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Stock Options and Restricted Shares (Tables) | 9 Months Ended
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Sep. 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 September 30, 2021, and changes during the nine 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 |  | 750,000 | ​ |  | 6.76 |  |  |  | ​ |
Exercised |  | (1,546,288) | ​ |  | 2.01 |  |  |  | ​ |
Forfeited/Expired |  | (20,000) | ​ |  | 1.38 |  |  |  | ​ |
Outstanding at September 30, 2021 |  | 5,090,596 | ​ | $ | 2.05 |  | 7.49 | ​ | $ | 37,037,015
​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​
Exercisable at September 30, 2021 |  | 3,468,912 | ​ | $ | 1.73 | ​ | 7.03 | ​ | $ | 27,069,483
​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​
Vested and Expected to Vest at September 30, 2021 |  | 5,090,596 | ​ | $ | 2.05 |  | 7.49 | ​ | $ | 37,037,015
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, | ​
​ |  | 2021 |  | 2020 | ​
Weighted average fair value of options granted | ​ | $ | 3.56 | ​ | $ | 0.61 | ​
Risk-free interest rate | ​ | ​ | 0.22% - 0.82 | % | ​ | 0.29% - 0.56 | %
Expected term (years) | ​ | ​ | 3-6 | ​ | ​ | 5-6 | ​
Expected volatility factor | ​ | ​ | 58% - 68 | % | ​ | 47% - 50 | %
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 September 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 September 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
Direct operating costs | ​ | $ | 21 | ​ | $ | 40 | ​ | $ | 96 | ​ | $ | 119
Selling and administrative expenses | ​ |  | 482 | ​ |  | 192 | ​ |  | 1,021 | ​ |  | 581
Total stock-based compensation | ​ | $ | 503 | ​ | $ | 232 | ​ | $ | 1,117 | ​ | $ | 700

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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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