EARNINGS PER SHARE

9 Months Ended

Jul. 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				Nine Months Ended
	July 28, 2013		July 29, 2012		July 28, 2013		July 29, 2012
Net income attributable to Photronics, Inc. shareholders	$	5,940	$	10,950	$	13,126	$	24,035
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		392		1,542		-		4,626
Gain related to common stock warrants fair value adjustment		-		-		-		(94	)
Earnings for diluted earnings per share	$	6,332	$	12,492	$	13,126	$	28,567
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		60,746		60,121		60,505		60,008
Effect of dilutive securities:
Convertible notes		4,338		15,423		-		15,423
Share-based payment awards		898		707		783		789
Common stock warrants		195		185		190		240
Potentially dilutive common shares		5,431		16,315		973		16,452
Weighted-average common shares used for diluted earnings per share		66,177		76,436		61,478		76,460
Basic earnings per share	$	0.10	$	0.18	$	0.22	$	0.40
Diluted earnings per share	$	0.10	$	0.16	$	0.21	$	0.37

The table below shows the outstanding weighted-average convertible notes and share-based payment awards 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.

	Three Months Ended				Nine Months Ended
	July 28, 2013		July 29, 2012		July 28, 2013		July 29, 2012
Convertible notes		11,085		-		15,423		-
Share-based payment awards		2,856		2,616		2,900		2,546
Total potentially dilutive shares excluded		13,941		2,616		18,323		2,546