XML 38 R19.htm IDEA: XBRL DOCUMENT v3.20.4
Earnings Per Share
 12 Months Ended
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 Share202020192018
Numerator:
Net income attributable to APAM$212,617 $156,536 $158,309 
Less: Allocation to participating securities23,268 21,154 19,447 
Net income available to common stockholders$189,349 $135,382 $138,862 
Denominator:
Basic weighted average shares outstanding55,633,529 51,127,929 48,862,435 
Dilutive effect of nonparticipating equity awards4,393 — — 
Diluted weighted average shares outstanding55,637,922 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 Outstanding202020192018
Holdings limited partnership units17,885,335 21,827,809 23,351,440 
Unvested restricted share-based awards5,313,466 5,026,357 4,813,895 
Total23,198,801 26,854,166 28,165,335