Owens Corning
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 2024
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15. 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 EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net earnings attributable to Owens Corning | $321 | $337 | $905 | $1,065 |
| Weighted-average number of shares outstanding used for basic earnings per share | 87.0 | 90.0 | 87.2 | 90.6 |
| Non-vested restricted stock units and performance share units | 0.9 | 0.9 | 0.8 | 0.9 |
| Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share | 87.9 | 90.9 | 88.0 | 91.5 |
| Earnings per common share attributable to Owens Corning common stockholders: | ||||
| Basic | $3.69 | $3.74 | $10.38 | $11.75 |
| Diluted | $3.65 | $3.71 | $10.28 | $11.64 |
For the three and nine months ended September 30, 2024 and September 30, 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 2.1 million shares of its common stock for $332 million, inclusive of applicable taxes, during the nine months ended September 30, 2024, under the Repurchase Authorization. As of September 30, 2024,6.9 million shares remain available for repurchase under the Repurchase Authorization.
The Company repurchased 3.6 million shares of its common stock for $391 million, inclusive of applicable taxes, during the nine months ended September 30, 2023.
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