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Earnings Per Share | 9 Months Ended
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Sep. 30, 2016
Earnings Per Share [Abstract] |
Earnings Per Share | N. Earnings Per Share – 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 number of shares and per share amounts for all periods presented below have been updated to reflect the Reverse Stock Split (see Note A). The information used to compute basic and diluted EPS attributable to Arconic common shareholders was as follows (shares in millions):
|  | Third quarter ended September 30, |  |  | Nine months ended September 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Net income attributable to Arconic |  | $ | 166 |  |  | $ | 44 |  |  | $ | 317 |  |  | $ | 379 |
Less: preferred stock dividends declared |  |  | 18 |  |  |  | 18 |  |  |  | 52 |  |  |  | 52 |
Net income available to Arconic common shareholders – basic |  |  | 148 |  |  |  | 26 |  |  |  | 265 |  |  |  | 327 |
Add: interest expense related to convertible notes |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |
Add: dividends related to mandatory convertible preferred stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income available to Arconic common shareholders – diluted |  | $ | 150 |  |  | $ | 26 |  |  | $ | 265 |  |  | $ | 327 |
Average shares outstanding – basic |  |  | 438 |  |  |  | 427 |  |  |  | 438 |  |  |  | 414 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Stock and performance awards |  |  | 5 |  |  |  | 4 |  |  |  | 4 |  |  |  | 4 |
Convertible notes |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | — |
Mandatory convertible preferred stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Average shares outstanding – diluted |  |  | 453 |  |  |  | 431 |  |  |  | 443 |  |  |  | 419 |
In all periods presented, 26 million share equivalents related to mandatory convertible preferred stock were not included in the computation of diluted EPS because their effect was anti-dilutive. Additionally, in the 2016 nine-month period, 9 million share equivalents related to convertible notes were not included in the computation of diluted EPS because their effect was anti-dilutive. In the 2015 third quarter and nine-month period, 8 million and 3 million (weighted-average), respectively, share equivalents related to convertible debt (acquired through RTI – see Note E) were not included in the computation of diluted EPS because their effect was anti-dilutive. Options to purchase 8 million and 9 million shares of common stock at a weighted average exercise price of $38.16 and $38.28 per share were outstanding as of September 30, 2016 and 2015, respectively, but were not included in the computation of diluted EPS because they were anti-dilutive, as the exercise prices of the options were greater than the average market price of Arconic’s common stock. In July 2015, Arconic issued 29 million shares of its common stock to acquire RTI (see Note E). As a result, the basic average number of shares in the third quarter and nine-month period includes 19 million and 7 million, respectively, representing the weighted average number of shares for the length of time the 29 million shares were outstanding during the respective periods.

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