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Per Share Information | 3 Months Ended
--- | ---
Mar. 31, 2024
Earnings Per Share [Abstract] |
Per Share Information | Per Share Information The following table sets forth the computation of basic and diluted income per common share:
(In millions, except per share amounts) | Quarter ended
March 31, 2024 |  | April 2, 2023
Numerator: |  |  |
Numerator for basic income per common share – |  |  |
Net income attributable to ATI | $ | 66.1 |  |  | $ | 84.5 |
Effect of dilutive securities: |  |  |
3.5% Convertible Senior Notes due 2025 | 2.1 |  |  | 2.6 |
Numerator for diluted net income per common share – |  |  |
Net income attributable to ATI after assumed conversions | $ | 68.2 |  |  | $ | 87.1 |
Denominator: |  |  |
Denominator for basic net income per common share – weighted average shares | 126.2 |  |  | 128.5 |
Effect of dilutive securities: |  |  |
Share-based compensation | 2.5 |  |  | 2.8 |
3.5% Convertible Senior Notes due 2025 | 18.8 |  |  | 18.8 |
Denominator for diluted net income per common share – adjusted weighted average shares and assumed conversions | 147.5 |  |  | 150.1 |
Basic net income attributable to ATI per common share | $ | 0.52 |  |  | $ | 0.66 |
Diluted net income attributable to ATI per common share | $ | 0.46 |  |  | $ | 0.58 |
Common stock that would be issuable upon the assumed conversion of the 2025 Convertible Notes and other option equivalents and contingently issuable shares are excluded from the computation of contingently issuable shares, and therefore, from the denominator for diluted earnings per share, if the effect of inclusion is anti-dilutive. There were no anti-dilutive shares for the quarters ended March 31, 2024 and April 2, 2023. Periodically, the Company’s Board of Directors authorizes the repurchase of ATI common stock (the “Share Repurchase Program”), the most recent of which was $150 million in November 2023. Repurchases under these programs are made in the open market or in privately negotiated transactions, with the amount and timing of repurchases depending on market conditions and corporate needs. Open market repurchases are structured to occur within the pricing and volume requirements of SEC Rule 10b-18. In the quarter ended March 31, 2024, ATI used $150.0 million to repurchase 3.4 million shares of its common stock under the Share Repurchase Program. In the quarter ended April 2, 2023, ATI used $10.1 million to repurchase 0.2 million shares of its common stock under the Share Repurchase Program. At March 31, 2024, the Company has utilized the full amount currently authorized under the Share Repurchase Program. The Company’s share repurchases are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. Excise taxes incurred on share repurchases represent direct costs of the repurchase and are recorded as part of the cost basis of the shares within treasury stock. The cost of share repurchases for the quarter ended March 31, 2024 of $151.2 million differs from the repurchases of common stock amounts in the consolidated statements of cash flows due to these excise taxes.

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