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| 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):
Common stock outstanding as of June 30, 2025 and 2024 was 404 million and 408 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 is not fully realized in EPS in the period of repurchase or issuance since share activity may occur at varying points during a period. The Company has a share repurchase program (the “Share Repurchase Program”) that has approximately $1,797 in Board authorization remaining available as of July 31, 2025, after giving effect to the additional $100 share repurchases made in July 2025 at an average price per share of $182.90, which retired approximately 0.5 million shares. The 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 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 the 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. The following table provides details for share repurchases made for the periods presented:
(1)All of the shares repurchased have been retired. (2)Excludes commissions cost. The Inflation Reduction Act of 2022 imposed a 1% excise tax on net stock repurchases after December 31, 2022. The Company recorded additional capital for excise tax on net repurchases of $1 in the second quarter and $2 in the six months ended June 30, 2025 and $1 in the second quarter and $1 in the six months ended June 30, 2024. There were no shares relating to outstanding stock options excluded from the calculation of average shares outstanding - diluted for the second quarter and six months ended June 30, 2025 and 2024. Common stock dividends declared and paid were $0.10 per share in the second quarter of 2025 and $0.20 per share in the six months ended June 30, 2025. Common stock dividends declared and paid were $0.05 per share in the second quarter of 2024 and $0.10 per share in the six months ended June 30, 2024.
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