Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2012

Reconciliation of Information Used to Compute Basic and Diluted EPS

The information used to compute basic and diluted EPS attributable to Alcoa common shareholders was as follows (shares in millions):

	Third quarter  ended September 30,					Nine months  ended September 30,
	2012			2011		2012			2011
(Loss) income from continuing operations attributable to Alcoa common shareholders	$	(143	)	$	172	$	(51	)	$	807
Less: preferred stock dividends declared		1			1		2			2
(Loss) income from continuing operations available to common equity		(144	)		171		(53	)		805
Less: dividends and undistributed earnings allocated to participating securities		—			—		—			2
(Loss) income from continuing operations available to Alcoa common shareholders – basic		(144	)		171		(53	)		803
Add: interest expense related to convertible notes		—			8		—			22
(Loss) income from continuing operations available to Alcoa common shareholders – diluted	$	(144	)	$	179	$	(53	)	$	825
Average shares outstanding – basic		1,067			1,064		1,066			1,060
Effect of dilutive securities:
Stock options		—			7		—			8
Stock and performance awards		—			4		—			3
Convertible notes		—			89		—			89
Average shares outstanding – diluted		1,067			1,164		1,066			1,160