EARNINGS PER SHARE (Tables)

6 Months Ended

May. 01, 2016

EARNINGS PER SHARE [Abstract]

Calculation of basic and diluted earnings per share

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

	Three Months Ended				Six Months Ended
	May 1, 2016		May 3, 2015		May 1, 2016		May 3, 2015
Net income attributable to Photronics, Inc. shareholders	$	11,854	$	10,060	$	32,856	$	13,897
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		875		1,071		1,946		1,071
Earnings for diluted earnings per share	$	12,729	$	11,131	$	34,802	$	14,968
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		67,372		66,230		67,090		66,148
Effect of dilutive securities:
Convertible notes		9,196		11,084		10,140		5,542
Share-based payment awards		948		914		1,096		934
Potentially dilutive common shares		10,144		11,998		11,236		6,476
Weighted-average common shares used for diluted earnings per share		77,516		78,228		78,326		72,624
Basic earnings per share	$	0.18	$	0.15	$	0.49	$	0.21
Diluted earnings per share	$	0.16	$	0.14	$	0.44	$	0.21

Outstanding securities excluded from the calculation of diluted earnings or loss per share

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				Six Months Ended
	May 1, 2016		May 3, 2015		May 1, 2016		May 3, 2015
Share-based payment awards		2,160		1,654		1,414		1,621
Convertible notes		-		-		-		5,542
Total potentially dilutive shares excluded		2,160		1,654		1,414		7,163