Earnings Per Share and Common Stock

3 Months Ended

Mar. 31, 2025

Basic earnings per share (“EPS”) amounts are computed by dividing earnings, after the deduction of preferred stock dividends declared, by the average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive share equivalents outstanding.

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


	First quarter ended
	March 31,
	2025		2024


Net income	$	344	$	243
Less: preferred stock dividends declared	1		1
Net income available to Howmet Aerospace common shareholders - basic and diluted	$	343	$	242



Average shares outstanding - basic	405		410
Effect of dilutive securities:
Stock and performance awards	2		2


Average shares outstanding - diluted	407		412

Common stock outstanding as of March 31, 2025 and 2024 was 404 million and 408 million, respectively.

In the quarter ended March 31, 2025, the Company repurchased approximately 1.0 million shares of its common stock at an average price of $124.24 per share (excluding commissions cost) for approximately $125 in cash. In the quarter ended March 31, 2024, the Company repurchased approximately 2.2 million shares of its common stock at an average price of $66.87 per share (excluding commissions cost) for approximately $150 in cash. All of the shares repurchased have been retired.

The Company has a share repurchase program (the “Share Repurchase Program”) that, after giving effect to the additional $100 share repurchases made in April 2025 at an average price per share of $125.61, retiring approximately 0.8 million shares, has approximately $1,972 in Board authorization remaining available as of April 30, 2025. The current Share Repurchase Program was authorized by the Company’s Board of Directors on August 18, 2021 at $1,500, which was increased by the Board by $2,000 on July 30, 2024. Under the Company’s Share Repurchase Program, the Company may repurchase shares by means of trading plans established from time to time in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, block trades, private transactions, open market repurchases and/or accelerated share repurchase agreements, or other derivative transactions. There is no stated expiration for the Share Repurchase Program. Under its Share Repurchase Program, the Company may repurchase shares from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. The Company is not obligated to repurchase any specific number of shares or to do so at any particular time, and the Share Repurchase Program may be suspended, modified, or terminated at any time without prior notice.

As average shares outstanding are used in the calculation for both basic and diluted EPS, the full impact of share repurchases and issuances is not fully realized in EPS in the period of repurchase or issuance since share activity may occur at varying points during a period.

There were no shares relating to outstanding stock options excluded from the calculation of average shares outstanding - diluted for the first quarter ended March 31, 2025 and 2024.