EARNINGS (LOSS) PER SHARE

6 Months Ended

Apr. 29, 2012

EARNINGS (LOSS) PER SHARE [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 10 - EARNINGS (LOSS) PER SHARE

     

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

	Three Months Ended				Six Months Ended
	April 29, 2012		May 1, 2011		April 29, 2012		May 1, 2011
Net income (loss) attributable to Photronics, Inc.	$	8,818	$	(16,438)	$	13,086	$	(4,327)
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		1,542		-		3,084		-
Gains related to common stock warrants fair value adjustment		-		-		(94)		-
Earnings (loss) for diluted earnings (loss) per share	$	10,360	$	(16,438)	$	16,076	$	(4,327)
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings (loss) per share		60,086		55,685		59,952		54,751
Effect of dilutive securities:
Convertible notes		15,423		-		15,423		-
Share-based payment awards		829		-		830		-
Common stock warrants		252		-		267		-
Potentially dilutive common shares		16,504		-		16,520		-
Weighted-average common shares used for diluted earnings (loss) per share		76,590		55,685		76,472		54,751
Basic earnings (loss) per share	$	0.15	$	(0.30)	$	0.22	$	(0.08)
Diluted earnings (loss) per share	$	0.14	$	(0.30)	$	0.21	$	(0.08)

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 periods presented.

	Three Months Ended				Six Months Ended
	April 29, 2012		May 1, 2011		April 29, 2012		May 1, 2011
Convertible notes		-		13,336		-		14,455
Share-based payment awards		-		1,374		-		1,221
Common stock warrants		-		554		-		535
Total potentially dilutive shares excluded		-		15,264		-		16,211

The table below shows the outstanding weighted-average share-based payment awards that were excluded from the calculation of diluted earnings or 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 anti-dilutive.

	Three Months Ended				Six Months Ended
	April 29, 2012		May 1, 2011		April 29, 2012		May 1, 2011
Potentially dilutive share-based payment awards excluded		2,471		2,215		2,511		2,044