Earnings Per Share

3 Months Ended

Mar. 31, 2021

The following table summarizes the calculations of basic and diluted earnings per share of Class A and Class B common stock for Tradeweb Markets Inc.:


	Three Months Ended
	March 31,
	2021		2020

	(in thousands, except share and per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	67,859	$	43,928

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	199,064,607		166,234,749
Dilutive effect of equity-settled PRSUs	1,832,308		2,038,422
Dilutive effect of options	3,851,594		6,221,549
Dilutive effect of RSUs	280,208		22,524
Weighted average shares of Class A and Class B common stock outstanding - Diluted	205,028,717		174,517,244

Earnings per share - Basic	$	0.34	$	0.26
Earnings per share - Diluted	$	0.33	$	0.25

For the three months ended March 31, 2021, there were approximately 60,315 weighted-average RSUs and 77,692 PRSUs that were anti-dilutive. As a result, these shares, which are still outstanding, were excluded from the computation of diluted earnings per share. For the three months ended March 31, 2020, there were approximately 378,124 weighted-average shares underlying options that were anti-dilutive and thus excluded from the computation of diluted earnings per share.

LLC Interests held by the Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for shares of Class A or Class B common stock of Tradeweb Markets Inc. After evaluating the potential dilutive effect under the if-converted method, for the three months ended March 31, 2021 and 2020, there were 31,214,407 and 57,644,547 weighted-average LLC Interests, respectively, from the assumed exchange of non-controlling interests that were determined to be anti-dilutive and thus were excluded from the computation of diluted earnings per share.

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share and are not participating securities for purposes of the computation of diluted earnings per share.