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Earnings Per Share (Tables) | 9 Months Ended
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Sep. 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):
| Third quarter ended |  | Nine months ended
| September 30, |  | September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Net income | $ | 95 |  |  | $ | 161 |  |  | $ | 161 |  |  | $ | 424 |
Less: preferred stock dividends declared | (1 | ) |  | (1 | ) |  | (2 | ) |  | (2 | )
Net income available to Arconic common shareholders - basic | 94 |  |  | 160 |  |  | 159 |  |  | 422 |
Add: Interest expense related to convertible notes | 3 |  |  | 3 |  |  | — |  |  | 8 |
Net income available to Arconic common shareholders - diluted | $ | 97 |  |  | $ | 163 |  |  | $ | 159 |  |  | $ | 430 |
Average shares outstanding - basic | 436 |  |  | 483 |  |  | 451 |  |  | 483 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options | 1 |  |  | — |  |  | 1 |  |  | 1 |
Stock and performance awards | 5 |  |  | 5 |  |  | 3 |  |  | 5 |
Convertible notes(1) | 15 |  |  | 14 |  |  | — |  |  | 14 |
Average shares outstanding - diluted | 457 |  |  | 502 |  |  | 455 |  |  | 503 |
(1) The convertible notes matured on October 15, 2019 (see Note O). No shares of the Company’s common stock were issued in connection with the maturity or the final conversion of the convertible notes. As of October 15, 2019, the calculation of average diluted shares outstanding will cease to include the approximately 15 million shares of common stock and the corresponding interest expense previously attributable to the convertible notes.
Schedule of Anti Dilutive Securities Excluded From Computation of Weighted Average Shares Outstanding | 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,
| 2019 |  | 2018 |  | 2019 |  | 2018
Convertible notes | — |  |  | — |  |  | 15 |  |  | — |
Stock options(1) | 3 |  |  | 6 |  |  | 3 |  |  | 6 |
(1) The average exercise price per share of options was $32.64 for the third quarter and nine months ended September 30, 2019 and $29.14 for the third quarter and nine months ended September 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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