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Earnings Per Share and Common Stock | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share and Common Stock | Earnings Per Share and Common Stock 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):
| Third quarter ended |  | Nine months ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income | $ | 332 |  |  | $ | 188 |  |  | $ | 841 |  |  | $ | 529 |
Less: preferred stock dividends declared | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Net income available to Howmet Aerospace common shareholders - basic and diluted | $ | 331 |  |  | $ | 187 |  |  | $ | 839 |  |  | $ | 527 |
Average shares outstanding - basic | 408 |  |  | 412 |  |  | 408 |  |  | 412 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock and performance awards | 2 |  |  | 3 |  |  | 3 |  |  | 5 |
Average shares outstanding - diluted | 410 |  |  | 415 |  |  | 411 |  |  | 417 |
Common stock outstanding as of September 30, 2024 and 2023 was 407,129,690 and 411,742,755, respectively. The following table provides details for share repurchases made for the periods presented:
| Number of shares |  | Average price per share(1) |  | Total |
Q1 2024 open market repurchase | 2,243,259 |  |  | $ | 66.87 |  |  | $ | 150 |  |
Q2 2024 open market repurchase | 734,737 |  |  | $ | 81.66 |  |  | $ | 60 |  |
Q3 2024 open market repurchase | 1,061,323 |  |  | $ | 94.22 |  |  | $ | 100 |  |
2024 Share repurchases as of September 30, 2024 | 4,039,319 |  |  | $ | 76.75 |  |  | $ | 310 |  |
Q1 2023 open market repurchase | 576,629 |  |  | $ | 43.36 |  |  | $ | 25 |  |
Q2 2023 open market repurchase | 2,246,294 |  |  | $ | 44.52 |  |  | $ | 100 |  |
Q3 2023 open market repurchase | 506,800 |  |  | $ | 49.32 |  |  | $ | 25 |  |
2023 Share repurchases as of September 30, 2023 | 3,329,723 |  |  | $ | 45.05 |  |  | $ | 150 |  |
(1)Excludes commissions cost. The Company has a share repurchase program (the “Share Repurchase Program”) that, after giving effect to the additional $90 share repurchases made in October 2024 at an average price per share of $103.15, retiring approximately 0.9 million shares, has approximately $2,297 in Board authorization remaining available as of October 31, 2024. 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 was 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 third quarter and nine months ended September 30, 2024 and 2023. Common stock dividends declared were $0.16 per share in the third quarter of 2024 (of which $0.08 per share were paid) and $0.26 per share in the nine months ended September 30, 2024 (of which $0.18 per share were paid). Common stock dividends declared were $0.09 per share in the third quarter of 2023 (of which $0.04 per share were paid) and $0.17 per share in the nine months ended September 30, 2023 (of which $0.12 per share were paid).

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