Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2024

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,
	2024		2023		2024		2023
Numerator:
Net income attributable to Cactus Inc.—basic	$	49,927	$	52,580	$	138,720	$	120,224
Net income attributable to non-controlling interest (1)	9,567		—		27,998		24,874
Net income attributable to Cactus Inc.—diluted (1)	$	59,494	$	52,580	$	166,718	$	145,098
Denominator:
Weighted average Class A shares outstanding—basic	66,563		64,879		66,030		64,399
Effect of dilutive shares (2)	13,627		607		13,747		15,233
Weighted average Class A shares outstanding—diluted (2)	80,190		65,486		79,777		79,632
Earnings per Class A share—basic	$	0.75	$	0.81	$	2.10	$	1.87
Earnings per Class A share—diluted (1)(2)	$	0.74	$	0.80	$	2.09	$	1.82

(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 nine months ended September 30, 2024, and for the nine months ended September 30, 2023.

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