EARNINGS (LOSS) PER SHARE

12 Months Ended

Oct. 30, 2011

EARNINGS (LOSS) PER SHARE [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 14 - EARNINGS (LOSS) PER SHARE

The calculation of basic and diluted earnings (loss) per share is presented as follows:

	Year Ended
	October 30, 2011		October 31, 2010		November 1, 2009
Net income (loss) attributable to Photronics, Inc.	$	16,229	$	23,922	$	(41,910	)
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		-		4,085		-
Earnings (loss) for diluted earnings (loss) per share	$	16,229	$	28,007	$	(41,910	)
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings (loss) per share		57,030		53,433		43,210
Effect of dilutive securities:
Share-based payment awards		1,145		996		-
Common stock warrants		283		63		-
Convertible notes		-		11,311		-
Dilutive potential common shares		1,428		12,370		-
Weighted-average common shares used for diluted earnings (loss) per share		58,458		65,803		43,210
Basic earnings (loss) per share	$	0.28	$	0.45	$	(0.97	)
Diluted earnings (loss) per share	$	0.28	$	0.43	$	(0.97	)

In periods in which the Company incurred a net loss, the assumed exercises and vestings of certain outstanding share-based awards had an antidilutive effect. The assumed exercise of certain outstanding common stock warrants and the conversion of convertible senior notes to common stock would also have been antidilutive in the periods that the Company reported a net loss. The table below shows the amounts of incremental weighted-average shares of these share-based payment awards, common stock warrants, and convertible debt that were not considered potentially dilutive common shares in the fiscal years presented.

	Year Ended
	October 30, 2011		October 31, 2010		November 1, 2009
Convertible notes		-		-		1,429
Common stock warrants		-		-		804
Share-based payment awards		-		-		793
Total potentially dilutive shares excluded		-		-		3,026

The table below shows the outstanding weighted-average share-based payment awards and common stock warrants that were excluded from the calculation of diluted earnings (loss) per share because their exercise price exceeded the average market value of the common shares for the period or, under application of the treasury stock method, they were otherwise determined to be antidilutive. The table also shows convertible notes that, if converted, would have been antidilutive.

	Year Ended
	October 30, 2011		October 31, 2010		November 1, 2009
Convertible notes		13,994		-		-
Share based payment awards		2,407		2,684		2,243
Common stock warrants		213		745		2
Total potentially dilutive shares excluded		16,614		3,429		2,245

In the first quarter of fiscal year 2012, the Company awarded approximately 0.5 million shared-based payment awards to its employees and directors.