Earnings Per Share

6 Months Ended

Jun. 30, 2023

F. Earnings Per Share – Basic earnings per share (EPS) amounts are computed by dividing earnings 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 share information used to compute basic and diluted EPS attributable to Alcoa Corporation common shareholders was as follows (shares in millions):


	Second quarter ended June 30,					Six months ended June 30,
	2023			2022		2023			2022
Net (loss) income attributable to Alcoa Corporation	$	(102	)	$	549	$	(333	)	$	1,018
Average shares outstanding – basic		178			182		178			183
Effect of dilutive securities:
Stock options		—			—		—			—
Stock units		—			4		—			4
Average shares outstanding – diluted		178			186		178			187

In the second quarter and six-month period of 2023, basic average shares outstanding and diluted average shares outstanding were the same because the effect of potential shares of common stock was anti-dilutive. Had Alcoa generated net income in the second quarter or six-month period of 2023, two million and three million common share equivalents, respectively, related to three million outstanding stock units and stock options combined would have been included in diluted average shares outstanding for the periods.

For the second quarter and six-month period of 2022, all options to purchase shares of common stock were included in the computation of diluted EPS.