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Earnings Per Share | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Earnings Per Share | Note 12. Earnings Per Share The computation of basic and diluted earnings per share for the years ended December 31, 2020, 2019 and 2018 were as follows:
| For the Years Ended December 31,
Basic and Diluted Earnings Per Share | 2020 |  | 2019 |  | 2018
Numerator: |  |  |  |  |
Net income attributable to APAM | $ | 212,617 |  |  | $ | 156,536 |  |  | $ | 158,309 |
Less: Allocation to participating securities | 23,268 |  |  | 21,154 |  |  | 19,447 |
Net income available to common stockholders | $ | 189,349 |  |  | $ | 135,382 |  |  | $ | 138,862 |
Denominator: |  |  |  |  |
Basic weighted average shares outstanding | 55,633,529 |  |  | 51,127,929 |  |  | 48,862,435 |
Dilutive effect of nonparticipating equity awards | 4,393 |  |  | — |  |  | — |
Diluted weighted average shares outstanding | 55,637,922 |  |  | 51,127,929 |  |  | 48,862,435 |
Earnings per share - Basic | $ | 3.40 |  |  | $ | 2.65 |  |  | $ | 2.84 |
Earnings per share - Diluted | $ | 3.40 |  |  | $ | 2.65 |  |  | $ | 2.84 |
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. The Holdings limited partnership units are anti-dilutive primarily due to the impact of public company expenses. Unvested restricted share-based awards with non-forfeitable dividend rights during the vesting period 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 | 2020 |  | 2019 |  | 2018
Holdings limited partnership units | 17,885,335 |  |  | 21,827,809 |  |  | 23,351,440 |
Unvested restricted share-based awards | 5,313,466 |  |  | 5,026,357 |  |  | 4,813,895 |
Total | 23,198,801 |  |  | 26,854,166 |  |  | 28,165,335 |

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