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Earnings Per Share | 3 Months Ended
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Mar. 31, 2021
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share 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):
| First quarter ended |  |
| March 31, |  |
| 2021 |  | 2020 |  |  |  |
Net income from continuing operations attributable to common shareholders | $ | 80 |  |  | $ | 153 |  |  |  |  |
Income from discontinued operations | — |  |  | 62 |  |  |  |  |
Net income attributable to common shareholders | 80 |  |  | 215 |  |  |  |  |
Less: preferred stock dividends declared | 1 |  |  | 1 |  |  |  |  |
Net income available to Howmet Aerospace common shareholders - basic and diluted | $ | 79 |  |  | $ | 214 |  |  |  |  |
Average shares outstanding - basic | 434 |  |  | 435 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options | 1 |  |  | 1 |  |  |  |  |
Stock and performance awards | 4 |  |  | 4 |  |  |  |  |
Average shares outstanding - diluted | 439 |  |  | 440 |  |  |  |  |
Common stock outstanding at March 31, 2021 and 2020 was 434 and 436, respectively. The following shares were excluded from the calculation of average shares outstanding – diluted as their effect was anti-dilutive (shares in millions):
| First quarter ended |  |
| March 31, |  |
| 2021 |  | 2020 |  |  |  |
Stock options(1) | 1 |  |  | 4 |  |  |  |  |
(1)The weighted average exercise price per share of options excluded from diluted EPS was $31.86 and $27.65 as of March 31, 2021 and 2020, respectively.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
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