Alcoa and subsidiaries EXHIBIT 11
Computation of Earnings (Loss) per Common Share
For the three months ended March 31
(in millions, except share amounts)
1997 1996
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1. Income applicable to common stock* $158.5 $177.7
2. Weighted average number of common
shares outstanding during the period 173,121,653 175,612,108
outstanding during the period
3. Primary earnings per common share
(1 divided by 2) $.92 $1.01
4. Fully diluted earnings (1) $158.5 $177.7
5. Shares issuable under compensation 37,320 26,044
plans
6. Shares issuable upon exercise of
dilutive outstanding stock options
(treasury stock method) 1,722,383 1,516,732
7. Fully diluted shares (2 + 5 + 6) 174,881,356 177,154,884
8. Fully diluted earnings per common
share (4 divided by 7) $.91 $1.00
<FN>
* After preferred dividend requirement
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