Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Reconciliation of Information Used to Compute Basic and Diluted EPS

The information used to compute basic and diluted EPS attributable to Howmet common shareholders was as follows (shares in millions):

For the year ended December 31,	2020		2019		2018
Net income from continuing operations attributable to common shareholders	$	211	126		309
Less: preferred stock dividends declared	2		2		2
Net income from continuing operations attributable to common shareholders:	209		124		307
Income from discontinued operations	50		344		333
Net income available to Howmet Aerospace common shareholders - basic	259		468		640
Add: interest expense related to convertible notes	—		9		11
Net income available to Howmet common shareholders - diluted	$	259	$	477	$	651
Average shares outstanding - basic	435		446		483
Effect of dilutive securities:
Stock options	—		1		1
Stock and performance awards	4		5		5
Convertible notes(1)	—		11		14
Average shares outstanding - diluted	439		463		503

(1)The convertible notes matured on October 15, 2019 (see Note R). No shares of the Company’s common stock were issued in connection with the maturity or the final conversion of the convertible notes. As of October 15, 2019, the calculation of average diluted shares outstanding ceased to include the approximately 15 million shares of common stock and the corresponding interest expense previously attributable to the convertible notes.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following shares were excluded from the calculation of average shares outstanding – diluted as their effect was anti-dilutive (shares in millions).

For the year ended December 31,	2020	2019	2018
Convertible notes	—	—	—
Stock options	1	1	9
Stock awards	—	—	—

(1)