Alcoa and subsidiaries                                 EXHIBIT 11



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


                                                1996         1995
                                                ----         ----
                                                   
 1. Income applicable to common stock*           $309.4       $412.2
                                                                   
 2. Weighted average number of common                               
     shares outstanding during the period   175,254,973  178,424,528
                                                                   
 3. Primary earnings per common share                               
      (1 divided by 2)                            $1.77        $2.31
                                                                   
 4. Fully diluted earnings (1)                   $309.4       $412.2
                                                                   
 5. Shares issuable under compensation           33,780       24,046
     plans
                                                                   
 6. Shares issuable upon exercise of                                
     dilutive outstanding stock options       1,310,246    1,194,010
     (treasury stock method)
                                                                   
 7. Fully diluted shares (2 + 5 + 6)        176,598,999  179,642,584
 
 8. Fully diluted earnings per common                               
     share (4 divided by 7)                       $1.75        $2.29



<FN>
*  After preferred dividend requirement


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