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Exhibit (11)
------------
OWENS CORNING AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
<TABLE>
<S> <C> <C> <C> <C>
Quarter Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
---- ---- ---- ----
(In millions of dollars, except share data)
Basic:
-----
Net income (loss) $ (425) $ 76 $ (377) $ 120
========= ========== ========= ===========
Basic weighted average number of
common shares outstanding (thousands) 54,793 54,116 54,652 54,011
Basic per share amount $ (7.76) $ 1.41 $ (6.90) $ 2.22
========= ========== ========= ===========
Diluted:
-------
Net income $ (425) $ 78 $ (377) $ 124
========= ========== ========= ===========
Weighted average number of common shares
outstanding (thousands) 54,793 54,116 54,652 54,011
Weighted average common equivalent
shares (thousands):
Deferred awards - 22 - 20
Stock options using the average market
price during the period - 992 - 883
Shares from assumed conversion of
preferred securities - 4,566 - 4,566
--------- ---------- --------- -----------
Diluted weighted average number of common
shares outstanding and common equivalent
shares (thousands) 54,793 59,696 54,652 59,480
======== ========== ========= ===========
Diluted per share amount $ (7.76) $ 1.31 $ (6.90) $ 2.08
========== ========== ========= ===========
</TABLE>
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