NOTE 11 - EARNINGS PER SHARE

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

	Year Ended
	October 31, 2018		October 29, 2017		October 30, 2016

Net income attributable to Photronics, Inc. shareholders	$	42,055	$	13,130	$	46,200
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		1,999		-		2,938
Earnings for diluted earnings per share	$	44,054	$	13,130	$	49,138
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		68,829		68,436		67,539
Effect of dilutive securities:
Convertible notes		5,542		-		7,841
Share-based payment awards		450		852		974
Potentially dilutive common shares		5,992		852		8,815
Weighted-average common shares used for diluted earnings per share		74,821		69,288		76,354

Basic earnings per share	$	0.61	$	0.19	$	0.68
Diluted earnings per share	$	0.59	$	0.19	$	0.64

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 31, 2018		October 29, 2017		October 30, 2016

Share based payment awards		1,627		1,308		1,635
Convertible notes		-		5,542		-
Total potentially dilutive shares excluded		1,627		6,850		1,635