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Earnings Per Share
 9 Months Ended
Sep. 30, 2022
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 three and nine months ended September 30, 2022 and 2021 were as follows:
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
Basic and Diluted Earnings Per Share2022202120222021
Numerator:
Net income attributable to APAM$44,235 $86,413 $153,947 $251,898 
Less: Allocation to participating securities3,651 8,226 18,675 23,260 
Net income available to common stockholders$40,584 $78,187 $135,272 $228,638 
Denominator:
Basic weighted average shares outstanding62,623,434 59,965,549 62,329,756 59,519,634 
Dilutive effect of nonparticipating share-based awards9,226 17,225 23,519 16,260 
Diluted weighted average shares outstanding62,632,660 59,982,774 62,353,275 59,535,894 
Earnings per share - Basic $0.65 $1.30 $2.17 $3.84 
Earnings per share - Diluted$0.65 $1.30 $2.17 $3.84 
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 Three Months Ended September 30, For the Nine Months Ended September 30,
Anti-Dilutive Weighted Average Shares Outstanding2022202120222021
Holdings limited partnership units11,928,838 14,146,934 12,145,755 14,486,932 
Unvested restricted share-based awards5,668,508 5,417,353 5,587,842 5,438,556 
Total17,597,346 19,564,287 17,733,597 19,925,488