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Stock Options and Restricted Stock Units (Tables) | 6 Months Ended
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Jun. 30, 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 six-month periods ended June 30, 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 |  | (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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | 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 |  | (146,705) |  | ​ | 1.22 |  |  |  | ​ |
Forfeited/Expired |  | (36,000) |  | ​ | 5.13 |  |  |  | ​ |
Outstanding at June 30, 2022 |  | 6,833,749 | ​ | $ | 3.24 |  | 7.62 | ​ | $ | 13,923,020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at June 30, 2022 |  | 3,578,045 | ​ | $ | 1.81 |  | 6.40 | ​ | $ | 11,195,079
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to Vest at June 30, 2022 |  | 6,833,749 | ​ | $ | 3.24 |  | 7.62 | ​ | $ | 13,923,020
​ A summary of option activity under the Innodata Inc. 2021 Stock Plan and changes during the six-month period ended June 30, 2022 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted-Average | ​ | ​
​ | ​ | Number of | ​ | Weighted - Average | ​ | Remaining Contractual | ​ | Aggregate Intrinsic
​ | ​ | Options | ​ | Exercise Price | ​ | Term (years) | ​ | Value
Outstanding at January 1, 2022 |  | - | ​ | $ | - |  |  |  | ​ |
Granted |  | 25,000 | ​ |  | 6.40 |  |  |  | ​ |
Exercised |  | - | ​ |  | - |  |  |  | ​ |
Forfeited/Expired |  | - | ​ |  | - |  |  |  | ​ |
Outstanding at June 30, 2022 |  | 25,000 | ​ | $ | 6.40 |  | 5.00 | ​ | $ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at June 30, 2022 |  | - | ​ | $ | - |  |  | ​ |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to Vest at June 30, 2022 |  | 25,000 | ​ | $ | 6.40 |  | 5.00 | ​ | $ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
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,
​ |  | 2022 |  | 2021
Weighted average fair value of options granted | ​ | $ | 3.10 | ​ | $ | 3.33
Risk-free interest rate | ​ | ​ | 1.94%-2.75% | ​ | ​ | 0.22%-0.82%
Expected term (years) | ​ | ​ | 3.0-6.42 | ​ | ​ | 3-6
Expected volatility factor | ​ | ​ | 62% - 76.48% | ​ | ​ | 59.62%
Expected dividends | ​ | ​ | - | ​ | ​ | -
Schedule of stock-based compensation expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
Direct operating costs | ​ | $ | 56 | ​ | $ | 37 | ​ | $ | 107 | ​ | $ | 75
Selling and administrative expenses | ​ |  | 972 | ​ |  | 299 | ​ |  | 1,458 | ​ |  | 539
Total stock-based compensation | ​ | $ | 1,028 | ​ | $ | 336 | ​ | $ | 1,565 | ​ | $ | 614
Restricted Stock Units |
Summary of restricted shares under the Company's Plan | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of Restricted |  | Weighted-Average Grant
​ |  | Stock Awards |  | Date Fair Value
Unvested at January 1, 2022 | ​ | 25,000 | ​ | $ | 1.38
Granted |  | - |  | ​ | -
Vested |  | (25,000) |  | ​ | 1.38
Forfeited/Expired |  | - |  | ​ | -
Unvested at June 30, 2022 |  | - | ​ | $ | -
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 June 30, 2022 |  | 700,000 | ​ | $ | 5.59
​ * 200,000 RSUs were issued under the 2013 Plan and 500,000 RSUs were issued under the 2021 Plan

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