Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2021

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):

	Third quarter ended				Nine months ended
	September 30,				September 30,
	2021		2020		2021		2020
Net income from continuing operations attributable to common shareholders	$	27	$	36	$	181	$	105
Income from discontinued operations	—		—		—		50
Net income attributable to common shareholders	27		36		181		155
Less: preferred stock dividends declared	1		1		2		2
Net income available to Howmet Aerospace common shareholders - basic and diluted	$	26	$	35	$	179	$	153
Average shares outstanding - basic	429		436		431		436
Effect of dilutive securities:
Stock options	1		—		1		—
Stock and performance awards	4		3		5		4
Average shares outstanding - diluted	434		439		437		440

Schedule of Anti Dilutive Securities Excluded From Computation of Weighted Average Shares Outstanding

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

	Third quarter ended		Nine months ended
	September 30,		September 30,
	2021	2020	2021	2020
Stock options(1)	—	3	—	3

(1)The weighted average exercise price per share of options excluded from diluted EPS was $33.61 and $26.03 as of September 30, 2021 and 2020, respectively