EARNINGS PER SHARE

9 Months Ended

Aug. 03, 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				Nine Months Ended
	August 3, 2014		July 28, 2013		August 3, 2014		July 28, 2013
Net income attributable to Photronics, Inc. shareholders	$	4,186	$	5,940	$	21,719	$	13,126
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		-		392		4,626		-
Earnings for diluted earnings per share	$	4,186	$	6,332	$	26,345	$	13,126
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		61,436		60,746		61,336		60,505
Effect of dilutive securities:
Share-based payment awards		996		898		947		783
Convertible notes		-		4,338		15,423		-
Common stock warrants		-		195		-		190
Potentially dilutive common shares		996		5,431		16,370		973
Weighted-average common shares used for diluted earnings per share		62,432		66,177		77,706		61,478
Basic earnings per share	$	0.07	$	0.10	$	0.35	$	0.22
Diluted earnings per share	$	0.07	$	0.10	$	0.34	$	0.21

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				Nine Months Ended
	August 3, 2014		July 28, 2013		August 3, 2014		July 28, 2013
Convertible notes		15,423		11,085		-		15,423
Share-based payment awards		1,869		2,856		2,044		2,900
Total potentially dilutive shares excluded		17,292		13,941		2,044		18,323