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Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Stockholders' Equity
Note 8. Stockholders’ Equity
APAM - Stockholders’ Equity
APAM had the following authorized and outstanding equity as of December 31, 2021 and 2020, respectively:
Outstanding
Common sharesAuthorizedDecember 31, 2021December 31, 2020
Voting Rights (1)
Economic Rights
Class A, par value $0.01 per share
500,000,000 66,699,872 63,131,007 
1 vote per share
Proportionate
Class B, par value $0.01 per share
200,000,000 3,206,580 4,457,958 
1 vote per share
None
Class C, par value $0.01 per share
400,000,000 9,128,617 10,983,145 
1 vote per share
None
(1) The Company’s employees to whom Artisan has granted equity have entered into a stockholders agreement with respect to all shares of APAM common stock they have acquired from the Company and any shares they may acquire from the Company in the future, pursuant to which they granted an irrevocable voting proxy to a Stockholders Committee. As of December 31, 2021, Artisan’s employees held 5,135,864 restricted shares of Class A common stock and all 3,206,580 outstanding shares of Class B common stock, all of which were subject to the agreement.
APAM is dependent on cash generated by Holdings to fund any dividends. Generally, Holdings will make distributions to all of its partners, including APAM, based on the proportionate share of ownership each has in Holdings. APAM will fund dividends to its stockholders from its proportionate share of those distributions after provision for its taxes and other obligations. APAM declared and paid the following dividends per share during the years ended December 31, 2021, 2020 and 2019:
 For the Years Ended December 31,
Type of DividendClass of Stock202120202019
QuarterlyCommon Class A$3.92 $2.79 $2.36 
Special AnnualCommon Class A$0.31 $0.60 $1.03 
The following table summarizes APAM’s stock transactions for the years ended December 31, 2021, 2020 and 2019:
Total Stock Outstanding
Class A Common Stock(1)
Class B Common StockClass C Common Stock
Balance at January 1, 2019
76,942,872 54,071,188 8,645,249 14,226,435 
Holdings Common Unit Exchanges— 1,499,655 (841,885)(657,770)
Restricted Share Award Grants959,000 959,000 — — 
Restricted Share Award Net Share Settlement(82,729)(82,729)— — 
Employee/Partner Terminations(17,289)(17,289)— — 
Balance at December 31, 2019
77,801,854 56,429,825 7,803,364 13,568,665 
2020 Follow-On Offering
— 1,802,326 (1,777,326)(25,000)
Holdings Common Unit Exchanges— 4,128,600 (1,535,275)(2,593,325)
Delivery of Shares Underlying RSUs24,233 24,233 — — 
Restricted Share Award Grants916,085 916,085 — — 
Restricted Share Award Net Share Settlement(126,971)(126,971)— — 
Employee/Partner Terminations(43,091)(43,091)(32,805)32,805 
Balance at December 31, 2020
78,572,110 63,131,007 4,457,958 10,983,145 
2021 Follow-On Offering
— 963,614 (638,614)(325,000)
Holdings Common Unit Exchanges— 2,142,292 (612,764)(1,529,528)
Delivery of Shares Underlying RSUs1,074 1,074 — — 
Restricted Share Award Grants740,249 740,249 — — 
Restricted Share Award Net Share Settlement(177,960)(177,960)— — 
Employee/Partner Terminations(100,404)(100,404)— — 
Balance at December 31, 2021
79,035,069 66,699,872 3,206,580 9,128,617 
(1) There were 327,713, 304,570, and 297,891 restricted stock units outstanding at December 31, 2021, 2020, and 2019, respectively. In addition, there were 135,230 and 60,000 performance share units outstanding at December 31, 2021 and 2020, respectively. Based on the current status of the market and performance conditions, the 135,230 unvested performance share units would ultimately result in the issuance of 135,233 shares of Class A common stock if all other vesting conditions were met. Restricted stock units and performance share units are not reflected in the table because they are not considered outstanding or issued stock.
Each Class A, Class B, Class D and Class E common unit of Holdings (together with the corresponding share of Class B or Class C common stock) is exchangeable for one share of Class A common stock. The corresponding shares of Class B and Class C common stock are immediately canceled upon any such exchange.
Upon termination of employment with Artisan, an employee-partner’s Class B common units are exchanged for Class E common units and the corresponding shares of Class B common stock are canceled. APAM issues the former employee-partner a number of shares of Class C common stock equal to the former employee-partner’s number of Class E common units. Class E common units are exchangeable for Class A common stock subject to the same restrictions and limitations on exchange applicable to the other common units of Holdings.
Artisan Partners Holdings - Partners’ Equity
Holdings makes distributions of its net income to the holders of its partnership units for income taxes as required under the terms of the partnership agreement and also makes additional distributions under the terms of the partnership agreement. The distributions are recorded in the financial statements on the declaration date, or on the payment date in lieu of a declaration date. Holdings’ partnership distributions for the years ended December 31, 2021, 2020 and 2019 were as follows:
 For the Years Ended December 31,
202120202019
Holdings Partnership Distributions to Limited Partners$93,189 $85,805 $94,842 
Holdings Partnership Distributions to APAM400,191 270,044 226,245 
Total Holdings Partnership Distributions$493,380 $355,849 $321,087 
The distributions are recorded as a reduction to consolidated stockholders’ equity, with the exception of distributions made to APAM, which are eliminated upon consolidation.