NOTE 11 - EARNINGS PER SHARE

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

	Year Ended
	October 29, 2017		October 30, 2016		November 1, 2015

Net income attributable to Photronics, Inc. shareholders	$	13,130	$	46,200	$	44,625
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		-		2,938		4,363

Earnings for diluted earnings per share	$	13,130	$	49,138	$	48,988

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		68,436		67,539		66,331
Effect of dilutive securities:
Share-based payment awards		852		974		967
Convertible notes		-		7,841		11,085

Dilutive common shares		852		8,815		12,052

Weighted-average common shares used for diluted earnings per share		69,288		76,354		78,383

Basic earnings per share	$	0.19	$	0.68	$	0.67
Diluted earnings per share	$	0.19	$	0.64	$	0.63

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
	October 29, 2017		October 30, 2016		November 1, 2015

Convertible notes		5,542		-		-
Share based payment awards		1,308		1,635		1,641

Total potentially dilutive shares excluded		6,850		1,635		1,641