Per Share Information

3 Months Ended

Mar. 30, 2025

The following table sets forth the computation of basic and diluted income per common share:


(In millions, except per share amounts)	Quarter ended
	March 30, 2025		March 31, 2024
Numerator:
Numerator for basic income per common share –
Net income attributable to ATI	$	97.0	$	66.1
Effect of dilutive securities:
3.5% Convertible Senior Notes due 2025	—		2.1
Numerator for diluted net income per common share –
Net income attributable to ATI after assumed conversions	$	97.0	$	68.2
Denominator:
Denominator for basic net income per common share – weighted average shares	141.7		126.2
Effect of dilutive securities:
Share-based compensation	2.5		2.5
3.5% Convertible Senior Notes due 2025	—		18.8
Denominator for diluted net income per common share – adjusted weighted average shares and assumed conversions	144.2		147.5
Basic net income attributable to ATI per common share	$	0.68	$	0.52
Diluted net income attributable to ATI per common share	$	0.67	$	0.46

Common stock that would be issuable upon the assumed conversion of the 2025 Convertible Notes, prior to their redemption during the third quarter of 2024, 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 30, 2025 and March 31, 2024.

Periodically, the Company’s Board of Directors authorizes the repurchase of ATI common stock (the “Share Repurchase Program”), most recently authorizing the repurchase of up to $700 million, as announced in September 2024. 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 30, 2025, ATI used $70.0 million to repurchase 1.2 million of its common stock under the Share Repurchase Program. At March 30, 2025, the Company has utilized $180 million of the $700 million currently authorized under the Share Repurchase Program. 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.

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 quarters ended March 30, 2025 and March 31, 2024 of $70.2 million and $151.2 million, respectively, differs from the repurchases of common stock amounts in the consolidated statements of cash flows due to these excise taxes.