Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share

Summary of basic and diluted earnings per share

The following table summarizes the basic and diluted earnings per share calculations:

	Three Months Ended March 31,
	2020		2019
Numerator:
Net income attributable to Cactus Inc.—basic	$	18,983	$	26,807
Net income attributable to non-controlling interest (1)		11,166		17,505
Net income attributable to Cactus Inc.—diluted (1)	$	30,149	$	44,312
Denominator:
Weighted average Class A shares outstanding—basic		47,270		38,719
Effect of dilutive shares (2)		28,125		36,527
Weighted average Class A shares outstanding—diluted (2)		75,395		75,246
Earnings per Class A share—basic	$	0.40	$	0.69
Earnings per Class A share—diluted (1) (2)	$	0.40	$	0.59

(1) Under the if-converted method for the three months ended March 31, 2020 and 2019, the numerator is adjusted in the calculation of diluted earnings per share to include $11.2 million and $17.5 million, respectively, attributable to the non-controlling interest calculated as its pre-tax income adjusted for a corporate effective tax rate of 26% and 24%, respectively.

(2) Diluted earnings per share for the three months ended March 31, 2020 and 2019 includes 28.0 million and 36.3 million, respectively, weighted average shares of Class B common stock assuming conversion, plus the dilutive effect of restricted stock unit awards.