Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Authorized and outstanding equity

APAM had the following authorized and outstanding equity as of December 31, 2020 and 2019, respectively:

Outstanding

Authorized

December 31, 2020

December 31, 2019

Voting Rights (1)

Economic Rights

Common shares

Class A, par value $0.01 per share

500,000,000

63,131,007

56,429,825

1 vote per share

Proportionate

Class B, par value $0.01 per share

200,000,000

4,457,958

7,803,364

1 vote per share

None

Class C, par value $0.01 per share

400,000,000

10,983,145

13,568,665

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, 2020, Artisan’s employees held 5,183,747 restricted shares of Class A common stock and all 4,457,958 outstanding shares of Class B common stock, all of which were subject to the agreement.

Dividends Declared

APAM declared and paid the following dividends per share during the years ended December 31, 2020, 2019 and 2018:


Type of Dividend	Class of Stock	For the Years Ended December 31,
		2020		2019		2018
Quarterly	Common Class A	$	2.79	$	2.36	$	2.40
Special Annual	Common Class A	$	0.60	$	1.03	$	0.79

Schedule of Stock by Class

The following table summarizes APAM’s stock transactions for the years ended December 31, 2020, 2019 and 2018:


	Total Stock Outstanding	Class A Common Stock(1)	Class B Common Stock	Class C Common Stock
Balance at January 1, 2018	75,569,845	50,463,126	11,922,192	13,184,527
2018 Follow-On Offering	—	644,424	(644,424)	—
Holdings Common Unit Exchanges	—	1,590,611	(606,066)	(984,545)
Restricted Share Award Grants	1,517,724	1,517,724	—	—
Restricted Share Award Net Share Settlement	(77,442)	(77,442)	—	—
Employee/Partner Terminations	(67,255)	(67,255)	(2,026,453)	2,026,453
Balance at December 31, 2018	76,942,872	54,071,188	8,645,249	14,226,435

Holdings Common Unit Exchanges	—	1,499,655	(841,885)	(657,770)
Restricted Share Award Grants	959,000	959,000	—	—
Restricted Share Award Net Share Settlement	(82,729)	(82,729)	—	—
Employee/Partner Terminations	(17,289)	(17,289)	—	—
Balance at December 31, 2019	77,801,854	56,429,825	7,803,364	13,568,665
2020 Follow-On Offering	—	1,802,326	(1,777,326)	(25,000)
Holdings Common Unit Exchanges	—	4,128,600	(1,535,275)	(2,593,325)
Delivery of Shares Underlying RSUs	24,233	24,233	—	—
Restricted Share Award Grants	916,085	916,085	—	—
Restricted Share Award Net Share Settlement	(126,971)	(126,971)	—	—
Employee/Partner Terminations	(43,091)	(43,091)	(32,805)	32,805
Balance at December 31, 2020	78,572,110	63,131,007	4,457,958	10,983,145
(1) There were 304,570, 297,891, and 246,581 restricted stock units outstanding at December 31, 2020, 2019, and 2018, respectively. In addition, there were 60,000 performance share units outstanding at December 31, 2020. Based on the current status of the market and performance conditions, the 60,000 unvested performance share units would ultimately result in the issuance of 90,000 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.

Distributions

Holdings’ partnership distributions for the years ended December 31, 2020, 2019 and 2018 were as follows:


	For the Years Ended December 31,
	2020		2019		2018
Holdings Partnership Distributions to Limited Partners	$	85,805	$	94,842	$	103,434
Holdings Partnership Distributions to APAM	270,044		226,245		217,396
Total Holdings Partnership Distributions	$	355,849	$	321,087	$	320,830