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Earnings Per Share (Tables) | 6 Months Ended
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Jun. 30, 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):
| Second quarter ended |  | Six months ended
| June 30, |  | June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Net (loss) income | $ | (121 | ) |  | $ | 120 |  |  | $ | 66 |  |  | $ | 263 |
Less: preferred stock dividends declared | — |  |  | — |  |  | (1 | ) |  | (1 | )
Net (loss) income available to Arconic common shareholders - basic | (121 | ) |  | 120 |  |  | 65 |  |  | 262 |
Add: Interest expense related to convertible notes | — |  |  | 3 |  |  | — |  |  | 6 |
Net (loss) income available to Arconic common shareholders - diluted | $ | (121 | ) |  | $ | 123 |  |  | $ | 65 |  |  | $ | 268 |
Average shares outstanding - basic | 445 |  |  | 483 |  |  | 458 |  |  | 483 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options | — |  |  | — |  |  | — |  |  | — |
Stock and performance awards | — |  |  | 5 |  |  | 4 |  |  | 5 |
Convertible notes | — |  |  | 14 |  |  | — |  |  | 14 |
Average shares outstanding - diluted | 445 |  |  | 502 |  |  | 462 |  |  | 502 |
Schedule of Anti Dilutive Securities Excluded From Computation of Weighted Average Shares Outstanding | Common stock outstanding at June 30, 2019 and 2018 was 440 and 483, respectively. The decrease in common stock outstanding at June 30, 2019 was primarily due to the impact of share repurchases of approximately 45 in the six months ended June 30, 2019 (see Note H). As average shares outstanding are used in the calculation for both basic and diluted EPS, the full impact of share repurchases was not realized in EPS in the second quarter and six months ended June 30, 2019 as the share repurchases occurred at varying points during 2019. The following shares were excluded from the calculation of average shares outstanding – diluted as their effect was anti-dilutive (shares in millions).
| Second quarter ended |  | Six months ended
| June 30, |  | June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Convertible notes | 14 |  |  | — |  |  | 14 |  |  | — |
Stock options(1) | 9 |  |  | 9 |  |  | 3 |  |  | 9 |
Stock and performance awards | 4 |  |  | — |  |  | — |  |  | — |
(1) The average exercise price per share of options was $25.03 and $32.66 for the second quarter and six months ended June 30, 2019 and $26.80 for the second quarter and six months ended June 30, 2018.

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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