Stock Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price (2)
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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2023 (Unaudited)

5) Stock Compensation Plans (Continued)

Activity of the stock option plans during the six month period ended June 30, 2022, is summarized as follows:

	Number of Class A Shares			Weighted Average Exercise Price (2)		Number of Class C Shares		Weighted Average Exercise Price (2)
Outstanding at January 1, 2022		1,024,351		$	4.38		821,146	$	5.26
Adjustment for the effect of stock dividends		47,780					41,057
Granted		4,000					-
Exercised		(71,330	)				-
Cancelled		(1,591	)				-
Outstanding at June 30, 2022		1,003,210		$	4.58		862,203	$	5.26
As of June 30, 2022:
Options exercisable		955,460		$	4.40		747,203	$	4.78
As of June 30, 2022:
Available options for future grant		239,795					17,523
Weighted average contractual term of options outstanding at June 30, 2022		4.32 years					6.75 years
Weighted average contractual term of options exercisable at June 30, 2022		4.06 years					6.50 years
Aggregated intrinsic value of options outstanding at June 30, 2022 (1)	$	3,891,873				$	2,758,643
Aggregated intrinsic value of options exercisable at June 30, 2022 (1)	$	3,878,980				$	2,748,093

(1) The Company used a stock price of $8.46 as of June 30, 2022, which was the closing price of the Company’s Class A shares on Nasdaq for that day, 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, 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 June 30, 2023		1,215		$	6.48
Available RSUs for future grant	$	18,380
Aggregated intrinsic value of RSUs outstanding at June 30, 2023 (1)	$	2,394

(1) The Company used a stock price of $8.45 as of June 30, 2023 to derive intrinsic value.