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Stock Options and Restricted Stock Units (Tables)

6 Months Ended

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

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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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