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Stock Based Compensation (Tables)
 12 Months Ended
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

 

 

-

 

 

$

-