Per Share Information

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

(In millions, except per share amounts)


	Fiscal Year
	2025		2024		2023
Numerator:
Numerator for basic net income per common share -
Net income attributable to ATI	$	404.3	$	367.8	$	410.8
Effect of dilutive securities:
3.5% Convertible Senior Notes due 2025	—		5.9		10.6
Numerator for diluted net income per common share -
Net income attributable to ATI after assumed conversions	$	404.3	$	373.7	$	421.4
Denominator:
Denominator for basic net income per common share—weighted average shares	138.6		130.4		128.1
Effect of dilutive securities:
Share-based compensation	3.2		3.2		3.1
3.5% Convertible Senior Notes due 2025	—		13.0		18.8
Denominator for diluted net income per common share—adjusted weighted average shares and assumed conversions	141.8		146.6		150.0
Basic net income attributable to ATI per common share	$	2.92	$	2.82	$	3.21
Diluted net income attributable to ATI per common share	$	2.85	$	2.55	$	2.81

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 fiscal years 2025, 2024 and 2023.

Periodically, the Company’s Board of Directors authorizes the repurchase of ATI common stock (the “Share Repurchase Programs”). The current Share Repurchase Program of $700 million was announced in September 2024 and does 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. Repurchases under the Share Repurchase Program are made in the open market, within the pricing and volume requirements of SEC Rule 10b-18, or in privately negotiated transactions, with the

amount and timing of repurchases depending on market conditions and corporate needs. In fiscal years 2025, 2024 and 2023, ATI used $470.0 million, $260.0 million and $85.2 million, respectively, to repurchase 6.4 million, 5.3 million and 2.0 million shares, respectively, of its common stock under the Share Repurchase Program. At December 29, 2025, the Company had utilized $580 million of the $700 million 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 2025, the cost of share repurchase of $474.2 million differs 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.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

ATI INC Earnings Per Share Disclosure

About Earnings Per Share Disclosures

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