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Earnings Per Share | 9 Months Ended
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Sep. 30, 2018
Earnings Per Share [Abstract] |
Earnings Per Share | 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 information used to compute basic and diluted EPS attributable to Arconic common shareholders was as follows (shares in millions):
| Third quarter ended |  | Nine months ended
| September 30, |  | September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Net income | $ | 161 |  |  | $ | 119 |  |  | $ | 424 |  |  | $ | 653 |
Less: Preferred stock dividends declared | (1 | ) |  | (18 | ) |  | (2 | ) |  | (53 | )
Net income available to Arconic common shareholders - basic | 160 |  |  | 101 |  |  | 422 |  |  | 600 |
Add: Interest expense related to convertible notes | 3 |  |  | 2 |  |  | 8 |  |  | 7 |
Add: Dividends related to mandatory convertible preferred stock | — |  |  | — |  |  | — |  |  | 50 |
Net income available to Arconic common shareholders - diluted | $ | 163 |  |  | $ | 103 |  |  | $ | 430 |  |  | $ | 657 |
Average shares outstanding - basic | 483 |  |  | 442 |  |  | 483 |  |  | 441 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options | — |  |  | 1 |  |  | 1 |  |  | 2 |
Stock and performance awards | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
Mandatory convertible preferred stock | — |  |  | — |  |  | — |  |  | 39 |
Convertible notes | 14 |  |  | 14 |  |  | 14 |  |  | 14 |
Average shares outstanding - diluted | 502 |  |  | 462 |  |  | 503 |  |  | 501 |
The following shares were excluded from the calculation of average shares outstanding – diluted as their effect was anti-dilutive (shares in millions).
| Third quarter ended |  | Nine months ended
| September 30, |  | September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Mandatory convertible preferred stock | — |  |  | 39 |  |  | — |  |  | — |
Stock options(1) | 6 |  |  | 3 |  |  | 6 |  |  | 3 |
(1) | The average exercise price of options per share was $29.14 for the third quarter and nine months ended September 30, 2018 and $33.33 for the third quarter and nine months ended September 30, 2017.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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