Per Share Information

12 Months Ended

Dec. 29, 2024

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

(In millions, except per share amounts)


	Fiscal Year
	2024		2023		2022
Numerator:
Numerator for basic net income per common share -
Net income attributable to ATI	$	367.8	$	410.8	$	323.5
Effect of dilutive securities:
4.75% Convertible Senior Notes due 2022	—		—		2.2
3.5% Convertible Senior Notes due 2025	5.9		10.6		11.3
Numerator for diluted net income per common share -
Net income attributable to ATI after assumed conversions	$	373.7	$	421.4	$	337.0
Denominator:
Denominator for basic net income per common share—weighted average shares	130.4		128.1		127.5
Effect of dilutive securities:
Share-based compensation	3.2		3.1		2.1
4.75% Convertible Senior Notes due 2022	—		—		2.8
3.5% Convertible Senior Notes due 2025	13.0		18.8		18.8
Denominator for diluted net income per common share—adjusted weighted average shares and assumed conversions	146.6		150.0		151.2
Basic net income attributable to ATI per common share	$	2.82	$	3.21	$	2.54
Diluted net income attributable to ATI per common share	$	2.55	$	2.81	$	2.23

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 the 2022 Convertible Notes, prior to their maturity during the second quarter of 2022, 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 fiscal years 2024, 2023 and 2022.

Periodically, the Company’s Board of Directors authorizes the repurchase of ATI common stock (the “Share Repurchase Program”), the most recent of which was $700 million that was 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. 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. In fiscal years 2024, 2023 and 2022, ATI used $260.0 million, $85.2 million and $139.9 million, respectively, to repurchase 5.3 million, 2.0 million and 5.2 million shares, respectively, of its common stock under the Share Repurchase Program. At December 29, 2024, the Company has utilized $110 million of the $700 million currently authorized under the Share Repurchase Program.

Effective January 2, 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 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 may differ from the repurchases of common stock amounts in the consolidated statements of cash flows due to these excise taxes. For fiscal year 2024, there was no excise tax due to the impact of the conversion of the 2025 Convertible Notes (see Note 10). For fiscal year 2023, the cost of share repurchases of $85.8 million differs from the repurchases of common stock amounts in the consolidated statements of cash flows due to these excise taxes.