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Stock Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Activity of Stock Option Plans | Activity of the stock option plans during the nine month period ended September 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 |  |  | (88,714 | ) |  |  |  |  |  |  | - |  |  |  |  |
Cancelled |  |  | (17,333 | ) |  |  |  |  |  |  | - |  |  |  |  |
Outstanding at September 30, 2024 |  |  | 782,747 |  |  | $ | 5.16 |  |  |  | 1,596,067 |  |  | $ | 5.57 |
As of September 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 751,872 |  |  | $ | 5.05 |  |  |  | 1,519,817 |  |  | $ | 5.46 |
As of September 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 39,006 |  |  |  |  |  |  |  | 556,238 |  |  |  |  |
Weighted average contractual term of options outstanding at September 30, 2024 |  |  | 4.91 years |  |  |  |  |  |  |  | 5.74 years |  |  |  |  |
Weighted average contractual term of options exercisable at September 30, 2024 |  |  | 4.73 years |  |  |  |  |  |  |  | 5.63 years |  |  |  |  |
Aggregated intrinsic value of options outstanding at September 30, 2024 (1) |  | $ | 3,165,305 |  |  |  |  |  |  | $ | 5,793,310 |  |  |  |  |
Aggregated intrinsic value of options exercisable at September 30, 2024 (1) |  | $ | 3,119,776 |  |  |  |  |  |  | $ | 5,676,723 |  |  |  |  |
(1) | The Company used a stock price of $9.20 as of September 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 September 30, 2024 (Unaudited) 5) Stock Compensation Plans (Continued) Activity of the stock option plans during the nine month period ended September 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 |  |  | (233,180 | ) |  |  |  |  |  |  | - |  |  |  |  |
Cancelled |  |  | - |  |  |  |  |  |  |  | - |  |  |  |  |
Outstanding at September 30, 2023 |  |  | 797,691 |  |  | $ | 4.78 |  |  |  | 1,215,062 |  |  | $ | 5.31 |
As of September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options exercisable |  |  | 770,066 |  |  | $ | 4.73 |  |  |  | 1,141,312 |  |  | $ | 5.25 |
As of September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available options for future grant |  |  | 171,386 |  |  |  |  |  |  |  | 834,750 |  |  |  |  |
Weighted average contractual term of options outstanding at September 30, 2023 |  |  | 4.69 years |  |  |  |  |  |  |  | 6.15 years |  |  |  |  |
Weighted average contractual term of options exercisable at September 30, 2023 |  |  | 4.53 years |  |  |  |  |  |  |  | 6.03 years |  |  |  |  |
Aggregated intrinsic value of options outstanding at September 30, 2023 (1) |  | $ | 2,438,675 |  |  |  |  |  |  | $ | 3,074,037 |  |  |  |  |
Aggregated intrinsic value of options exercisable at September 30, 2023 (1) |  | $ | 2,398,360 |  |  |  |  |  |  | $ | 2,955,012 |  |  |  |  |
(1) | The Company used a stock price of $7.84 as of September 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 nine month period ended September 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 |  |  | (1,325 | ) |  |  |  |
Non-vested at September 30, 2024 |  |  | 920 |  |  | $ | 7.99 |
Available RSUs for future grant |  |  | 16,540 |  |  |  |  |
Activity of the RSUs during the nine month period ended September 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 |  |  | (810 | ) |  |  |  |
Non-vested at September 30, 2023 |  |  | 810 |  |  | $ | 6.48 |
Available RSUs for future grant |  |  | 18,380 |  |  |  |  |

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