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Earnings Per Share | 3 Months Ended
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Mar. 31, 2017
Earnings Per Share [Abstract] |
Earnings Per Share | J. 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):
|  | First quarter ended |
|  | March 31, |
|  | 2017 |  |  | 2016 |
Income from continuing operations after income taxes |  | $ | 322 |  |  | $ | 110 |
Less: Preferred stock dividends declared |  |  | (17 | ) |  |  | (18 | )
Income from continuing operations available to Arconic common shareholders |  |  | 305 |  |  |  | 92 |
Income (loss) from discontinued operations after income taxes and noncontrolling interests |  |  | — |  |  |  | (94 | )
Net income (loss) available to Arconic common shareholders - basic |  |  | 305 |  |  |  | (2 | )
Add: Interest expense related to convertible notes |  |  | 2 |  |  |  | — |
Add: Dividends related to mandatory convertible preferred stock |  |  | 17 |  |  |  | — |
Net income (loss) available to Arconic common shareholders - diluted |  | $ | 324 |  |  | $ | (2 | )
Average shares outstanding - basic |  |  | 440 |  |  |  | 438 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Stock options |  |  | 1 |  |  |  | — |
Stock and performance awards |  |  | 5 |  |  |  | — |
Mandatory convertible preferred stock |  |  | 39 |  |  |  | — |
Convertible notes |  |  | 14 |  |  |  | — |
Average shares outstanding - diluted |  |  | 499 |  |  |  | 438 |
The following shares were excluded from the calculation of Average shares outstanding – diluted as their effect was anti-dilutive.
|  | First quarter ended |
|  | March 31, |
|  | 2017 |  |  | 2016 |
Mandatory convertible preferred stock |  |  | — |  |  |  | 26 |
Convertible notes |  |  | — |  |  |  | 9 |
Stock awards |  |  | — |  |  |  | 3 |
Stock options(1) |  |  | 4 |  |  |  | 1 |
(1) | Average option price of shares excluded from the calculation of Average shares outstanding – diluted was $33.32 for the first quarter of 2017 and $38.22 for the first quarter of 2016.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1278-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=65016374&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688 + Details
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