Stock Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2023

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, 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		(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.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2023 (Unaudited)

5) Stock Compensation Plans (Continued)

Activity of the stock option plans during the nine month period ended September 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 September 30, 2022		1,003,210		$	4.58		862,203	$	5.26
As of September 30, 2022:
Options exercisable		978,835		$	4.49		804,703	$	5.04
As of September 30, 2022:
Available options for future grant		1,239,795					17,523
Weighted average contractual term of options outstanding at September 30, 2022		4.32 years					6.75 years
Weighted average contractual term of options exercisable at September 30, 2022		4.19 years					6.63 years
Aggregated intrinsic value of options outstanding at September 30, 2022 (1)	$	1,775,100				$	939,395
Aggregated intrinsic value of options exercisable at September 30, 2022 (1)	$	1,819,950				$	1,055,445

(1) The Company used a stock price of $6.35 as of September 30, 2022 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, 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
Aggregated intrinsic value of RSUs outstanding at September 30, 2023 (1)	$	1,102

(1) The Company used a stock price of $7.84 as of September 30, 2023 to derive intrinsic value.