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Stock Options (Tables) | 9 Months Ended
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Sep. 30, 2020
Stock Options |
Schedule of Stock Option Activity | A summary of stock option activity under the Innodata Inc. 2013 Stock Plan , as amended and restated effective June 7, 2016 (Plan), as of September 30, 2020, and changes during the nine months then ended, are presented below:
|  |  |  |  |  |  | Weighted- |  |  |
|  |  |  | Weighted - |  | Average |  |  |
|  |  |  | Average |  | Remaining |  | Aggregate
|  | Number of |  | Exercise |  | Contractual Term |  | Intrinsic
|  | Options |  | Price |  | (years) |  | Value
Outstanding at January 1, 2020 |  | 6,833,303 |  | $ | 1.86 |  |  |  |  |
Granted |  | 1,080,000 |  |  | 1.37 |  |  |  |  |
Exercised |  | (278,333) |  |  | 1.13 |  |  |  |  |
Forfeited/Expired |  | (644,303) |  |  | 3.06 |  |  |  |  |
Outstanding at September 30, 2020 |  | 6,990,667 |  | $ | 1.70 |  | 7.07 |  | $ | 9,704,426
Exercisable at September 30, 2020 |  | 4,651,624 |  | $ | 1.93 |  | 6.15 |  | $ | 5,420,040
Vested and Expected to Vest at September 30, 2020 |  | 6,990,667 |  | $ | 1.70 |  | 7.07 |  | $ | 9,704,426
Schedule of weighted average assumptions | The fair value of stock options is estimated on the date of grant using the Black-Scholes option pricing model. The weighted-average fair value of the options granted, and weighted-average assumptions were as follows:
|  | For the Nine Months Ended September 30, |
|  | 2020 |  | 2019 |
Weighted average fair value of options granted |  | $ | 0.61 |  | $ | 0.56 |
Risk-free interest rate |  |  | 0.29%-0.56 | % |  | 1.7% - 2.6 | %
Expected term (years) |  |  | 5-6 |  |  | 5-6 |
Expected volatility factor |  |  | 47% - 50 | % |  | 45% - 46 | %
Expected dividends |  |  | None |  |  | None |
Summary of restricted shares under the Company's Plan | A summary of restricted shares under the Plan as of September 30, 2020 are presented below:
|  |  |  | Weighted-Average
|  |  |  | Grant Date Fair
|  | Number of Shares |  | Value
Granted |  | 75,000 |  | $ | 1.38
Vested |  | (25,000) |  |  |
Forfeited/Expired |  | — |  |  |
Unvested at September 30, 2020 |  | 50,000 |  |  |
Schedule of Stock-Based Compensation Expense | The stock-based compensation expense related to the Company’s various stock awards was allocated as follows (in thousands):
|  | For the Three Months Ended |  | For the Nine Months Ended
|  | September 30, |  | September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Direct operating costs |  | $ | 40 |  | $ | 34 |  | $ | 119 |  | $ | 72
Selling and administrative expenses |  |  | 192 |  |  | 317 |  |  | 581 |  |  | 552
Total stock-based compensation |  | $ | 232 |  | $ | 351 |  | $ | 700 |  | $ | 624

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- Definition 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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