Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2016

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,
	2016		2015		2016		2015
Net income attributable to Alcoa	$	135	$	140	$	151	$	335
Less: preferred stock dividends declared		17		17		35		35

Net income available to Alcoa common shareholders – basic		118		123		116		300
Add: interest expense related to convertible notes		2		—		—		—
Add: dividends related to mandatory convertible preferred stock		—		—		—		—

Net income available to Alcoa common shareholders – diluted	$	120	$	123	$	116	$	300

Average shares outstanding – basic		1,315		1,222		1,314		1,222
Effect of dilutive securities:
Stock options		2		4		1		5
Stock and performance awards		11		11		11		11
Convertible notes		28		—		—		—
Mandatory convertible preferred stock		—		—		—		—

Average shares outstanding – diluted		1,356		1,237		1,326		1,238