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Stock Options and Restricted Shares (Tables)

6 Months Ended

Jun. 30, 2021

Stock Options and Restricted Shares

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 (the Plan), as of June 30, 2021, and changes during the six months then ended, are presented below:

​

​	​	​	​	​	​	​	​	​	​	​
​		​		Weighted -			Weighted-Average		​
​	​	Number of		Average Exercise			Remaining Contractual	​	Aggregate
​		Options		Price			Term (years)		Intrinsic Value
Outstanding at January 1, 2021		5,906,884	​	$	1.61				​
Granted		360,000	​		6.40				​
Exercised		(1,245,182)	​		2.12				​
Forfeited/Expired		(20,000)	​		1.38				​
Outstanding at June 30, 2021		5,001,702	​	$	1.83		7.60	​	$	25,837,675
​		​	​		​		​	​		​
Exercisable at June 30, 2021		3,425,983	​	$	1.62	​	7.12	​	$	18,426,406
​		​	​		​		​	​		​
Vested and Expected to Vest at June 30, 2021		5,001,702	​	$	1.83		7.60	​	$	25,837,675

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 Six Months Ended June 30,					​
​		2021			2020		​
Weighted average fair value of options granted	​	$	3.33	​	$	0.61	​
Risk-free interest rate	​	​	0.22%-0.82	%	​	0.47% - 0.56	%
Expected term (years)	​	​	3-6	​	​	5-6	​
Expected volatility factor	​	​	59.62	%	​	46.75% - 50.01	%
Expected dividends	​	​	None	​	​	None	​

Summary of restricted shares under the Company's Plan

A summary of outstanding restricted shares issued under the Plan as of June 30, 2021 are presented below:

​

​	​	​	​	​	​
​	​	​		Weighted-Average Grant
​	​	Number of Shares		Date Fair Value
Unvested at December 31, 2020	​	50,000	​	​	-
Granted		-		​	-
Vested		(25,000)		​	-
Forfeited/Expired		-		​	-
Unvested at June 30, 2021		25,000	​	$	1.38

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):

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​

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​

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​

​

​

​

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For the Three Months Ended

​

For the Six Months Ended

​

​

June 30,

​

June 30,

​

2021

2020

2021

2020

Direct operating costs

​

$

37

​

$

39

​

$

75

​

$

79

Selling and administrative expenses

​

299

​

259

​

539

​

389

Total stock-based compensation

​

$

336

​

$

298

​

$

614

​

$

468

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