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Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Reconciliation of Information Used to Compute Basic and Diluted EPS
The information used to compute basic and diluted EPS attributable to Arconic common shareholders was as follows (shares in millions):
 
First quarter ended
 
March 31,
 
2018
 
2017
Net income
$
143

 
$
322

Less: Preferred stock dividends declared
(1
)
 
(17
)
Net income available to Arconic common shareholders - basic
142

 
305

Add: Interest expense related to convertible notes
3

 
2

Add: Dividends related to mandatory convertible preferred stock
—

 
17

Net income available to Arconic common shareholders - diluted
$
145

 
$
324

 
 
 
 
Average shares outstanding - basic
482

 
440

Effect of dilutive securities:
 
 
 
Stock options
5

 
1

Stock and performance awards
2

 
5

Mandatory convertible preferred stock
—

 
39

Convertible notes
14

 
14

Average shares outstanding - diluted
503

 
499
Schedule of Anti Dilutive Securities Excluded From Computation of Weighted Average Shares Outstanding
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,
 
2018
 
2017
Mandatory convertible preferred stock
—

 
—

Convertible notes
—

 
—

Stock options(1)
6

 
—

Stock awards
—

 
4

(1) 
The average exercise price of options was $30.75 per share for the first quarter of 2018.