EARNINGS PER SHARE

3 Months Ended

Jan. 29, 2012

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 10 - EARNINGS PER SHARE

     The calculation of basic and diluted earnings per share is presented below.

	Three Months Ended
	January 29, 2012			January 30,  2011
Net income attributable to Photronics, Inc.	$	4,268		$	12,111
Effect of dilutive securities:
Gains related to common stock warrants fair value adjustment		(94	)		-
Interest expense on convertible notes, net of related tax effects		-			1,022
Earnings for diluted earnings per share	$	4,174		$	13,133
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		59,817			53,817
Effect of dilutive securities:
Share-based payment awards		831			1,067
Common stock warrants		282			216
Convertible notes		-			11,311
Potentially dilutive common shares		1,113			12,594
Weighted-average common shares used for diluted earnings per share		60,930			66,411
Basic earnings per share	$	0.07		$	0.23
Diluted earnings per share	$	0.07		$	0.20

     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 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 anti-dilutive. The table also shows convertible notes that, if converted, would have been anti-dilutive.

	Three Months Ended
	January 29, 2012		January 30, 2011
Convertible notes		15,423		-
Share-based payment awards		2,550		2,816
Common stock warrants		-		299
Total potentially dilutive shares excluded		17,973		3,115