Exhibit (11)
                           
             OWENS CORNING AND SUBSIDIARIES
                           
           COMPUTATION OF PER SHARE EARNINGS
                           
 FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
                           

Primary:
                             1995      1994     1993
                  (In millions of dollars, except share data)

Net income                  $   231   $   159  $    131

Weighted average number of 
 shares outstanding 
 (thousands)                 49,152    43,647    42,734
Weighted average common 
 equivalent shares 
  (thousands):
    Deferred awards              16        21       264
    Stock options using 
      weighted average
      market price              543       541       595

Primary weighted average 
  number of common shares 
  outstanding and common 
  equivalent shares 
  (thousands)                49,711    44,209    43,593

Primary per share amount   $   4.64 $    3.61  $   3.00

Fully Diluted:

Net income                 $    238 $     168 $     139

Weighted average number 
 of shares outstanding 
 (thousands)                 49,152    43,647    42,734
Weighted average common 
 equivalent shares 
 (thousands):
   Deferred awards               16        21       265
   Stock options using the 
     higher of average 
     market price or market
     price at end of period     566       559       613
   Shares from assumed 
     conversion of debt       1,562     5,798     5,798
 Shares from assumed conversion
  of preferred securities     2,810         -         -

Fully diluted weighted average 
 number of common shares 
  outstanding and common 
  equivalent shares 
  (thousands)                54,106   50,025     49,410

Fully diluted per share 
  amount                   $   4.40 $   3.35    $  2.81