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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Note 8. Stockholders’ Equity APAM - Stockholders’ Equity APAM had the following authorized and outstanding equity as of September 30, 2023 and December 31, 2022, respectively:
|  |  | Outstanding |  |  |  |
| Authorized |  | As of September 30, 2023 |  | As of December 31, 2022 |  | Voting Rights (1) |  | Economic Rights
Common shares |  |  |  |  |  |  |  |  |
Class A, par value $0.01 per share | 500,000,000 |  |  | 68,481,220 |  |  | 67,982,025 |  |  | 1 vote per share |  | Proportionate
Class B, par value $0.01 per share | 200,000,000 |  |  | 2,456,534 |  |  | 2,583,884 |  |  | 1 vote per share |  | None
Class C, par value $0.01 per share | 400,000,000 |  |  | 9,024,947 |  |  | 9,040,147 |  |  | 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 September 30, 2023, Artisan’s employees held 5,242,987 restricted shares of Class A common stock and all 2,456,534 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 three and nine months ended September 30, 2023 and 2022:
Type of Dividend |  | Class of Stock |  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Quarterly |  | Class A Common |  | $ | 0.61 |  |  | $ | 0.60 |  |  | $ | 1.66 |  |  | $ | 2.39 |
Special Annual |  | Class A Common |  | $ | — |  |  | $ | — |  |  | $ | 0.35 |  |  | $ | 0.72 |
The following table summarizes APAM’s stock transactions for the nine months ended September 30, 2023:
| Total Stock Outstanding | Class A Common Stock(1) | Class B Common Stock | Class C Common Stock |  |
Balance at December 31, 2022 | 79,606,056 |  | 67,982,025 |  | 2,583,884 |  | 9,040,147 |  |  |
Holdings Common Unit Exchanges | — |  | 142,550 |  | (127,350) |  | (15,200) |  |  |
Restricted Share Award Grants | 515,702 |  | 515,702 |  | — |  | — |  |  |
Restricted Share Award Net Share Settlement | (187,287) |  | (187,287) |  | — |  | — |  |  |
Delivery of Shares Underlying RSUs and PSUs | 46,146 |  | 46,146 |  | — |  | — |  |  |
Employee/Partner Terminations | (17,916) |  | (17,916) |  | — |  | — |  |  |
Balance at September 30, 2023 | 79,962,701 |  | 68,481,220 |  | 2,456,534 |  | 9,024,947 |  |  |
(1) There were 415,112 and 367,392 restricted stock units outstanding at September 30, 2023 and December 31, 2022, respectively. In addition, there were 216,170 and 231,170 performance share units outstanding at September 30, 2023 and December 31, 2022, respectively. Based on the quarter-end status of the market and performance conditions, the 216,170 unvested performance share units would ultimately result in the issuance of 264,143 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 as required. 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 three and nine months ended September 30, 2023 and 2022 were as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Holdings Partnership Distributions to Limited Partners | $ | 12,883 |  |  | $ | 12,026 |  |  | $ | 30,341 |  |  | $ | 43,721 |
Holdings Partnership Distributions to APAM | 72,419 |  |  | 64,441 |  |  | 169,102 |  |  | 227,165 |
Total Holdings Partnership Distributions | $ | 85,302 |  |  | $ | 76,467 |  |  | $ | 199,443 |  |  | $ | 270,886 |
The distributions are recorded as a reduction to consolidated stockholders’ equity, with the exception of distributions made to APAM, which are eliminated upon consolidation.

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