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Earnings Per Share
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share
Note 12. Earnings Per Share
Basic earnings per share is computed under the two-class method by dividing income available to Class A common stockholders by the weighted average number of Class A common shares outstanding during the period. Unvested restricted share-based awards are excluded from the number of Class A common shares outstanding for the basic earnings per share calculation because the shares have not yet been earned by employees. Income available to Class A common stockholders is computed by reducing net income attributable to APAM by earnings (both distributed and undistributed) allocated to participating securities, according to their respective rights to participate in those earnings. Except for certain performance share units, unvested share-based awards are participating securities because the awards include non-forfeitable dividend rights during the vesting period. Class B and Class C common shares do not share in profits of APAM and therefore are not reflected in the calculations.
Diluted earnings per share is computed under the more dilutive of the treasury stock method or the two-class method. The weighted average number of Class A common shares outstanding during the period is increased by the assumed conversion of nonparticipating unvested share-based awards into Class A common stock using the treasury stock method.
The computation of basic and diluted earnings per share for the six months ended June 30, 2021 and 2020 were as follows:
For the Three Months Ended June 30,For the Six Months Ended June 30,
Basic and Diluted Earnings Per Share2021202020212020
Numerator:
Net income attributable to APAM$88,207 $46,151 $165,485 $80,976 
Less: Allocation to participating securities8,765 6,001 15,120 12,155 
Net income available to common stockholders$79,442 $40,150 $150,365 $68,821 
Denominator:
Basic weighted average shares outstanding59,821,804 55,884,366 59,292,982 54,574,923 
Dilutive effect of nonparticipating share-based awards16,570 — 15,777 — 
Diluted weighted average shares outstanding59,838,374 55,884,366 59,308,759 54,574,923 
Earnings per share - Basic $1.33 $0.72 $2.54 $1.26 
Earnings per share - Diluted$1.33 $0.72 $2.54 $1.26 
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 Three Months Ended June 30,For the Six Months Ended June 30,
Anti-Dilutive Weighted Average Shares Outstanding2021202020212020
Holdings limited partnership units14,255,722 17,692,268 14,659,748 18,880,709 
Unvested restricted share-based awards5,577,070 5,402,581 5,463,556 5,290,103 
Total19,832,792 23,094,849 20,123,304 24,170,812