Per Share Information

9 Months Ended

Sep. 30, 2023

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


(In millions, except per share amounts)	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Numerator:
Numerator for basic income per common share –
Net income attributable to ATI	$	75.7	$	61.1	$	221.8	$	54.0
Effect of dilutive securities:
3.5% Convertible Senior Notes due 2025	2.7		2.8		7.9		—
Numerator for diluted net income per common share –
Net income attributable to ATI after assumed conversions	$	78.4	$	63.9	$	229.7	$	54.0
Denominator:
Denominator for basic net income per common share – weighted average shares	128.1		129.8		128.4		126.9
Effect of dilutive securities:
Share-based compensation	3.3		2.2		2.9		2.0
3.5% Convertible Senior Notes due 2025	18.8		18.8		18.8		—
Denominator for diluted net income per common share – adjusted weighted average shares and assumed conversions	150.2		150.8		150.1		128.9
Basic net income attributable to ATI per common share	$	0.59	$	0.47	$	1.73	$	0.43
Diluted net income attributable to ATI per common share	$	0.52	$	0.42	$	1.53	$	0.42

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 three and nine months ended September 30, 2023. There were no anti-dilutive shares for the three months ended September 30, 2022, and 22.5 million anti-dilutive shares for the nine months ended September 30, 2022.

In February 2022, the Company’s Board of Directors authorized the repurchase of up to $150 million of ATI stock. In addition, in April 2023, the Company’s Board of Directors authorized the repurchase of an additional $75 million of ATI stock. In the three months ended September 30, 2023, ATI used $45.0 million to repurchase 1.0 million shares of its common stock under the $75 million program, and in the nine months ended September 30, 2023, ATI used $55.1 million to repurchase 1.2 million shares of its common stock under both programs. In the three and nine months ended September 30, 2022, ATI used $15.0 million and $104.9 million, respectively, to repurchase 0.5 million and 4.0 million shares, respectively, of its common stock under the $150 million program. Effective January 1, 2023, 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 in 2023 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 nine months ended September 30, 2023 of $55.5 million differs from the repurchases of common stock amounts in the consolidated statements of cash flows due to these excise taxes. Repurchases under these programs were or may be 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. The Company’s ongoing stock repurchase programs do not obligate the Company to repurchase any specific number of shares and may be modified, suspended, or terminated at any time by the Company’s Board of Directors without prior notice.