| Schedule of Basic and Diluted 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 | | Nine Months Ended | | | September 30, | | September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | (dollars in thousands, except per share amounts) | | Numerator: | | | | | | | | | | Net income attributable to Tradeweb Markets Inc. | | $ | 197,457 | | | $ | 185,636 | | | $ | 584,059 | | | $ | 487,800 | | Less: Distributed and undistributed earnings allocated to participating securities (1) | | (73) | | | (138) | | | (211) | | | (379) | | | Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted | | $ | 197,384 | | | $ | 185,498 | | | $ | 583,848 | | | $ | 487,421 | | | | | | | | | | | | Denominator: | | | | | | | | | | Weighted average shares of Class A and Class B common stock outstanding - Basic | | 210,409,905 | | | 213,359,090 | | | 211,844,545 | | | 213,263,111 | | | Dilutive effect of PRSUs | | 124,246 | | | 467,912 | | | 41,415 | | | 451,111 | | | Dilutive effect of options | | 148,809 | | | 288,067 | | | 172,969 | | | 290,111 | | | Dilutive effect of RSUs and RSAs | | 185,598 | | | 353,785 | | | 246,895 | | | 412,545 | | | Dilutive effect of PSUs | | 35,289 | | | 514,632 | | | 27,054 | | | 534,401 | | | Weighted average shares of Class A and Class B common stock outstanding - Diluted | | 210,903,847 | | | 214,983,486 | | | 212,332,878 | | | 214,951,279 | | | | | | | | | | | | Earnings per share - Basic | | $ | 0.94 | | | $ | 0.87 | | | $ | 2.76 | | | $ | 2.29 | | | Earnings per share - Diluted | | $ | 0.94 | | | $ | 0.86 | | | $ | 2.75 | | | $ | 2.27 | |
(1)During the three months ended September 30, 2026 and 2025, there was a total of 77,847 and 159,088, respectively, and during the nine months ended September 30, 2026 and 2025, there was a total of 76,448 and 165,713, 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.
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| Schedule of Antidilutive Shares |
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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, | | September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | Anti-dilutive Shares: | | | | | | | | | | PRSUs | | — | | | — | | | — | | | — | | | Options | | — | | | — | | | — | | | — | | | RSUs and RSAs | | 437,271 | | | 197,101 | | | 411,080 | | | 4,361 | | | PSUs | | — | | | — | | | — | | | — | | | LLC Interests | | 23,056,868 | | | 23,062,320 | | | 23,056,868 | | | 23,065,139 | |
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