Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of basic and Diluted earnings per share


	Successor		Predecessor
	Nine Months		Three Months		Nine Months
	Ended		Ended		Ended
	September 30,		September 30,		September 30,
	2019		2018		2018
EPS: Pre-IPO net income attributable to Tradeweb Markets LLC(1)	(in thousands, except share and per share amounts)
Numerator:
Pre-IPO net income attributable to Tradeweb Markets LLC	$	42,352	$	45,955	$	130,160

Denominator:
Weighted average LLC Interests outstanding - Basic		222,222,197		219,165,997		215,365,920
Dilutive effect of equity-settled PRSUs		1,098,260		—		—
Weighted average LLC Interests outstanding - Diluted		223,320,457		219,165,997		215,365,920

Earnings per share - Basic	$	0.19	$	0.21	$	0.60
Earnings per share - Diluted	$	0.19	$	0.21	$	0.60

(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.

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


	Successor
	Three Months		Nine Months
	Ended		Ended
	September 30,		September 30,
	2019		2019
EPS: Post-IPO net income attributable to Tradeweb Markets Inc.	(in thousands, except share and per share amounts)
Numerator:
Post-IPO net income attributable to Tradeweb Markets Inc.	$	29,612	$	42,440

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic		142,935,206		142,934,221
Dilutive effect of equity-settled PRSUs		2,492,381		2,355,938
Dilutive effect of options		5,935,056		5,868,601
Weighted average shares of Class A and Class B common stock outstanding - Diluted		151,362,643		151,158,760

Earnings per share - Basic	$	0.21	$	0.30
Earnings per share - Diluted	$	0.20	$	0.28