Table of Contents post-vesting forfeitures (6%). Exercise behavior (61%) was based on a weighted average exercise ratio (exercise patterns for grants issued over the number of years in the contractual option term) of an option’s intrinsic value resulting from historical employee exercise behavior. Based upon the other assumptions used in the determination of the fair value, the life of an option (6.0 years (7.3 years for four-year cliff options)) was an output of the lattice-pricing model. The activity for stock options and stock awards during 2018 was as follows (options and awards in millions): As of December 31, 2018, the number of stock options outstanding had a weighted average remaining contractual life of 4.8 years and a total intrinsic value of $3. Additionally, 7.8 million of the stock options outstanding were fully vested and exercisable and had a weighted average remaining contractual life of 3.7 years, a weighted average exercise price of $25.49, and a total intrinsic value of $2 as of December 31, 2018. In 2018, 2017, and 2016, the cash received from stock option exercises was $16, $50, and $4 and the total tax benefit realized from these exercises was $2, $4, and $0, respectively. The total intrinsic value of stock options exercised during 2018, 2017 and 2016 was $7, $13, and $1, respectively. Basic earnings per share (EPS) amounts are computed by dividing earnings (loss), 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): $^{(1)}$  Calculated from the Statement of Consolidated Operations as Income from discontinued operations after income taxes less Net income from discontinued operations attributable to noncontrolling interests. Stock options Stock awards Number of options Weighted average exercise price Number of awards Weighted average FMV per award Outstanding, January 1, 2018 11 $ 23.94 7 $ 21.49 Granted 1 29.97 2 26.48 Exercised (1 ) 18.95 — — Converted — — (1) 32.75 Expired or forfeited (1 ) 26.96 (1 ) 21.10 Performance share adjustment — — — 18.47 Outstanding, December 31, 2018 10 $ 24.95 7 $ 21.13 For the year ended December 31, 2018 2017 2016 Net income (loss) from continuing operations attributable to Arconic $ 642 $ (74 ) $ (1,062 ) Less: preferred stock dividends declared (2) (53) (69) Income (loss) from continuing operations available to Arconic common shareholders 640 (127 ) (1,131 ) Income from discontinued operations after income taxes and noncontrolling interests (1) — — 121 Net income (loss) available to Arconic common shareholders—basic 640 (127 ) (1,010 ) Add: interest expense related to convertible notes 11 — — Net income (loss) available to Arconic common shareholders - diluted $ 651 $ (127 ) $ (1,010 ) Average shares outstanding - basic 483 451 438 Effect of dilutive securities: Stock options 1 — — Stock and performance awards 5 — — Convertible notes 14 — — Average shares outstanding - diluted 503 451 438 J. Earnings Per Share 87