Earnings Per Share

6 Months Ended

Jun. 30, 2022

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021

	(in thousands, except share and per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	68,344	$	55,316	$	151,309	$	123,175
Less: Distributed and undistributed earnings allocated to unvested RSUs and unsettled vested PRSUs (1)	(26)		—		(53)		—
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted	$	68,318	$	55,316	$	151,256	$	123,175

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	204,501,035		201,749,985		204,282,406		200,414,714
Dilutive effect of PRSUs	782,955		2,021,234		765,497		1,926,771
Dilutive effect of options	1,839,177		3,461,230		2,080,602		3,656,412
Dilutive effect of RSUs	149,508		231,511		242,867		255,859
Weighted average shares of Class A and Class B common stock outstanding - Diluted	207,272,675		207,463,960		207,371,372		206,253,756

Earnings per share - Basic	$	0.33	$	0.27	$	0.74	$	0.61
Earnings per share - Diluted	$	0.33	$	0.27	$	0.73	$	0.60

(1)During the three and six months ended June 30, 2022, there was a total of 76,426 and 80,778, respectively, weighted average unvested RSUs and unsettled vested PRSUs that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method. There were none during the three and six months ended June 30, 2021.

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. The potential dilutive effect of LLC Interests are evaluated under the if-converted method. The potential dilutive effect of PRSUs, shares underlying options and RSUs are evaluated under the treasury stock method.

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


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2022	2021	2022	2021


Anti-dilutive Shares:
PRSUs	378,265	—	—	—
Options	—	—	—	—
RSUs	338,109	—	43,255	—
LLC Interests	29,971,658	30,531,933	30,133,370	30,871,285

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.