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):


For the year ended December 31,	2024		2023		2022
Net income attributable to common shareholders	$	1,155	$	765	$	469
Less: preferred stock dividends declared	2		2		2
Net income available to Howmet Aerospace common shareholders - basic and diluted	$	1,153	$	763	$	467





Average shares outstanding - basic	408		412		416
Effect of dilutive securities:
Stock and performance awards	2		4		5


Average shares outstanding - diluted	410		416		421

Common stock outstanding as of December 31, 2024, 2023, and 2022 was approximately 405 million, 410 million, and 412 million, respectively.

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 during 2024, 2023, and 2022.