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Stock Options and Restricted Stock Units | 9 Months Ended
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Sep. 30, 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 Innodata Inc. 2013 Stock Plan, as amended and restated effective June 7, 2016 (the “2013 Plan”) and the Innodata Inc. 2021 Equity Compensation Plan, as amended and restated effective as of April 11, 2022 (the “2021 Plan”, and together with the 2013 Plan, collectively, the “Equity Plans”) were allocated as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Direct operating costs | ​ | $ | 43 | ​ | $ | 85 | ​ | $ | 200 | ​ | $ | 210
Selling and administrative expenses | ​ |  | 812 | ​ |  | 932 | ​ |  | 2,681 | ​ |  | 2,788
Total stock-based compensation | ​ | $ | 855 | ​ | $ | 1,017 | ​ | $ | 2,881 | ​ | $ | 2,998
​ Stock Options ​ 2013 Plan A summary of option activity under the 2013 Plan and changes during each of the nine-month periods ended September 30, 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 |  | (159,232) | ​ |  | 4.07 |  | - |  | ​ | -
Forfeited/Expired |  | (4,001) | ​ |  | 6.96 |  | - |  | ​ | -
Outstanding at September 30, 2024 |  | 5,175,929 | ​ | $ | 3.19 |  | 5.62 | ​ | $ | 70,306,343
​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​
Exercisable at September 30, 2024 |  | 3,586,369 | ​ | $ | 2.45 | ​ | 4.78 | ​ | $ | 51,361,592
​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​
Vested and Expected to vest at September 30, 2024 |  | 5,175,929 | ​ | $ | 3.19 |  | 5.62 | ​ | $ | 70,306,343
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | 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 |  | (1,282,729) |  | ​ | 2.35 |  | - |  | ​ | -
Forfeited/Expired |  | (88,866) |  | ​ | 6.27 |  | - |  | ​ | -
Outstanding at September 30, 2023 |  | 5,343,895 | ​ | $ | 3.22 |  | 6.64 | ​ | $ | 28,380,482
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at September 30, 2023 |  | 3,375,931 | ​ | $ | 2.15 |  | 5.57 | ​ | $ | 21,534,891
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to vest at September 30, 2023 |  | 5,343,895 | ​ | $ | 3.22 |  | 6.64 | ​ | $ | 28,380,482
​ * Granted to a non-employee member of the Company’s advisory board. 2021 Plan A summary of option activity under the 2021 Plan and changes during the nine-month periods ended September 30, 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 |  | (47,596) | ​ |  | 3.41 |  | - |  | ​ | -
Forfeited/Expired |  | (9,668) | ​ |  | 5.40 |  | - |  | ​ | -
Outstanding at September 30, 2024 |  | 866,307 | ​ | $ | 3.39 |  | 8.01 | ​ | $ | 11,591,122
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at September 30, 2024 |  | 339,613 | ​ | $ | 3.36 |  | 7.99 | ​ | $ | 4,554,490
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to vest at September 30, 2024 |  | 866,307 | ​ | $ | 3.39 |  | 8.01 | ​ | $ | 11,591,122
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | 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 |  | 3,000 | ​ |  | 13.05 |  | - |  | ​ | -
Exercised |  | (25,000) | ​ |  | 6.40 |  | - |  | ​ | -
Forfeited/Expired |  | (42,000) | ​ |  | 3.41 |  | - |  | ​ | -
Outstanding at September 30, 2023 |  | 963,500 | ​ | $ | 3.41 |  | 9.02 | ​ | $ | 4,944,660
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at September 30, 2023 |  | 157,000 | ​ | $ | 3.24 |  | 8.95 | ​ | $ | 830,740
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to vest at September 30, 2023 |  | 963,500 | ​ | $ | 3.41 |  | 9.02 | ​ | $ | 4,944,660
​ There were no options granted during the nine months ended September 30, 2024. During the nine months ended September 30, 2024, a total of 206,828 options were exercised at an average exercise price of $3.92. 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, | ​
​ |  | 2024 |  | 2023 | ​
Weighted average fair value of options granted | ​ | $ | - | ​ | $ | 2.56 | ​
Risk-free interest rate | ​ | ​ | - | ​ | ​ | 4.34 | %
Expected term (years) | ​ | ​ | - | ​ | ​ | 6.0 | ​
Expected volatility factor | ​ | ​ | - | ​ | ​ | 75.35 | %
Expected dividends | ​ | ​ | - | ​ | ​ | - | ​
​ The compensation cost related to non-vested stock options not yet recognized as of September 30, 2024 totaled approximately $1.2 million. The weighted-average period over which these costs will be recognized is nine months. Restricted Stock Awards There were no outstanding awards of restricted stock under the Equity Plans during each of the nine-month periods ended September 30, 2024 and 2023. Restricted Stock Units Restricted stock unit activity under the Equity Plans during each of the nine-month periods ended September 30, 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 |  | 28,973 |  | ​ | 15.10
Vested |  | (48,761) |  | ​ | 8.42
Forfeited/Expired |  | (995) |  | ​ | 8.29
Unvested at September 30, 2024 |  | 728,973 | ​ | $ | 5.96
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 September 30, 2023 |  | 728,804 | ​ | $ | 5.70
​ There were a total of 28,973 restricted stock units granted to non-employee directors during the nine months ended September 30, 2024. There were 200,000 and 528,973 outstanding restricted stock unit awards under the 2013 Plan and 2021 Plan, respectively, as of September 30, 2024. The compensation cost related to non-vested restricted stock units not yet recognized as of September 30, 2024 totaled approximately $2.6 million. The weighted-average period over which these costs will be recognized is five months.

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