Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2019

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,
	2019			2018
Net income	$	187		$	143
Less: preferred stock dividends declared	(1		)	(1		)
Net income available to Arconic common shareholders - basic	186			142
Add: Interest expense related to convertible notes	4			3
Net income available to Arconic common shareholders - diluted	$	190		$	145

Average shares outstanding - basic	471			482
Effect of dilutive securities:
Stock options	—			5
Stock and performance awards	4			2
Convertible notes	14			14
Average shares outstanding - diluted	489			503

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,
	2019	2018
Stock options⁽¹⁾	8	6


⁽¹⁾	The average exercise price per share of options was $26.67 and $30.75 for the first quarter of 2019 and 2018, respectively.