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Earnings Per Share | 6 Months Ended
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Jun. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share 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.

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