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Stock Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2024

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, 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			$	4.91				1,520,062			$	5.57
Adjustment for the effect of stock dividends			38,724								76,005
Granted			16,500								-
Exercised			(45,671	)							-
Cancelled			(16,538	)							-
Outstanding at June 30, 2024			826,585			$	5.09				1,596,067			$	5.57
As of June 30, 2024:
Options exercisable			768,960			$	4.89				1,443,567			$	5.35
As of June 30, 2024:
Available options for future grant			38,564								556,238
Weighted average contractual term of options outstanding at June 30, 2024			5.05 years								6.00 years
Weighted average contractual term of options exercisable at June 30, 2024			4.72 years								5.75 years
Aggregated intrinsic value of options outstanding at June 30, 2024 (1)		$	2,083,992							$	3,255,564
Aggregated intrinsic value of options exercisable at June 30, 2024 (1)		$	2,089,110							$	3,264,864

(1) The Company used a stock price of $7.61 as of June 30, 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

June 30, 2024 (Unaudited)

5) Stock Compensation Plans (Continued)

Activity of the stock option plans during the six month period ended June 30, 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			$	4.56				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.

Schedule of Activity Restricted Stock Units

Activity of the RSUs during the six month period ended June 30, 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			(865	)
Non-vested at June 30, 2024			1,380			$	7.99
Available RSUs for future grant			16,540

Activity of the RSUs during the six month period ended June 30, 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			(405	)
Non-vested at March 31, 2023			1,215			$	6.48
Available RSUs for future grant			18,380

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-SubTopic 10
-Topic 718
-Publisher FASB
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