EARNINGS PER SHARE

9 Months Ended

Aug. 02, 2015

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 9 - EARNINGS PER SHARE

The calculation of basic and diluted earnings per share is presented below.

	Three Months Ended				Nine Months Ended
	August 2, 2015		August 3, 2014		August 2, 2015		August 3, 2014
Net income attributable to Photronics, Inc. shareholders	$	12,106	$	4,186	$	26,003	$	21,719
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		1,071		-		3,292		4,626
Earnings for diluted earnings per share	$	13,177	$	4,186	$	29,295	$	26,345
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		66,454		61,436		66,250		61,336
Effect of dilutive securities:
Convertible notes		11,085		-		11,085		15,423
Share-based payment awards		1,030		996		965		947
Potentially dilutive common shares		12,115		996		12,050		16,370
Weighted-average common shares used for diluted earnings per share		78,569		62,432		78,300		77,706
Basic earnings per share	$	0.18	$	0.07	$	0.39	$	0.35
Diluted earnings per share	$	0.17	$	0.07	$	0.37	$	0.34

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, and convertible notes that, if converted, would have been antidilutive.

	Three Months Ended				Nine Months Ended
	August 2, 2015		August 3, 2014		August 2, 2015		August 3, 2014
Share-based payment awards		1,667		1,869		1,636		2,044
Convertible notes		-		15,423		-		-
Total potentially dilutive shares excluded		1,667		17,292		1,636		2,044