EARNINGS PER SHARE

12 Months Ended

Nov. 03, 2013

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 14 - EARNINGS PER SHARE

The calculation of basic and diluted earnings per share is presented as follows:

	Year Ended
	November 3, 2013		October 28, 2012			October 30, 2011
Net income attributable to Photronics, Inc. shareholders	$	17,966	$	27,868		$	16,229
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		-		6,168			-
Gain related to common stock warrants fair value adjustment		-		(94	)		-
Earnings for diluted earnings per share	$	17,966	$	33,942		$	16,229
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		60,644		60,055			57,030
Effect of dilutive securities:
Share-based payment awards		813		767			1,145
Common stock warrants		142		219			283
Convertible notes		-		15,423			-
Dilutive potential common shares		955		16,409			1,428
Weighted-average common shares used for diluted earnings per share		61,599		76,464			58,458
Basic earnings per share	$	0.30	$	0.46		$	0.28
Diluted earnings per share	$	0.29	$	0.44		$	0.28

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 antidilutive. The table also shows convertible notes that, if converted, would have been antidilutive.

	Year Ended
	November 3, 2013		October 28, 2012		October 30, 2011
Convertible notes		6,168		-		13,994
Share based payment awards		2,880		2,587		2,407
Common stock warrants		-		-		213
Total potentially dilutive shares excluded		9,048		2,587		16,614

In the first quarter of fiscal year 2014, the Company awarded approximately 0.7 million shared-based payment awards to its employees and directors.