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Earnings Per Share (Tables)
 12 Months Ended
Dec. 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):
For the year ended December 31,
2018
 
2017
 
2016
Net income (loss) from continuing operations attributable to Arconic
$
642

 
$
(74
)
 
$
(1,062
)
Less: preferred stock dividends declared
(2
)
 
(53
)
 
(69
)
Income (loss) from continuing operations available to Arconic common shareholders
640

 
(127
)
 
(1,131
)
Income from discontinued operations after income taxes and noncontrolling interests(1)
—

 
—

 
121

Net income (loss) available to Arconic common shareholders—basic
640

 
(127
)
 
(1,010
)
Add: interest expense related to convertible notes
11

 
—

 
—

Net income (loss) available to Arconic common shareholders - diluted
$
651

 
$
(127
)
 
$
(1,010
)
Average shares outstanding - basic
483

 
451

 
438

Effect of dilutive securities:
 
 
 
 
 
Stock options
1

 
—

 
—

Stock and performance awards
5

 
—

 
—

Convertible notes
14

 
—

 
—

Average shares outstanding - diluted
503

 
451

 
438

(1) 
Calculated from the Statement of Consolidated Operations as Income from discontinued operations after income taxes less Net income from discontinued operations attributable to noncontrolling interests.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following shares were excluded from the calculation of average shares outstanding – diluted as their effect was anti-dilutive (shares in millions).
 
2018
 
2017
 
2016
Mandatory convertible preferred stock
n/a

 
39

 
39

Convertible notes
—

 
14

 
14

Stock options(1)
9

 
11

 
13

Stock awards
—

 
7

 
8

(1) 
The average exercise price of options per share was $26.79, $33.32, and $26.93 for 2018, 2017, and 2016, respectively.