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Stock Options and Restricted Stock Units | 3 Months Ended
--- | ---
Mar. 31, 2024
Stock Options and Restricted Stock Units |
Stock Options and Restricted Stock Units | 9.Stock Options and Restricted Stock Units The stock-based compensation expense related to the Equity Plans were allocated as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended
​ | ​ | March 31,
​ |  | 2024 |  | 2023
Direct operating costs | ​ | $ | 84 | ​ | $ | 63
Selling and administrative expenses | ​ |  | 950 | ​ |  | 899
Total stock-based compensation | ​ | $ | 1,034 | ​ | $ | 962
​ Stock Options ​ 2013 Plan 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, 2024 and 2023 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Weighted-Average |  | ​
​ | ​ | Number of |  | Weighted - Average |  | Remaining Contractual | ​ | Aggregate
​ |  | Options |  | Exercise Price |  | Term (years) |  | Intrinsic Value
Outstanding at January 1, 2024 |  | 5,339,162 | ​ | $ | 3.22 |  | 6.38 |  | $ | 28,640,009
Granted |  | - | ​ |  | - |  | - |  | ​ | -
Exercised |  | - | ​ |  | - |  | - |  | ​ | -
Forfeited/Expired |  | (2,334) | ​ |  | 6.96 |  | - |  | ​ | -
Outstanding at March 31, 2024 |  | 5,336,828 | ​ | $ | 3.21 |  | 6.13 | ​ | $ | 18,364,840
​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​
Exercisable at March 31, 2024 |  | 3,552,030 | ​ | $ | 2.28 | ​ | 5.22 | ​ | $ | 15,528,015
​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​
Vested and Expected to Vest at March 31, 2024 |  | 5,336,828 | ​ | $ | 3.21 |  | 6.13 | ​ | $ | 18,364,840
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | 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 | ​ | 7.19 | ​ | $ | 5,989,709
Granted* |  | 25,000 |  | ​ | 3.31 |  | - |  | ​ | -
Exercised |  | (148,167) |  | ​ | 2.31 |  | - |  | ​ | -
Forfeited/Expired |  | (64,666) |  | ​ | 6.96 |  | - |  | ​ | -
Outstanding at March 31, 2023 |  | 6,502,657 | ​ | $ | 3.07 |  | 6.94 | ​ | $ | 35,414,546
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at March 31, 2023 |  | 4,041,942 | ​ | $ | 2.03 |  | 5.87 | ​ | $ | 26,301,295
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to Vest at March 31, 2023 |  | 6,502,657 | ​ | $ | 3.07 |  | 6.94 | ​ | $ | 35,414,546
​ *Includes 25,000 stock granted to a non-employee member of the Company’s advisory board. 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 the three-month periods ended March 31, 2024 and 2023 are presented below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted-Average | ​ | ​
​ | ​ | Number of | ​ | Weighted - Average | ​ | Remaining Contractual | ​ | Aggregate
​ |  | Options |  | Exercise Price |  | Term (years) |  | Intrinsic Value
Outstanding at January 1, 2024 |  | 923,571 | ​ | $ | 3.41 |  | 8.76 |  | $ | 4,786,252
Granted |  | - | ​ |  | - |  | - |  | ​ | -
Exercised |  | - | ​ |  | - |  | - |  | ​ | -
Forfeited/Expired |  | (5,334) | ​ |  | 3.41 |  | - |  | ​ | -
Outstanding at March 31, 2024 |  | 918,237 | ​ | $ | 3.41 |  | 8.52 | ​ | $ | 2,946,506
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at March 31, 2024 |  | 386,209 | ​ | $ | 3.34 |  | 8.49 | ​ | $ | 1,258,907
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to Vest at March 31, 2024 |  | 918,237 | ​ | $ | 3.41 |  | 8.52 | ​ | $ | 2,946,506
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | 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 |  | 9.75 |  | $ | -
Granted |  | - | ​ |  | - |  | - |  | ​ | -
Exercised |  | - | ​ |  | - |  | - |  | ​ | -
Forfeited/Expired |  | (33,500) | ​ |  | 3.41 |  | - |  | ​ | -
Outstanding at March 31, 2023 |  | 994,000 | ​ | $ | 3.46 |  | 9.51 | ​ | $ | 5,051,370
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at March 31, 2023 |  | 31,250 | ​ | $ | 5.20 |  | 9.29 | ​ | $ | 104,500
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to Vest at March 31, 2023 |  | 994,000 | ​ | $ | 3.46 |  | 9.51 | ​ | $ | 5,051,370
​ There were no options granted or exercised during the three months ended March 31, 2024. 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, | ​
​ |  | 2024 |  | 2023 | ​
Weighted average fair value of options granted | ​ | $ | - | ​ | $ | 1.79 | ​
Risk-free interest rate | ​ | ​ | - | ​ | ​ | 3.88 | %
Expected term (years) | ​ | ​ | - | ​ | ​ | 3.0 | ​
Expected volatility factor | ​ | ​ | - | ​ | ​ | 79.95 | %
Expected dividends | ​ | ​ | - | ​ | ​ | - | ​
​ The compensation cost related to non-vested stock options not yet recognized as of March 31, 2024 totaled approximately $2.7 million. The weighted-average period over which these costs will be recognized is 13 months. Restricted Stock Awards There were no outstanding awards of restricted stock under the 2013 Plan or the 2021 Plan (collectively, the “Equity Plans”) during each of the three-month periods ended March 31, 2024 and 2023. Restricted Stock Units Restricted stock unit activity under the Equity Plans during each of the three-month periods ended March 31, 2024 and 2023 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of |  | Weighted-Average
​ | ​ | Restricted Stock | ​ | Grant Date
​ |  | Units |  | Fair Value
Unvested at January 1, 2024 | ​ | 749,756 | ​ | $ | 5.77
Granted |  | - |  | ​ | -
Vested |  | - |  | ​ | -
Forfeited/Expired |  | (995) |  | ​ | 8.29
Unvested at March 31, 2024 |  | 748,761 | ​ | $ | 5.78
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of |  | Weighted-Average
​ | ​ | Restricted Stock | ​ | Grant Date
​ | ​ | Units | ​ | Fair Value
Unvested at January 1, 2023 |  | 700,000 | ​ | $ | 5.59
Granted |  | - | ​ |  | -
Vested |  | - | ​ |  | -
Forfeited/Expired |  | - | ​ |  | -
Unvested at March 31, 2023 |  | 700,000 | ​ | $ | 5.59
​ There were no restricted stock units granted during the three months ended March 31, 2024. There were 227,809 and 520,952 outstanding restricted stock unit awards under the 2013 Plan and 2021 Plan, respectively, as of March 31, 2024. The compensation cost related to non-vested restricted stock units not yet recognized as of March 31, 2024 totaled approximately $2.8 million. The weighted-average period over which these costs will be recognized is 11 months.

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