Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of basic and Diluted earnings per share


	Successor		Successor		Predecessor		Predecessor
	Three Months Ended		October 1, 2018 to		January 1, 2018 to		Year Ended
	March 31,		December 31,		September 30,		December 31,
EPS: Pre-IPO net income attributable to Tradeweb Markets LLC(1)	2019		2018		2018		2017
		(in thousands, except share and per share amounts)
Numerator:
Pre-IPO net income attributable to Tradeweb Markets LLC	$	42,352	$	29,307	$	130,160	$	83,648

Denominator:
Weighted average LLC Interests outstanding - Basic		222,222,197		222,221,628		215,365,920		212,568,635
Dilutive effect of equity-settled PRSUs		1,098,260		22,223		—		—
Weighted average LLC Interests outstanding - Diluted		223,320,457		222,243,851		215,365,920		212,568,635

Earnings per share - Basic	$	0.19	$	0.13	$	0.60	$	0.39
Earnings per share - Diluted	$	0.19	$	0.13	$	0.60	$	0.39

(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
	Nine Months Ended
EPS: Post-IPO net income attributable to Tradeweb Markets Inc.	December 31,
(in thousands, except share and per share amounts)	2019
Numerator:
Post-IPO net income attributable to Tradeweb Markets Inc.	$	83,769

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic		148,013,274
Dilutive effect of equity-settled PRSUs		2,464,137
Dilutive effect of options		6,062,835
Weighted average shares of Class A and Class B common stock outstanding - Diluted		156,540,246

Earnings per share - Basic	$	0.57
Earnings per share - Diluted	$	0.54