Alcoa and subsidiaries                                 EXHIBIT 11




            Computation of Earnings per Common Share
             For the nine months ended September 30
               (in millions, except share amounts)

                                                        
                                                       1995            1994
                                                   ------------    ------------

                                                             
 1. Income applicable to common stock                               
        before extraordinary loss *                      $ 638.0          $ 73.6
                                                                   
 2. Weighted average number of common shares
        outstanding during the period                178,383,420     177,637,568
                                                                   
 3. Primary earnings per common share                               
        before extraordinary loss (1 divided by 2)         $3.58            $.41
                                                                   
 4. Fully diluted earnings before                                   
        extraordinary loss (1)                            $638.0           $73.6
                                                                   
 5. Shares issuable under compensation plans               1,694          17,164
                                                                   
 6. Shares issuable upon exercise of dilutive                                                          
        outstanding stock options (treasury stock                            
        method)                                          577,404       1,109,562
                                                                   
 7. Fully diluted shares (2 + 5 + 6)                 178,962,518     178,764,294
                                                                   
 8. Fully diluted earnings (loss) per common                     
        share before extraordinary loss                 
        (4 divided by 7)                                   $3.57            $.41


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