Alcoa 2013 Annual Report Download - page 154
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Effective January 1, 2010, new grants of stock and performance awards do not contain a nonforfeitable right to
dividends during the vesting period. As a result, an employee will forfeit the right to dividends accrued on unvested
awards if that person does not fulfill their service requirement during the vesting period. As such, these awards are not
treated as participating securities in the EPS calculation as the employees do not have equivalent dividend rights as
common shareholders. These awards are included in the EPS calculation utilizing the treasury stock method similar to
stock options. At December 31, 2013, 2012, and 2011, there were 16 million, 12 million, and 8 million such awards
outstanding, respectively.
In 2013, 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 convertible notes, 16 million stock awards, and 12 million stock options
were not included in the computation of diluted EPS. Had Alcoa generated sufficient income from continuing
operations in 2013, 89 million, 9 million, and 2 million potential shares of common stock related to the convertible
notes, stock awards, and stock options, respectively, would have been included in diluted average shares outstanding.
In 2012, 89 million share equivalents related to convertible notes were not included in the computation of diluted EPS
because their effect was anti-dilutive.
Options to purchase 12 million, 27 million, and 27 million shares of common stock at a weighted average exercise
price of $15.81, $15.41, and $24.00 per share were outstanding as of December 31, 2013, 2012, and 2011, 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:
2013 2012 2011
U.S. $(1,269) $394 $ (98)
Foreign (547) (70) 1,161
$(1,816) $324 $1,063
The provision for income taxes on income from continuing operations consisted of the following:
2013 2012 2011
Current:
Federal* $ 14 $ 85 $ 10
Foreign 235 167 427
State and local 1 9 (1)
250 261 436
Deferred:
Federal* 84 129 28
Foreign 95 (227) (211)
State and local (1) (1) 2
178 (99) (181)
Total $428 $ 162 $ 255
* Includes U.S. taxes related to foreign income
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