Earnings Per Share

6 Months Ended

Jun. 30, 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):

	Second quarter ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Net income attributable to Alcoa Corporation	$	549	$	309	$	1,018	$	484
Average shares outstanding – basic		182		187		183		186
Effect of dilutive securities:
Stock options		—		—		—		—
Stock units		4		3		4		3
Average shares outstanding – diluted		186		190		187		189

All options to purchase shares of common stock outstanding as of June 30, 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 less than one million shares of common stock outstanding at June 30, 2021 were excluded because they had a weighted average exercise price of $44.11 per share which was greater than the average market price of Alcoa Corporation’s common stock.