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Earnings Per Share | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | NOTE 13. EARNINGS PER SHARE Basic earnings per share of Company Common Stock is calculated by dividing the net income attributable to the Company during the period by the weighted average number of shares of Company Common Stock outstanding during the same period. Diluted earnings per share, if dilutive, includes the incremental effect of issuable shares from stock awards, as determined using the treasury stock method. As a result of the Merger, as discussed in Note 1, Summary of Business, all historical per share data, number of shares and number of issuable shares from stock awards were retroactively adjusted by applying the Exchange Ratio to the Legacy Innovex basic and diluted weighted average number of shares. The following table summarizes the basic and diluted earnings per share calculations:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Numerator: |  |  |  |  |  |  |  |  |
Net income (in thousands) |  | $ | 140,325 |  |  | $ | 73,926 |  |  | $ | 63,278 |
Denominator: |  |  |  |  |  |  |  |  |
Basic weighted average number of shares outstanding |  |  | 49,727,093 |  |  |  | 30,928,647 |  |  |  | 30,540,417 |
Dilutive effect of equity awards |  |  | 899,911 |  |  |  | 1,409,871 |  |  |  | 902,667 |
Diluted weighted average number of shares |  |  | 50,627,004 |  |  |  | 32,338,518 |  |  |  | 31,443,084 |
Income per share: |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.82 |  |  | $ | 2.39 |  |  | $ | 2.07 |
Diluted |  | $ | 2.77 |  |  | $ | 2.29 |  |  | $ | 2.01 |
Potentially dilutive shares excluded as anti-dilutive |  |  | 64,147 |  |  |  | 1,441,068 |  |  |  | 1,639,074 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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