Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

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. (post-IPO period):

	Year Ended
	December 31,
EPS: Post-IPO net income attributable to Tradeweb Markets Inc.	2021		2020		2019
	(in thousands, except share and per share amounts)
Numerator:
Post-IPO net income attributable to Tradeweb Markets Inc.	$	226,828	$	166,296	$	83,769
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	201,419,081		180,409,462		148,013,274
Dilutive effect of equity-settled PRSUs	2,067,558		2,472,801		2,464,137
Dilutive effect of options	3,473,549		5,179,109		6,062,835
Dilutive effect of RSUs	294,652		161,660		—
Weighted average shares of Class A and Class B common stock outstanding - Diluted	207,254,840		188,223,032		156,540,246
Earnings per share - Basic	$	1.13	$	0.92	$	0.57
Earnings per share - Diluted	$	1.09	$	0.88	$	0.54

The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets LLC (pre-IPO period):

	Year Ended
	December 31,
EPS: Pre-IPO net income attributable to Tradeweb Markets LLC (1)	2019
(in thousands, except share and per share amounts)
Numerator:
Pre-IPO net income attributable to Tradeweb Markets LLC	$	42,352
Denominator:
Weighted average LLC Interests outstanding - Basic	222,222,197
Dilutive effect of equity-settled PRSUs	1,098,260
Weighted average LLC Interests outstanding - Diluted	223,320,457
Earnings per share - Basic	$	0.19
Earnings per share - Diluted	$	0.19

(1)Earnings per share and weighted average shares outstanding for the pre-IPO periods have been computed to give effect to the Reorganization Transactions, including the amendment and restatement of the TWM LLC Agreement to, among other things, (i) provide for LLC Interests and (ii) exchange all of the then existing membership interests in TWM LLC for LLC interests.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the PRSUs, shares underlying options, RSUs and weighted-average LLC Interests that were anti-dilutive for the post-IPO periods indicated. As a result, these shares, which were outstanding, were excluded from the computation of diluted earnings per share for the post-IPO periods indicated:

	Year Ended
	December 31,
	2021	2020	2019
Anti-dilutive Shares:
Equity-settled PRSUs	—	—	—
Options	—	264,376	128,125
RSUs	—	443	—
LLC Interests	30,699,577	45,828,289	74,279,741