EARNINGS PER SHARE

6 Months Ended

Apr. 28, 2013

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				Six Months Ended
	April 28, 2013		April 29, 2012		April 28, 2013		April 29, 2012
Net income attributable to Photronics, Inc. shareholders	$	4,863	$	8,818	$	7,187	$	13,086
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		-		1,542		-		3,084
Gain related to common stock warrants fair value adjustment		-		-		-		(94	)
Earnings for diluted earnings per share	$	4,863	$	10,360	$	7,187	$	16,076
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		60,493		60,086		60,385		59,952
Effect of dilutive securities:
Share-based payment awards		766		829		726		830
Common stock warrants		242		252		187		267
Convertible notes		-		15,423		-		15,423
Potentially dilutive common shares		1,008		16,504		913		16,520
Weighted-average common shares used for diluted earnings per share		61,501		76,590		61,298		76,472
Basic earnings per share	$	0.08	$	0.15	$	0.12	$	0.22
Diluted earnings per share	$	0.08	$	0.14	$	0.12	$	0.21

The table below shows the outstanding weighted-average convertible notes and 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 28, 2013		April 29, 2012		April 28, 2013		April 29, 2012
Convertible notes		15,423		-		15,423		-
Share-based payment awards		2,901		2,471		2,922		2,511
Total potentially dilutive shares excluded		18,324		2,471		18,345		2,511