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Stock Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024, 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, 2024 |  |  | 833,570 |  |  | $ | 5.22 |  |  |  | 1,520,062 |  |  | $ | 5.86 |
Granted |  |  | 16,500 |  |  |  |  |  |  |  | - |  |  |  |  |
Exercised |  |  | - |  |  |  |  |  |  |  | - |  |  |  |  |
Cancelled |  |  | - |  |  |  |  |  |  |  | - |  |  |  |  |
Outstanding at March 31, 2024 |  |  | 850,070 |  |  | $ | 5.29 |  |  |  | 1,520,062 |  |  | $ | 5.86 |
As of March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 765,695 |  |  | $ | 4.97 |  |  |  | 1,291,312 |  |  | $ | 5.47 |
As of March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 76,320 |  |  |  |  |  |  |  | 529,750 |  |  |  |  |
Weighted average contractual term of options outstanding at March 31, 2024 |  |  | 5.00 years |  |  |  |  |  |  |  | 6.25 years |  |  |  |  |
Weighted average contractual term of options exercisable at March 31, 2024 |  |  | 4.57 years |  |  |  |  |  |  |  | 5.83 years |  |  |  |  |
Aggregated intrinsic value of options outstanding at March 31, 2024 (1) |  | $ | 2,230,953 |  |  |  |  |  |  | $ | 3,108,691 |  |  |  |  |
Aggregated intrinsic value of options exercisable at March 31, 2024 (1) |  | $ | 2,246,543 |  |  |  |  |  |  | $ | 3,146,491 |  |  |  |  |
(1) |  | The Company used a stock price of $7.91 as of March 31, 2024 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 March 31, 2024 (Unaudited)
5) | Stock Compensation 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 (2) |  |  | 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.
(2) |  | Adjusted for the effect of annual stock dividends.
Schedule of Activity Restricted Stock Units | Activity of the RSUs during the three month period ended March 31, 2024 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, 2024 |  |  | 2,245 |  |  | $ | 7.72 |
Granted |  |  | - |  |  |  |  |
Vested |  |  | (405 | ) |  |  |  |
Non-vested at March 31, 2024 |  |  | 1,840 |  |  | $ | 7.99 |
Available RSUs for future grant |  |  | 16,540 |  |  |  |  |
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 |  |  |  |  |

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