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 six months ended June 30, 2026 and 2025 were as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Basic and Diluted Earnings Per Share	2026		2025		2026		2025
Numerator:
Net income attributable to APAM	$	80,828	$	67,555	$	138,869	$	128,694
Less: Allocation to participating securities	6,953		5,974		13,051		11,886
Net income available to common stockholders	$	73,875	$	61,581	$	125,818	$	116,808
Denominator:
Basic weighted average shares outstanding	66,355,850		65,645,108		66,241,557		65,509,947
Dilutive effect of nonparticipating share-based awards	—		—		—		—
Diluted weighted average shares outstanding	66,355,850		65,645,108		66,241,557		65,509,947
Earnings per share - Basic	$	1.11	$	0.94	$	1.90	$	1.78
Earnings per share - Diluted	$	1.11	$	0.94	$	1.90	$	1.78

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 June 30,		For the Six Months Ended June 30,
Anti-Dilutive Weighted Average Shares Outstanding	2026	2025	2026	2025
Holdings limited partnership units	10,064,323	10,235,519	10,098,500	10,254,947
Unvested restricted share-based awards	5,212,541	5,366,155	5,150,928	5,379,080
Total	15,276,864	15,601,674	15,249,428	15,634,027