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Stock Options and Restricted Shares (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Stock Option Activity

A summary of option activity under the Innodata Inc. 2013 Stock Plan, as amended and restated effective June 7, 2016 (the “2013 Plan”) and changes during each of the three-month periods ended March 31, 2022 and 2021 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		(689,616)	​		2.17				​
Forfeited/Expired		(13,333)	​		1.38				​
Outstanding at March 31, 2021		5,563,935	​	$	1.86		7.69	​	$	24,770,815
​		​	​		​		​	​		​
Exercisable at March 31, 2021		3,594,434	​	$	1.68	​	7.10	​	$	16,621,389
​		​	​		​		​	​		​
Vested and Expected to Vest at March 31, 2021		5,563,935	​	$	1.86		7.69	​	$	24,770,815

​

​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		Weighted-Average		​	​
​	​	Number of	​	Weighted - Average		​	Remaining Contractual	​	Aggregate
​	​	Options	​	Exercise Price		​	Term (years)	​	Intrinsic Value
​	​	​	​	​	​	​	​	​	​	​
Outstanding at January 1, 2022	​	5,536,896	​	$	2.66	​		​		​
Granted		1,479,558		​	5.21				​
Exercised		(22,500)		​	1.17				​
Forfeited/Expired		(35,400)		​	5.10				​
Outstanding at March 31, 2022		6,958,554	​	$	3.20		7.84	​	$	26,515,544
​	​	​	​	​	​	​	​	​	​	​
Exercisable at March 31, 2022		3,418,917	​	$	1.82		6.53	​	$	17,679,562
​	​	​	​	​	​	​	​	​	​	​
Vested and Expected to Vest at March 31, 2022		6,958,554	​	$	3.20		7.84	​	$	26,515,544

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 Three Months Ended March 31,					​
​		2022			2021		​
Weighted average fair value of options granted	​	$	3.10	​	$	3.33	​
Risk-free interest rate	​	​	1.94%-2.33%	​	​	0.22%-0.82%	​
Expected term (years)	​	​	6.0-6.42	​	​	2.96-6.0	​
Expected volatility factor	​	​	62.00	%	​	59.62	%
Expected dividends	​	​	-	​	​	-	​

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

​

​	​	​	​	​	​	​
​	​	For the Three Months Ended
​	​	March 31,
​		2022			2021
Direct operating costs	​	$	52	​	$	38
Selling and administrative expenses	​		485	​		240
Total stock-based compensation	​	$	537	​	$	278

Restricted Stock

Summary of restricted shares under the Company's Plan

​

​	​	​	​	​	​
​	​	Number of  Restricted		Weighted-Average Grant
​		Shares		Date Fair Value
Unvested at January 1, 2022	​	25,000	​	​	-
Granted		-		​	-
Vested		(25,000)		​	-
Forfeited/Expired		-		​	-
Unvested at March 31, 2022		-	​	$	1.38

Restricted Stock Units

Summary of restricted shares under the Company's Plan

Restricted stock unit activity during the three months ended March 31, 2022 was as follows:

​

​	​	​	​	​	​
​		Number of		Weighted-Average
​	​	Restricted Stock	​	Grant Date
​	​	Units	​	Fair Value
​	​	​	​	​	​
Unvested at January 1, 2022		-		​
Granted*		700,000	​	$	5.59
Vested		-	​
Forfeited/Expired		-	​
Unvested at March 31, 2022		700,000	​

* 500,000 RSUs were issued under the 2013 plan and 200,000 RSUs were issued under the 2021 plan

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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