Earnings Per Share

3 Months Ended

Mar. 31, 2022

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 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,
	2022		2021
Net income attributable to Alcoa Corporation	$	469	$	175
Average shares outstanding – basic		184		186
Effect of dilutive securities:
Stock options		—		—
Stock units		4		3
Average shares outstanding – diluted		188		189

All options to purchase shares of common stock outstanding as of March 31, 2022 were included in the computation of diluted EPS. No options had an exercise price greater than the average market price of Alcoa Corporation’s common stock.

Options to purchase one million shares of common stock outstanding as of March 31, 2021 at a weighted average exercise price of $35.67 per share were not included in the computation of diluted EPS because the exercise prices of these options were greater than the average market price of Alcoa Corporation’s common stock.