Earnings Per Share (Tables)

6 Months Ended

Jun. 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):

	Second quarter ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Net income (loss) from continuing operations attributable to common shareholders	$	74	$	(84)	$	154	$	69
(Loss) income from discontinued operations	—		(12)		—		50
Net income (loss) attributable to common shareholders	74		(96)		154		119
Less: preferred stock dividends declared	1		—		1		1
Net income (loss) available to Howmet Aerospace common shareholders - basic and diluted	$	73	$	(96)	$	153	$	118
Average shares outstanding - basic	432		436		433		436
Effect of dilutive securities:
Stock options	1		—		1		—
Stock and performance awards	4		—		4		4
Average shares outstanding - diluted	437		436		438		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):

	Second quarter ended		Six months ended
	June 30,		June 30,
	2021	2020	2021	2020
Stock options(1)	—	3	—	3
Stock and performance awards	—	3	—	—

(1)The weighted average exercise price per share of options excluded from diluted EPS was $26.04 as of June 30, 2020