Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income attributable to Cactus Inc.—basic	$	24,750	$	27,144	$	67,644	$	47,760
Net income attributable to non-controlling interest (1)	—		6,759		13,114		11,779
Net income attributable to Cactus Inc.—diluted (1)	$	24,750	$	33,903	$	80,758	$	59,539
Denominator:
Weighted average Class A shares outstanding—basic	64,566		60,523		64,155		59,909
Effect of dilutive shares (2)	437		15,799		15,357		16,353
Weighted average Class A shares outstanding—diluted (2)	65,003		76,322		79,512		76,262
Earnings per Class A share—basic	$	0.38	$	0.45	$	1.05	$	0.80
Earnings per Class A share—diluted (1)(2)	$	0.38	$	0.44	$	1.02	$	0.78

(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 26.0% for the six months ended June 30, 2023 and 25.0% for the three and six months ended June 30, 2022.

(2)Diluted earnings per share for the three months ended June 30, 2023 excludes 14.9 million weighted average shares of Class B common stock as the effect would be anti-dilutive.