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Earnings Per Share | 9 Months Ended
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Sep. 30, 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):
|  | Third quarter ended September 30, |  |  | Nine months ended September 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Income from continuing operations after income taxes |  | $ | 119 |  |  | $ | 66 |  |  | $ | 653 |  |  | $ | 229 |
Less: Preferred stock dividends declared |  |  | (18 | ) |  |  | (18 | ) |  |  | (53 | ) |  |  | (52 | )
Income from continuing operations available to Arconic common shareholders |  |  | 101 |  |  |  | 48 |  |  |  | 600 |  |  |  | 177 |
Income from discontinued operations after income taxes and noncontrolling interests |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | 88 |
Net income available to Arconic common shareholders - basic |  |  | 101 |  |  |  | 148 |  |  |  | 600 |  |  |  | 265 |
Add: Interest expense related to convertible notes |  |  | 2 |  |  |  | 2 |  |  |  | 7 |  |  |  | — |
Add: Dividends related to mandatory convertible preferred stock |  |  | — |  |  |  | — |  |  |  | 50 |  |  |  | — |
Net income available to Arconic common shareholders - diluted |  | $ | 103 |  |  | $ | 150 |  |  | $ | 657 |  |  | $ | 265 |
Weighted average shares outstanding - basic |  |  | 442 |  |  |  | 438 |  |  |  | 441 |  |  |  | 438 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 1 |  |  |  | 1 |  |  |  | 2 |  |  |  | 1 |
Stock and performance awards |  |  | 5 |  |  |  | 5 |  |  |  | 5 |  |  |  | 4 |
Mandatory convertible preferred stock |  |  | — |  |  |  | — |  |  |  | 39 |  |  |  | — |
Convertible notes |  |  | 14 |  |  |  | 9 |  |  |  | 14 |  |  |  | — |
Weighted average shares outstanding - diluted |  |  | 462 |  |  |  | 453 |  |  |  | 501 |  |  |  | 443 |
The following shares were excluded from the calculation of Weighted average shares outstanding – diluted as their effect was anti-dilutive. (shares in millions)
|  | Third quarter ended September 30, |  |  | Nine months ended September 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Mandatory convertible preferred stock |  |  | 39 |  |  |  | 26 |  |  |  | — |  |  |  | 26 |
Convertible notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9 |
Also, options to purchase 3 million shares of common stock at a weighted average exercise price of $33.33 and options to purchase 8 million shares of common stock at a weighted average exercise price of $38.16 were outstanding as of September 30, 2017 and 2016, respectively, but were not included in the computation of diluted EPS because their effect was anti-dilutive as the exercise price of the options was greater than the average market price of Arconic’s common stock.

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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 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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