EARNINGS PER SHARE

6 Months Ended

May 04, 2014

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
	May 4, 2014		April 28, 2013		May 4, 2014		April 28, 2013
Net income attributable to Photronics, Inc. shareholders	$	15,540	$	4,863	$	17,533	$	7,187
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		1,542		-		3,084		-
Earnings for diluted earnings per share	$	17,082	$	4,863	$	20,617	$	7,187
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		61,372		60,493		61,286		60,385
Effect of dilutive securities:
Convertible notes		15,423		-		15,423		-
Share-based payment awards		910		766		923		726
Common stock warrants		-		242		-		187
Potentially dilutive common shares		16,333		1,008		16,346		913
Weighted-average common shares used for diluted earnings per share		77,705		61,501		77,632		61,298
Basic earnings per share	$	0.25	$	0.08	$	0.29	$	0.12
Diluted earnings per share	$	0.22	$	0.08	$	0.27	$	0.12

The table below shows the outstanding weighted-average 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. The table also shows convertible notes that, if converted, would have been antidilutive.

	Three Months Ended				Six Months Ended
	May 4, 2014		April 28, 2013		May 4, 2014		April 28, 2013
Share-based payment awards		2,105		2,901		2,131		2,922
Convertible notes		-		15,423		-		15,423
Total potentially dilutive shares excluded		2,105		18,324		2,131		18,345