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Earnings Per Share
 9 Months Ended
Sep. 30, 2025
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, 2025 and 2024 were as follows:
For the Three Months Ended September 30,
 For the Nine Months Ended September 30,
Basic and Diluted Earnings Per Share2025202420252024
Numerator:
Net income attributable to APAM$66,830 $72,990 $195,524 $190,045 
Less: Allocation to participating securities5,582 6,176 16,384 16,068 
Net income available to common stockholders$61,248 $66,814 $179,140 $173,977 
Denominator:
Basic weighted average shares outstanding65,666,782 65,123,054 65,562,800 64,802,431 
Dilutive effect of nonparticipating share-based awards— 39,844 — 37,625 
Diluted weighted average shares outstanding65,666,782 65,162,898 65,562,800 64,840,056 
Earnings per share - Basic $0.93 $1.03 $2.73 $2.68 
Earnings per share - Diluted$0.93 $1.03 $2.73 $2.68 
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 Outstanding2025202420252024
Holdings limited partnership units10,235,519 10,353,310 10,248,400 10,574,160 
Unvested restricted share-based awards5,334,895 5,460,311 5,364,190 5,484,250 
Total15,570,414 15,813,621 15,612,590 16,058,410