XML 26 R15.htm IDEA: XBRL DOCUMENT v3.24.1.u1

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.

X

- Definition

The entire disclosure for share-based payment arrangement.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//718/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration