Alcoa and subsidiaries EXHIBIT 11
Computation of Earnings (Loss) per Common Share
For the six months ended June 30
(in millions, except share amounts)
1995 1994
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1. Income (loss) applicable to common stock
before extraordinary loss * $412.2 $4.0
2. Weighted average number of common shares
outstanding during the period 178,424,528 177,414,490
3. Primary earnings (loss) per common share
before extraordinary loss (1 divided by 2) $2.31 $.02
4. Fully diluted earnings (loss) before
extraordinary loss (1) $412.2 $4.0
5. Shares issuable under compensation plans 24,046 87,576
6. Shares issuable upon exercise of dilutive
outstanding stock options (treasury stock
method) 1,194,010 485,308
7. Fully diluted shares (2 + 5 + 6) 179,642,584 177,987,374
8. Fully diluted earnings (loss) per common
share before extraordinary loss (4
divided by 7) $2.29 $.02
Per share amounts for 1994 have been restated to reflect the two-
for-one stock split which occurred in February, 1995.
<FN>
* After preferred dividend requirement