Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2017

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):

	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

Schedule of Anti Dilutive Securities Excluded From Computation of Average Shares Outstanding

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.