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Stock Options and Restricted Stock Units (Tables)

9 Months Ended

Sep. 30, 2024

Stock Options and Restricted Stock Units

Schedule of stock-based compensation expense

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):

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For the Three Months Ended

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For the Nine Months Ended

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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

Schedule of weighted-average fair value of the options granted, and weighted-average assumptions

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​	​	​	​	​	​	​	​
​	​	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	​	​	-	​	​	-	​

Equity Plans

Stock Options and Restricted Stock Units

Schedule of stock option activity

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:

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​	​	​	​	​	​	​	​	​	​	​
​		​		​			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

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* 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.

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​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​		​	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

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, 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

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