Alcoa 2011 Annual Report Download - page 140
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The information used to compute basic and diluted EPS attributable to Alcoa common shareholders was as follows
(shares in millions):
2011 2010 2009
Income (loss) from continuing operations attributable to Alcoa common shareholders $ 614 $ 262 $(985)
Less: preferred stock dividends declared 2 2 2
Income (loss) from continuing operations available to common equity 612 260 (987)
Less: dividends and undistributed earnings allocated to participating securities 1 1 -
Income (loss) from continuing operations available to Alcoa common shareholders—basic 611 259 (987)
Add: interest expense related to convertible notes 30 - -
Income (loss) from continuing operations available to Alcoa common shareholders—diluted $ 641 $ 259 $(987)
Average shares outstanding—basic 1,061 1,018 935
Effect of dilutive securities:
Stock options 76-
Stock and performance awards 4 1 -
Convertible notes 89 - -
Average shares outstanding—diluted 1,161 1,025 935
In 2010, 89 million share equivalents related to convertible notes were not included in the computation of diluted EPS
because their effect was anti-dilutive. 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 convertible notes and 26 million stock
options were not included in the computation of diluted EPS. Had Alcoa generated sufficient income from continuing
operations in 2009, 69 million and 2 million potential shares of common stock related to the convertible notes and
stock options, respectively, would have been included in diluted average shares outstanding.
Options to purchase 27 million, 23 million, and 39 million shares of common stock at a weighted average exercise
price of $24.00, $32.73, and $35.33 per share were outstanding as of December 31, 2011, 2010, and 2009, 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.
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