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Earnings Per Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | 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.:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (dollars in thousands, except per share amounts)
Numerator: |  |  |  |  |  |  |  |
Net income attributable to Tradeweb Markets Inc. |  | $ | 119,239 |  |  | $ | 89,082 |  |  | $ | 245,381 |  |  | $ | 176,938 |
Less: Distributed and undistributed earnings allocated to unvested RSUs and unsettled vested PRSUs (1) |  | (70) |  |  | (102) |  |  | (164) |  |  | (225) |
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted |  | $ | 119,169 |  |  | $ | 88,980 |  |  | $ | 245,217 |  |  | $ | 176,713 |
Denominator: |  |  |  |  |  |  |  |
Weighted average shares of Class A and Class B common stock outstanding - Basic |  | 213,162,158 |  |  | 211,569,728 |  |  | 212,936,015 |  |  | 209,847,153 |
Dilutive effect of PRSUs |  | 568,304 |  |  | 350,713 |  |  | 534,583 |  |  | 318,638 |
Dilutive effect of options |  | 449,252 |  |  | 1,143,376 |  |  | 524,413 |  |  | 1,306,297 |
Dilutive effect of RSUs |  | 252,498 |  |  | 92,936 |  |  | 348,282 |  |  | 187,726 |
Dilutive effect of PSUs |  | 463,735 |  |  | — |  |  | 435,049 |  |  | — |
Weighted average shares of Class A and Class B common stock outstanding - Diluted |  | 214,895,947 |  |  | 213,156,753 |  |  | 214,778,342 |  |  | 211,659,814 |
Earnings per share - Basic |  | $ | 0.56 |  |  | $ | 0.42 |  |  | $ | 1.15 |  |  | $ | 0.84 |
Earnings per share - Diluted |  | $ | 0.55 |  |  | $ | 0.42 |  |  | $ | 1.14 |  |  | $ | 0.83 |
(1)During the three months ended June 30, 2024 and 2023, there was a total of 125,012 and 241,963 and during the six months ended June 30, 2024 and 2023, there was a total of 142,484 and 266,790, 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. LLC Interests held by 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, as applicable, 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, RSUs and PSUs are evaluated under the treasury stock method. The following table summarizes the PRSUs, shares underlying options, RSUs, PSUs 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,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Anti-dilutive Shares: |  |  |  |  |  |  |  |
PRSUs |  | — |  |  | — |  |  | — |  |  | — |
Options |  | — |  |  | — |  |  | — |  |  | — |
RSUs |  | 964 |  |  | 113,873 |  |  | 964 |  |  | 113,873 |
PSUs |  | — |  |  | — |  |  | — |  |  | — |
LLC Interests |  | 23,077,698 |  |  | 23,153,250 |  |  | 23,077,836 |  |  | 24,738,197 |
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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