EARNINGS PER SHARE

12 Months Ended

Nov. 02, 2014

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 13 - EARNINGS PER SHARE

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

	Year Ended
	November 2, 2014		November 3, 2013		October 28, 2012
Net income attributable to Photronics, Inc. shareholders	$	25,996	$	17,966	$	27,868
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		1,426		-		6,168
Gain related to common stock warrants fair value adjustment		-		-		(94	)
Earnings for diluted earnings per share	$	27,422	$	17,966	$	33,942
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		61,779		60,644		60,055
Effect of dilutive securities:
Convertible notes		3,945		-		15,423
Share-based payment awards		955		813		767
Common stock warrants		-		142		219
Dilutive potential common shares		4,900		955		16,409
Weighted-average common shares used for diluted earnings per share		66,679		61,599		76,464
Basic earnings per share	$	0.42	$	0.30	$	0.46
Diluted earnings per share	$	0.41	$	0.29	$	0.44

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

	Year Ended
	November 2, 2014		November 3, 2013		October 28, 2012
Convertible notes		11,085		6,168		-
Share based payment awards		1,911		2,880		2,587
Total potentially dilutive shares excluded		12,996		9,048		2,587

     In the first quarter of fiscal year 2015, the Company awarded approximately 0.4 million shared-based payment awards to its employees and directors.