Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2023

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,
	2023		2022		2023		2022
Numerator:
Net income attributable to Cactus Inc.—basic	$	52,580	$	31,425	$	120,224	$	79,185
Net income attributable to non-controlling interest (1)	—		—		24,874		19,686
Net income attributable to Cactus Inc.—diluted (1)	$	52,580	$	31,425	$	145,098	$	98,871
Denominator:
Weighted average Class A shares outstanding—basic	64,879		60,665		64,399		60,164
Effect of dilutive shares (2)	607		441		15,233		16,132
Weighted average Class A shares outstanding—diluted (2)	65,486		61,106		79,632		76,296

Earnings per Class A share—basic	$	0.81	$	0.52	$	1.87	$	1.32
Earnings per Class A share—diluted (1)(2)	$	0.80	$	0.51	$	1.82	$	1.30

(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 nine months ended September 30, 2023 and 25.0% for the nine months ended September 30, 2022.

(2)Diluted earnings per share for the three months ended September 30, 2023 and 2022 excludes 14.6 million and 15.2 million, respectively, of weighted average shares of Class B common stock as the effect would be anti-dilutive.