Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2020

Summary of basic and diluted earnings per share

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Numerator:
Net income attributable to Cactus Inc.—basic	$	6,028	$	21,408	$	25,011	$	48,215
Net income attributable to non-controlling interest ⁽¹⁾	2,491		—		13,657		32,204
Net income attributable to Cactus Inc.—diluted⁽¹⁾	$	8,519	$	21,408	$	38,668	$	80,419
Denominator:
Weighted average Class A shares outstanding—basic	47,436		46,881		47,353		42,819
Effect of dilutive shares⁽²⁾	27,931		264		27,994		32,507
Weighted average Class A shares outstanding—diluted ⁽²⁾	75,367		47,145		75,347		75,326

Earnings per Class A share—basic	$	0.13	$	0.46	$	0.53	$	1.13
Earnings per Class A share—diluted ^{(1) (2)}	$	0.11	$	0.45	$	0.51	$	1.07

(1)The numerator is adjusted in the calculation of diluted earnings per share under the if-converted method to include net income attributable to the non-controlling interest calculated as its pre-tax income adjusted for a corporate effective tax rate of 26% for the three and six months ended June 30, 2020 and 24% for the six months ended June 30, 2019.

(2)Diluted earnings per share for both the three and six months ended June 30, 2020 includes 27.9 million weighted average shares of Class B common stock outstanding assuming conversion, plus the dilutive effect of restricted stock unit awards. Diluted earnings per share for the three months ended June 30, 2019 excludes 28.2 million weighted average shares of Class B common stock as the effect would be anti-dilutive. Diluted earnings per share for the six months ended June 30, 2019 includes 32.2 million shares of Class B common stock outstanding assuming conversion, plus the dilutive effect of restricted stock unit awards.