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Stock Options and Restricted Stock Units (Tables)

6 Months Ended

Jun. 30, 2023

Stock Options and Restricted Stock Units

Schedule of stock-based compensation expense

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For the Three Months Ended

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For the Six Months Ended

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June 30,

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June 30,

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2023

2022

2023

2022

Direct operating costs

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$

62

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$

56

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$

126

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$

107

Selling and administrative expenses

​

957

​

972

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1,855

​

1,458

Total stock-based compensation

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$

1,019

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$

1,028

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$

1,981

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$

1,565

Schedule of weighted average assumptions

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​	​	​	​	​	​	​	​
​	​	For the Six Months Ended June 30,					​
​		2023			2022		​
Weighted average fair value of options granted	​	$	1.79	​	$	3.10	​
Risk-free interest rate	​	​	3.88	%	​	1.94%-2.75	%
Expected term (years)	​	​	3.0	​	​	3.0-6.42	​
Expected volatility factor	​	​	79.95	%	​	62%-76.48	%
Expected dividends	​	​	-	​	​	-	​

Equity Plans

Stock Options and Restricted Stock Units

Schedule of stock option activity

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​	​	​	​	​	​	​	​	​	​	​
​		​		​			Weighted - Average		​
​	​	Number of		Weighted - Average			Remaining Contractual	​	Aggregate
​		Options		Exercise Price			Term (years)		Intrinsic Value
Outstanding at January 1, 2023		6,690,490	​	$	3.09				​
Granted*		25,000	​		3.31				​
Exercised		(871,884)	​		2.34				​
Forfeited/Expired		(75,766)	​		6.96				​
Outstanding at June 30, 2023		5,767,840	​	$	3.16		6.84	​	$	47,137,674
​		​	​		​		​	​		​
Exercisable at June 30, 2023		3,600,261	​	$	1.91	​	5.73	​	$	33,897,858
​		​	​		​		​	​		​
Vested and Expected to Vest at June 30, 2023		5,767,840	​	$	3.16		6.84	​	$	47,137,674

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*Granted to a non-employee member of the Company’s advisory board.

​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		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)		​	1.17				​
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

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*Includes 110,000 stock options granted to a non-employee director of the Company.

2021 Plan

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 each of the six-month periods ended June 30, 2023 and 2022 are presented below.

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​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​		​	Weighted - Average	​	​
​	​	Number of	​	Weighted - Average		​	Remaining Contractual	​	Aggregate
​		Options		Exercise Price			Term (years)		Intrinsic Value
Outstanding at January 1, 2023		1,027,500	​	$	3.46				​
Granted		-	​		-				​
Exercised		(25,000)	​		6.40				​
Forfeited/Expired		(42,000)	​		3.41				​
Outstanding at June 30, 2023		960,500	​	$	3.38		9.27	​	$	7,634,060
​	​	​	​	​	​	​	​	​	​	​
Exercisable at June 30, 2023		18,750	​	$	3.39		9.21	​	$	148,875
​	​	​	​	​	​	​	​	​	​	​
Vested and Expected to Vest at June 30, 2023		960,500	​	$	3.38		9.27	​	$	7,634,060

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​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		Weighted - Average		​	​
​	​	Number of	​	Weighted - Average		​	Remaining Contractual	​	Aggregate
​	​	Options	​	Exercise Price		​	Term (years)	​	Intrinsic 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	​	$	-

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*Granted to a non-employee member of the Company’s advisory board.

Restricted Stock Units

Stock Options and Restricted Stock Units

Summary of restricted stock under the company's plan

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​	​	​	​	​	​
​	​	Number of		Weighted-Average
​	​	Restricted Stock	​	Grant Date
​		Units		Fair Value
Unvested at January 1, 2023	​	700,000	​	$	5.59
Granted		28,804		​	8.29
Vested		-		​	-
Forfeited/Expired		-		​	-
Unvested at June 30, 2023		728,804	​	$	5.70

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For the six months ended June 30, 2023, a total of 28,804 restricted stock units (“RSUs”) were granted under the 2013 Plan. Vesting of the RSUs is contingent on continuous employment by the employee for a 12-month period from the date of grant. Each fully vested RSU represents the right to receive one share of the Company’s common stock or the fair market value of one share of common stock, at the Company’s discretion, and is classified as an equity award. The stock-based compensation expense is recognized on a straight-line basis over a period of 12 months. The fair value of restricted stock units is based on the closing price of the stock at the time of the grant.

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​	​	​	​	​	​
​		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

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For the six months ended June 30, 2022, 200,000 performance-based RSUs were granted under the 2013 Plan and 500,000 performance-based RSUs were granted under the 2021 plan. The 700,000 performance based RSUs remain outstanding and unvested at June 30, 2023. Vesting of the performance based RSUs is contingent on the achievement of certain financial performance goals and continuation of employment for a defined period. Each RSU vests pursuant to the vesting schedule found in the respective RSU agreement. The fair value of restricted stock units is estimated on the date of grant using the Binomial option pricing model.

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