EARNINGS PER SHARE

9 Months Ended

Jul. 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					Nine Months Ended
	July 29, 2012		July 31, 2011			July 29, 2012			July 31, 2011
Net income attributable to Photronics, Inc.	$	10,950	$	11,265		$	24,035		$	6,938
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		1,542		1,595			4,626			-
Gains related to common stock warrants fair value adjustment		-		(221	)		(94	)		-
Earnings for diluted earnings per share	$	12,492	$	12,639		$	28,567		$	6,938
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		60,121		58,987			60,008			56,163
Effect of dilutive securities:
Convertible notes		15,423		15,909			15,423			-
Share-based payment awards		707		1,314			789			1,252
Common stock warrants		185		534			240			309
Potentially dilutive common shares		16,315		17,757			16,452			1,561
Weighted-average common shares used for diluted earnings per share		76,436		76,744			76,460			57,724
Basic earnings per share	$	0.18	$	0.19		$	0.40		$	0.12
Diluted earnings per share	$	0.16	$	0.16		$	0.37		$	0.12

   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				Nine Months Ended
	July 29, 2012		July 31, 2011		July 29, 2012		July 31, 2011
Share-based payment awards		2,616		2,206		2,546		2,412
Convertible notes		-		-		-		13,519
Common stock warrants		-		-		-		225
Total potentially dilutive shares excluded		2,616		2,206		2,546		16,156