Per Share Information

9 Months Ended

Sep. 30, 2022

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


(In millions, except per share amounts)	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Numerator:
Numerator for basic income (loss) per common share –
Net income (loss) attributable to ATI	$	61.1	$	48.7	$	54.0	$	(8.4)
Effect of dilutive securities:
4.75% Convertible Senior Notes due 2022	—		1.1		—		—
3.5% Convertible Senior Notes due 2025	2.8		2.9		—		—
Numerator for diluted net income (loss) per common share –
Net income (loss) attributable to ATI after assumed conversions	$	63.9	$	52.7	$	54.0	$	(8.4)
Denominator:
Denominator for basic net income (loss) per common share – weighted average shares	129.8		127.2		126.9		127.0
Effect of dilutive securities:
Share-based compensation	2.2		0.8		2.0		—
4.75% Convertible Senior Notes due 2022	—		5.8		—		—
3.5% Convertible Senior Notes due 2025	18.8		18.8		—		—
Denominator for diluted net income (loss) per common share – adjusted weighted average shares and assumed conversions	150.8		152.6		128.9		127.0
Basic net income (loss) attributable to ATI per common share	$	0.47	$	0.38	$	0.43	$	(0.07)
Diluted net income (loss) attributable to ATI per common share	$	0.42	$	0.35	$	0.42	$	(0.07)

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. The 2022 Convertible Notes were converted as of June 30, 2022 (see Note 8 for further explanation). 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. There were no anti-dilutive shares for the three months ended September 30, 2021, and 25.6 million anti-dilutive shares for the nine months ended September 30, 2021.

On February 2, 2022, the Company’s Board of Directors authorized the repurchase of up to $150 million of ATI stock. Repurchases under the program 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 will be structured to occur within the pricing and volume requirements of SEC Rule 10b-18. The stock repurchase program does not obligate the Company to repurchase any specific number of shares and it may be modified, suspended, or terminated at any time by the Board of Directors without prior notice. 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 this program.