Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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):

For the year ended December 31,	2021		2020		2019
Net income from continuing operations	$	258	$	211	$	126
Less: preferred stock dividends declared	2		2		2
Net income from continuing operations attributable to common shareholders	256		209		124
Income from discontinued operations	—		50		344
Net income attributable to common shareholders - basic	256		259		468
Add: interest expense related to convertible notes	—		—		9
Net income attributable to common shareholders - diluted	$	256	$	259	$	477
Average shares outstanding - basic	430		435		446
Effect of dilutive securities:
Stock options	—		—		1
Stock and performance awards	5		4		5
Convertible notes(1)	—		—		11
Average shares outstanding - diluted	435		439		463

(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,	2021	2020	2019
Stock options	—	1	1

(1)