Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of basic and diluted earnings per share

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net income attributable to Cactus Inc.—basic	$	31,425	$	12,617	$	79,185	$	34,569
Net income attributable to non-controlling interest (1)	—		3,400		19,686		9,491
Net income attributable to Cactus Inc.—diluted (1)	$	31,425	$	16,017	$	98,871	$	44,060
Denominator:
Weighted average Class A shares outstanding—basic	60,665		58,248		60,164		54,188
Effect of dilutive shares (2)	441		17,834		16,132		21,857
Weighted average Class A shares outstanding—diluted (2)	61,106		76,082		76,296		76,045
Earnings per Class A share—basic	$	0.52	$	0.22	$	1.32	$	0.64
Earnings per Class A share—diluted (1),(2)	$	0.51	$	0.21	$	1.30	$	0.58

(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 25.0% for the nine months ended September 30, 2022 and 28.0% for the three and nine months ended September 30, 2021.

(2)Diluted earnings per share for the three months ended September 30, 2022 excludes 15.2 million weighted average shares of Class B common stock as the effect would be anti-dilutive.