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Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Based Compensation Expense by Award Type | Total stock-based compensation expense by award type is as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Restricted stock awards |  | $ | 2,944 |  |  | $ | - |  |  | $ | - |
Restricted stock units - Dril-Quip |  |  | 279 |  |  |  | - |  |  |  | - |
Restricted stock units - Legacy Innovex |  |  | 6,853 |  |  |  | 1,205 |  |  |  | - |
Performance unit awards |  |  | 2,155 |  |  |  | - |  |  |  | - |
Director stock compensation awards |  |  | 46 |  |  |  | - |  |  |  | - |
Stock options |  |  | 971 |  |  |  | 757 |  |  |  | 907 |
Total stock-based compensation expense |  | $ | 13,248 |  |  | $ | 1,962 |  |  | $ | 907 |
Summary of RSA and RSU Activity | Activity related to RSAs is as follows:
|  | Number of Restricted Stock Awards |  |  | Weighted- Average Grant Date Fair Value per Stock Unit |
Unvested, December 31, 2023 |  |  | - |  |  | $ | - |
Exchanged in conjunction with Merger |  |  | 493,048 |  |  | $ | 22.89 |
Granted |  |  | - |  |  | $ | - |
Vested |  |  | (350,198 | ) |  | $ | 22.84 |
Forfeited |  |  | (3,108 | ) |  | $ | 22.98 |
Unvested, December 31, 2024 |  |  | 139,742 |  |  | $ | 23.02 |
Activity related to Dril-Quip RSUs is as follows:
|  | Number of Dril-Quip Restricted Stock Units |  |  | Weighted- Average Grant Date Fair Value per Stock Unit |
Unvested, December 31, 2023 |  |  | - |  |  | $ | - |
Exchanged in conjunction with Merger |  |  | 103,014 |  |  | $ | 15.91 |
Granted |  |  | - |  |  | $ | - |
Vested |  |  | (4,522 | ) |  | $ | 22.78 |
Forfeited |  |  | - |  |  | $ | - |
Unvested, December 31, 2024 |  |  | 98,492 |  |  | $ | 15.59 |
Activity related to Legacy Innovex RSUs is as follows:
|  | Number of Legacy Innovex Restricted Stock Units |  |  | Weighted- Average Grant Date Fair Value per Stock Unit |
Unvested, December 31, 2023 |  |  | 315,169 |  |  | $ | 15.49 |
Granted |  |  | 617,246 |  |  | $ | 17.39 |
Vested |  |  | (303,837 | ) |  | $ | 16.89 |
Forfeited |  |  | (20,676 | ) |  | $ | 17.39 |
Unvested, December 31, 2024 |  |  | 607,902 |  |  | $ | 16.65 |
Activity related to Performance Units is as follows:
|  | Number of Performance Units |  |  | Weighted- Average Grant Date Fair Value per Stock Unit |
Unvested, December 31, 2023 |  |  | - |  |  | $ | - |
Exchanged in conjunction with Merger |  |  | 303,827 |  |  | $ | 22.63 |
Granted |  |  | - |  |  | $ | - |
Vested |  |  | (277,773 | ) |  | $ | 22.59 |
Forfeited |  |  | - |  |  | $ | - |
Unvested, December 31, 2024 |  |  | 26,054 |  |  | $ | 23.03 |
For the year ended December 31, 2024, the Company granted 15,604 DSAs with a weighted average grant date fair value of $14.68. Activity related to DSAs is as follows:
|  | Number of Director Stock Compensation Awards |  |  | Weighted- Average Grant Date Fair Value per Stock Unit |
Unvested, December 31, 2023 |  |  | - |  |  | $ | - |
Exchanged in conjunction with Merger |  |  | - |  |  | $ | - |
Granted |  |  | 15,604 |  |  | $ | 14.68 |
Vested |  |  | - |  |  | $ | - |
Unvested, December 31, 2024 |  |  | 15,604 |  |  | $ | 14.68 |
Summary of Stock Option Activity | The following table summarizes stock option activity during the year ended December 31, 2024:
|  | Shares Under Option |  |  | Weighted Average Exercise Price |
Outstanding, December 31, 2023 |  |  | 2,535,768 |  |  | $ | 8.15 |
Granted |  |  | - |  |  | $ | - |
Exercised |  |  | (2,504,496 | ) |  | $ | 8.10 |
Forfeited |  |  | (31,272 | ) |  | $ | 12.67 |
Expired |  |  | - |  |  | $ | - |
Outstanding, December 31, 2024 |  |  | - |  |  | $ | - |
Expected to vest |  |  | - |  |  | $ | - |
Exercisable, December 31, 2024 |  |  | - |  |  | $ | - |

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