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Stock Options (Tables)

9 Months Ended

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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