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Stock Compensation Plans (Tables)

9 Months Ended

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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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
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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)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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-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
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