Owens Corning
For the period ended Mar 31, 2024. Filed Apr 24, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 24, 2024
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. Earnings per Share
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- EARNINGS PER SHARE
The following table is a reconciliation of weighted-average shares for calculating basic and diluted earnings per share (in millions, except per share amounts):
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Net earnings attributable to Owens Corning | $299 | $383 |
| Weighted-average number of shares outstanding used for basic earnings per share | 87.3 | 91.3 |
| Non-vested restricted stock units and performance share units | 0.6 | 0.6 |
| Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share | 87.9 | 91.9 |
| Earnings per common share attributable to Owens Corning common stockholders: | ||
| Basic | $3.42 | $4.19 |
| Diluted | $3.40 | $4.17 |
For the three months ended March 31, 2024 and March 31, 2023, there wereno non-vested RSUs or PSUs that had an anti-dilutive effect on earnings per share.
On December 1, 2022, the Board of Directors approved a new share repurchase program under which the Company is authorized to repurchase up to 10 million shares of the Company’s outstanding common stock (the “Repurchase Authorization”). The Repurchase Authorization enables the Company to repurchase shares through the open market, privately negotiated, or other transactions. The actual number of shares repurchased will depend on timing, market conditions and other factors and will be at the Company’s discretion. The Company repurchased 0.9 million shares of its common stock for $130 million, inclusive of applicable taxes, during the three months ended March 31, 2024, under the Repurchase Authorization. As of March 31, 2024,8.1 million shares remain available for repurchase under the Repurchase Authorization.
The Company repurchased 1.5 million shares of its common stock for $136 million, inclusive of applicable taxes, during the three months ended March 31, 2023.
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