Earnings Per Share

3 Months Ended

Mar. 31, 2024

. 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):


	First quarter ended March 31,
	2024			2023
Net loss attributable to Alcoa Corporation	$	(252	)	$	(231	)
Average shares outstanding – basic		179			178
Effect of dilutive securities:
Stock options		—			—
Stock units		—			—
Average shares outstanding – diluted		179			178

In the first quarters of 2024 and 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 first quarter of 2024 or first quarter 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.