An articular disc prosthesis and method of implanting the same within an intervertebral space between adjacent vertebral bodies. The prosthesis includes a pair of articular components and an articular ball disposed therebetween. Each of the articular components includes an outer shell portion and a removable inner insert portion. The insert portion includes a concave articular surface sized and shaped to receive a portion of the articular ball to provide articulating motion between the articular components. The outer shell portion includes a central hemi-cylindrical portion, a pair of laterally extending flanges, and an axially extending lip. Following removal of the natural intervertebral disc, a pair of hemi-cylindrical recesses are formed along a central region of the adjacent vertebral bodies to a predetermined depth. The prosthesis is implanted within the prepared disc space by axially displacing the hemi-cylindrical central portions of the articular components along the hemi-cylindrical recesses in the vertebral bodies. The lateral flanges and the axial lip of the articular components bear against the endplates of the adjacent vertebral bodies to stabilize the prosthesis and to prevent subsidence.