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Earnings Per Share | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic earnings per share ("EPS") amounts are computed by dividing earnings (loss), 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):
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. Common stock outstanding was 433 million shares at both at December 31, 2020 and 2019. 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)

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