Earnings Per Share

12 Months Ended

Dec. 31, 2024

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