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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Stockholders' Equity | Note 8. Stockholders’ Equity APAM - Stockholders’ Equity APAM had the following authorized and outstanding equity as of December 31, 2023 and 2022, respectively:
|  |  | Outstanding |  |  |  |
Common shares | Authorized |  | December 31, 2023 |  | December 31, 2022 |  | Voting Rights (1) |  | Economic Rights
Class A, par value $0.01 per share | 500,000,000 |  |  | 68,554,078 |  |  | 67,982,025 |  |  | 1 vote per share |  | Proportionate
Class B, par value $0.01 per share | 200,000,000 |  |  | 2,435,739 |  |  | 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 December 31, 2023, Artisan’s employees held 5,241,153 restricted shares of Class A common stock and all 2,435,739 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, 2023, 2022 and 2021:
|  |  |  | For the Years Ended December 31,
Type of Dividend |  | Class of Stock |  | 2023 |  | 2022 |  | 2021
Quarterly |  | Common Class A |  | $ | 2.31 |  |  | $ | 2.95 |  |  | $ | 3.92 |
Special Annual |  | Common Class A |  | $ | 0.35 |  |  | $ | 0.72 |  |  | $ | 0.31 |
The following table summarizes APAM’s stock transactions for the years ended December 31, 2023, 2022 and 2021:
| Total Stock Outstanding | Class A Common Stock(1) | Class B Common Stock | Class C Common Stock
Balance at January 1, 2021 | 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 RSUs | 1,074 |  | 1,074 |  | — |  | — |
Restricted Share Award Grants | 740,249 |  | 740,249 |  | — |  | — |
Restricted Share 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 |
Holdings Common Unit Exchanges | — |  | 711,166 |  | (622,696) |  | (88,470) |
Delivery of Shares Underlying RSUs | 1,060 |  | 1,060 |  | — |  | — |
Restricted Share Award Grants | 787,372 |  | 787,372 |  |  | — |
Restricted Share Net Share Settlement | (198,774) |  | (198,774) |  | — |  | — |
Employee/Partner Terminations | (18,671) |  | (18,671) |  | — |  | — |
Balance at December 31, 2022 | 79,606,056 |  | 67,982,025 |  | 2,583,884 |  | 9,040,147 |
Holdings Common Unit Exchanges | — |  | 163,345 |  | (148,145) |  | (15,200) |
Delivery of Shares Underlying RSUs | 100,043 |  | 100,043 |  | — |  | — |
Restricted Share Award Grants | 515,702 |  | 515,702 |  | — |  | — |
Restricted Share Net Share Settlement | (187,287) |  | (187,287) |  | — |  | — |
Employee/Partner Terminations | (19,750) |  | (19,750) |  | — |  | — |
Balance at December 31, 2023 | 80,014,764 |  | 68,554,078 |  | 2,435,739 |  | 9,024,947 |
(1) There were 361,215, 367,392, and 327,713 restricted stock units outstanding at December 31, 2023, 2022, and 2021, respectively. In addition, there were 216,170, 231,170, and 135,230 performance share units outstanding at December 31, 2023, 2022, and 2021, respectively. Based on the current 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 years ended December 31, 2023, 2022 and 2021 were as follows:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Holdings Partnership Distributions to Limited Partners | $ | 44,732 |  |  | $ | 57,199 |  |  | $ | 93,189 |
Holdings Partnership Distributions to APAM | 248,278 |  |  | 299,040 |  |  | 400,191 |
Total Holdings Partnership Distributions | $ | 293,010 |  |  | $ | 356,239 |  |  | $ | 493,380 |
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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