ | 18,380 |  |  |  |  |
Aggregated intrinsic value of RSUs outstanding at June 30, 2023 (1) |  | $ | 2,394 |  |  |  |  |
(1) | The Company used a stock price of $8.45 as of June 30, 2023 to derive intrinsic value.

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