
	Three Months Ended
	March 31,
	2025		2024

	(dollars in thousands, except per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	148,382	$	126,142
Less: Distributed and undistributed earnings allocated to participating securities (1)	(129)		(95)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted	$	148,253	$	126,047

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	213,087,496		212,709,872
Dilutive effect of PRSUs	434,441		500,978
Dilutive effect of options	289,873		599,574
Dilutive effect of RSUs and RSAs	553,747		444,066
Dilutive effect of PSUs	529,861		406,363
Weighted average shares of Class A and Class B common stock outstanding - Diluted	214,895,418		214,660,853

Earnings per share - Basic	$	0.70	$	0.59
Earnings per share - Diluted	$	0.69	$	0.59

(1)During the three months ended March 31, 2025 and 2024, there was a total of 185,309 and 159,957, respectively, weighted average unvested or unsettled vested stock awards 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 held by Continuing LLC Owners are evaluated under the if-converted method. The potential dilutive effect of PRSUs, shares underlying options, RSUs, RSAs and PSUs are evaluated under the treasury stock method.

The following table summarizes the PRSUs, shares underlying options, RSUs, RSAs, PSUs and weighted-average LLC Interests held by Continuing LLC Owners 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:

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.