EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

The following table is a reconciliation of weighted-average shares for calculating basic and diluted earnings (loss) per-share (in millions, except per share amounts):


	Twelve Months Ended December 31,
	2022		2021		2020
Net earnings (loss) attributable to Owens Corning	$	1,241	$	995	$	(383)
Weighted-average number of shares outstanding used for basic earnings (loss) per share	96.6		103.5		108.6
Non-vested restricted and performance shares	1.1		0.8		—

Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings (loss) per share	97.7		104.3		108.6
Earnings (loss) per common share attributable to Owens Corning common stockholders:
Basic	$	12.85	$	9.61	$	(3.53)
Diluted	$	12.70	$	9.54	$	(3.53)

Basic earnings (loss) per share is calculated by dividing earnings (loss) attributable to Owens Corning by the weighted-average number of shares of the Company’s common stock outstanding during the period. Outstanding shares consist of issued shares less treasury stock.

On February 14, 2022, the Board of Directors approved a share buy-back program under which the Company is authorized to repurchase up to 10 million shares of the Company’s outstanding common stock (the “February 2022 Repurchase Authorization”). The February 2022 Repurchase Authorization is in addition to the 2020 Repurchase Authorization (the 2020 Repurchase Authorization and collectively with the 2022 Repurchase Authorization, the “Repurchase Authorization”). The Company repurchased 9.0 million shares of its common stock for $779 million during the year ended December 31, 2022 under the Repurchase Authorization.

On December 1, 2022, the Board of Directors approved a new share buy-back program under which the Company is authorized to repurchase up to 10 million shares of the Company’s outstanding common stock (the “December 2022 Repurchase Authorization”). The December 2022 Repurchase Authorization is in addition to the February 2022 Repurchase Authorization (together, 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. As of December 31, 2022, 14.4 million shares remained available for repurchase under the Repurchase Authorization.

For the year ended December 31, 2022, the Company did not have any non-vested restricted shares or non-vested performance shares that had an anti-dilutive effect on earnings per share. For the year ended December 31, 2021, the number of shares used in the calculation of diluted earnings per share did not include 0.1 million non-vested performance shares due to their anti-dilutive effect. For the year ended December 31, 2020, diluted earnings per share was equal to basic earnings per share due to the net loss attributable to Owens Corning.