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Earnings Per Share

12 Months Ended

Dec. 31, 2019

Note 12. Earnings Per Share

The computation of basic and diluted earnings per share under the two-class method for the years ended December 31, 2019, 2018 and 2017 were as follows:


	For the Years Ended December 31,
Basic and Diluted Earnings Per Share	2019		2018		2017
Numerator:
Net income attributable to APAM	$	156,536	$	158,309	$	49,599
Less: Allocation to participating securities	21,154		19,447		16,026
Net income available to common stockholders	$	135,382	$	138,862	$	33,573
Denominator:
Weighted average shares outstanding	51,127,929		48,862,435		44,647,318
Earnings per share	$	2.65	$	2.84	$	0.75

Allocation to participating securities in the table above primarily represents dividends paid to holders of unvested restricted share-based awards, which reduces net income available to common stockholders.

There were no dilutive securities outstanding during the years ended December 31, 2019, 2018 and 2017. The Holdings limited partnership units are anti-dilutive primarily due to the impact of public company expenses. Unvested restricted share-based awards are considered participating securities and are therefore anti-dilutive.

The following table summarizes the weighted-average shares outstanding that are excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive:


	For the Years Ended December 31,
Anti-Dilutive Weighted Average Shares Outstanding	2019	2018	2017
Holdings limited partnership units	21,827,809	23,351,440	26,837,118
Unvested restricted share-based awards	5,026,357	4,813,895	4,153,260
Total	26,854,166	28,165,335	30,990,378