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Earnings Per Share
 12 Months Ended
Dec. 31, 2021
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, 2021, 2020 and 2019 were as follows:
 For the Years Ended December 31,
Basic and Diluted Earnings Per Share202120202019
Numerator:
Net income attributable to APAM$336,516 $212,617 $156,536 
Less: Allocation to participating securities31,430 23,268 21,154 
Net income available to common stockholders$305,086 $189,349 $135,382 
Denominator:
Basic weighted average shares outstanding59,866,790 55,633,529 51,127,929 
Dilutive effect of nonparticipating equity awards14,249 4,393 — 
Diluted weighted average shares outstanding59,881,039 55,637,922 51,127,929 
Earnings per share - Basic$5.10 $3.40 $2.65 
Earnings per share - Diluted$5.09 $3.40 $2.65 
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 Outstanding202120202019
Holdings limited partnership units14,167,538 17,885,335 21,827,809 
Unvested restricted share-based awards5,410,221 5,313,466 5,026,357 
Total19,577,759 23,198,801 26,854,166