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Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2019
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,
2019
 
2018
 
2017
Net income (loss)
$
470

 
$
642

 
$
(74
)
Less: preferred stock dividends declared
(2
)
 
(2
)
 
(53
)
Net income (loss) available to Arconic common shareholders - basic
468

 
640

 
(127
)
Add: interest expense related to convertible notes
9

 
11

 
—

Net income (loss) available to Arconic common shareholders - diluted
$
477

 
$
651

 
$
(127
)
Average shares outstanding - basic
446

 
483

 
451

Effect of dilutive securities:
 
 
 
 
 
Stock options
1

 
1

 
—

Stock and performance awards
5

 
5

 
—

Convertible notes(1)
11

 
14

 
—

Average shares outstanding - diluted
463

 
503

 
451


(1) 
The convertible notes matured on October 15, 2019 (see Note P). No shares of the Company’s common stock were issued in connection with the maturity or the final conversion of the convertible notes. As of October 15, 2019, the calculation of average diluted shares outstanding ceased to include the approximately 15 million shares of common stock and the corresponding interest expense previously attributable to the convertible notes.
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).
 
2019
 
2018
 
2017
Mandatory convertible preferred stock
n/a

 
n/a

 
39

Convertible notes
—

 
—

 
14

Stock options(1)
1

 
9

 
11

Stock awards
—

 
—

 
7

(1) 
The average exercise price of options per share was $35.75, $26.79, and $33.32 for 2019, 2018, and 2017, respectively.