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<TABLE>
<S> <C> <C> <C> <C>
Exhibit (11)
-----------
OWENS CORNING AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
Quarter Ended Nine Months Ended
September 30, September 30,
-------------- -------------
2000 1999 2000 1999
---- ---- ---- ----
(In millions of dollars, except share data)
Basic:
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Net income (loss) $ 14 $ 89 ($ 363) $ 209
============ ========= ========== ==========
Basic weighted average number of
common shares outstanding (thousands) 55,008 54,292 54,759 54,111
Basic per share amount $ .25 $ 1.64 ($ 6.64) $ 3.87
============ ========= ========== ==========
Diluted:
-------
Net income $ 14 $ 91 ($ 363) $ 215
============ ========= ========== ==========
Weighted average number of common shares
outstanding (thousands) 55,008 54,292 54,759 54,111
Weighted average common equivalent
shares (thousands):
Deferred awards 26 22 - 21
Stock options using the average market
price during the period 431 642 - 768
Shares from assumed conversion of
preferred securities - 4,566 - 4,566
------------ --------- ---------- ----------
Diluted weighted average number of common
shares outstanding and common equivalent
shares (thousands) 55,465 59,522 54,759 59,466
============ ========= ========== ==========
Diluted per share amount $ .25 $ 1.53 ($ 6.64) $ 3.62
============ ========= ========== ==========
</TABLE>
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