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


	Second quarter ended June 30,					Six months ended June 30,
	2012			2011		2012		2011
(Loss) income from continuing operations attributable to Alcoa common shareholders	$	(2	)	$	326	$	92	$	635
Less: preferred stock dividends declared		—			—		1		1

(Loss) income from continuing operations available to common equity		(2	)		326		91		634
Less: dividends and undistributed earnings allocated to participating securities		—			1		—		2

(Loss) income from continuing operations available to Alcoa common shareholders – basic		(2	)		325		91		632
Add: interest expense related to convertible notes		—			8		—		15

(Loss) income from continuing operations available to Alcoa common shareholders – diluted	$	(2	)	$	333	$	91	$	647

Average shares outstanding – basic		1,067			1,064		1,066		1,058
Effect of dilutive securities:
Stock options		—			9		4		9
Stock and performance awards		—			3		5		3
Convertible notes		—			89		—		89

Average shares outstanding – diluted		1,067			1,165		1,075		1,159