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Stock Options and Restricted Stock Units (Tables) | 9 Months Ended
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Sep. 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 nine-month periods ended September 30, 2022 and 2021 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted - Average |  | Weighted-Average |  | ​
​ | ​ | Number of |  | 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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | 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 |  | (210,429) |  | ​ | 1.28 |  |  |  | ​ |
Forfeited/Expired |  | (261,101) |  | ​ | 6.50 |  |  |  | ​ |
Outstanding at September 30, 2022 |  | 6,544,924 | ​ | $ | 3.13 |  | 7.33 | ​ | $ | 6,265,207
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at September 30, 2022 |  | 4,264,408 | ​ | $ | 2.08 |  | 6.40 | ​ | $ | 5,792,971
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to Vest at September 30, 2022 |  | 6,544,924 | ​ | $ | 3.13 |  | 7.33 | ​ | $ | 6,265,207
​ *Includes 110,000 stock options granted by the Company to a non-employee director of the Company during the nine months ended September 30, 2022. The stock option fully vests on January 1, 2025. A summary of option activity under the Innodata Inc. 2021 Equity Compensation Plan, as amended and restated effective as of April 11, 2022 (the “2021 Plan”) and changes during the nine-month period ended September 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* |  | 182,000 | ​ |  | 3.67 |  |  |  | ​ |
Exercised |  | - | ​ |  | - |  |  |  | ​ |
Forfeited/Expired |  | - | ​ |  | - |  |  |  | ​ |
Outstanding at September 30, 2022 |  | 182,000 | ​ | $ | 3.67 |  | 9.91 | ​ | $ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at September 30, 2022 |  | 6,250 | ​ | $ | 6.40 |  | ​ | ​ |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to Vest at September 30, 2022 |  | 182,000 | ​ | $ | 3.67 |  | 9.91 | ​ | $ | -
​ *During the nine months ended September 30, 2022, the Company granted 132,000 stock options to non-employee directors of the Company which vest on the first anniversary of the date of grant. In addition, during the nine months ended September 30, 2022 the Company granted 50,000 stock options to non-employee members of the Company’s advisory board in lieu of cash compensation. The stock options vest in 12 monthly installments from the date of grant.
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,
​ |  | 2022 |  | 2021
Weighted average fair value of options granted | ​ | $ | 3.00 | ​ | $ | 3.56
Risk-free interest rate | ​ | ​ | 1.94%-3.54% | ​ | ​ | 0.22%-0.82%
Expected term (years) | ​ | ​ | 3.0-6.42 | ​ | ​ | 3-6
Expected volatility factor | ​ | ​ | 62% -79% | ​ | ​ | 58% - 68%
Expected dividends | ​ | ​ | - | ​ | ​ | -
Schedule of stock-based compensation expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
Direct operating costs | ​ | $ | 46 | ​ | $ | 21 | ​ | $ | 154 | ​ | $ | 96
Selling and administrative expenses | ​ |  | 759 | ​ |  | 482 | ​ |  | 2,216 | ​ |  | 1,021
Total stock-based compensation | ​ | $ | 805 | ​ | $ | 503 | ​ | $ | 2,370 | ​ | $ | 1,117
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 September 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 September 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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