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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | 6) Earnings Per Share Earnings per share amounts have been retroactively adjusted for the effect of annual stock dividends. In accordance with GAAP, the basic and diluted earnings per share amounts were calculated as follows: Schedule of Earnings Per Share, Basic and Diluted
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 11,831,444 |  |  | $ | 4,041,293 |  |  | $ | 26,577,515 |  |  | $ | 11,634,171 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted-average shares outstanding |  |  | 23,240,725 |  |  |  | 23,169,141 |  |  |  | 23,287,707 |  |  |  | 23,171,889 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee stock options |  |  | 812,761 |  |  |  | 806,643 |  |  |  | 696,526 |  |  |  | 665,804 |
Diluted weighted-average shares outstanding |  |  | 24,053,486 |  |  |  | 23,975,784 |  |  |  | 23,984,233 |  |  |  | 23,837,693 |
Basic net earnings per share |  | $ | 0.51 |  |  | $ | 0.17 |  |  | $ | 1.14 |  |  | $ | 0.50 |
Diluted net earnings per share |  | $ | 0.49 |  |  | $ | 0.17 |  |  | $ | 1.11 |  |  | $ | 0.49 |
For the nine month periods ended September 30, 2024 and 2023, there were nil and 55,125 anti-dilutive stock option shares, respectively, that were not included in the computation of diluted net earnings per common share as their effect would be anti-dilutive. Basic and diluted earnings per share amounts are the same for each class of common stock. The following table summarizes the activity in shares of capital stock. Summary of Activities in Shares of Capital Stock
|  | Class A |  |  | Class C |
Outstanding shares at December 31, 2022(1) |  |  | 19,708,011 |  |  |  | 3,031,453 |
Exercise of stock options |  |  | 239,191 |  |  |  | - |
Vesting of restricted stock units |  |  | 810 |  |  |  | - |
Conversion of Class C to Class A |  |  | 59,599 |  |  |  | (59,599 | )
Outstanding shares at September 30, 2023 |  |  | 20,007,611 |  |  |  | 2,971,854 |
Outstanding shares at December 31, 2023(1) |  |  | 21,052,883 |  |  |  | 3,120,432 |
Exercise of stock options |  |  | 63,512 |  |  |  | - |
Vesting of restricted stock units |  |  | 1,325 |  |  |  | - |
Conversion of Class C to Class A |  |  | 266 |  |  |  | (266 | )
Outstanding shares at September 30, 2024 |  |  | 21,117,986 |  |  |  | 3,120,166 |
(1) | Adjusted retroactively for the effect of annual stock dividends
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements September 30, 2024 (Unaudited)

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