Alcoa 2009 Annual Report Download - page 132
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The information used to compute basic and diluted EPS on (loss) income from continuing operations attributable to
Alcoa common shareholders was as follows (shares in millions):
2009 2008 2007
(Loss) income from continuing operations attributable to Alcoa common shareholders $(985) $229 $2,814
Less: preferred stock dividends declared 2 2 2
(Loss) income from continuing operations available to common equity (987) 227 2,812
Less: dividends and undistributed earnings allocated to participating securities - 6 21
(Loss) income from continuing operations available to Alcoa common shareholders $(987) $221 $2,791
Average shares outstanding—basic 935 810 861
Effect of dilutive securities:
Potential shares of common stock, attributable to stock options - 3 5
Average shares outstanding—diluted 935 813 866
In 2009, basic average shares outstanding and diluted average shares outstanding were the same because the effect of
potential shares of common stock was anti-dilutive since Alcoa generated a loss from continuing operations. As a
result, 89 million share equivalents related to the convertible notes and 26 million stock options were not included in
the computation of diluted EPS. Had Alcoa generated sufficient income from continuing operations, 72 million
potential shares of common stock related to the convertible notes and stock options would have been included in
diluted average shares outstanding.
Options to purchase 39 million, 46 million, and 21 million shares of common stock at a weighted average exercise
price of $35.33, $35.65, and $41.52 per share were outstanding as of December 31, 2009, 2008, and 2007, respectively,
but were not included in the computation of diluted EPS because they were anti-dilutive, as the exercise prices of the
options were greater than the average market price of Alcoa’s common stock.
T. Income Taxes
The components of (loss) income from continuing operations before income taxes were as follows:
2009 2008 2007
U.S. $ (512) $ (999) $1,960
Foreign (986) 1,791 2,842
$(1,498) $ 792 $4,802
The (benefit) provision for income taxes on (loss) income from continuing operations consisted of the following:
2009 2008 2007
Current:
Federal* $(119) $ 3 $ 516
Foreign 142 598 774
State and local (1) 2 22
22 603 1,312
Deferred:
Federal* (89) (184) 231
Foreign (510) (77) 87
State and local 3 - (7)
(596) (261) 311
Total $(574) $ 342 $1,623
* Includes U.S. taxes related to foreign income
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