EARNINGS PER SHARE

12 Months Ended

Oct. 31, 2019

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 12 - EARNINGS PER SHARE

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

	Year Ended
	October 31, 2019		October 31, 2018		October 29, 2017
Net income attributable to Photronics, Inc. shareholders	$	29,793	$	42,055	$	13,130
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		845		1,999		-
Earnings for diluted earnings per share	$	30,638	$	44,054	$	13,130
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		66,347		68,829		68,436
Effect of dilutive securities:
Convertible notes		2,360		5,542		-
Share-based payment awards		448		450		852
Potentially dilutive common shares		2,808		5,992		852
Weighted-average common shares used for diluted earnings per share		69,155		74,821		69,288
Basic earnings per share	$	0.45	$	0.61	$	0.19
Diluted earnings per share	$	0.44	$	0.59	$	0.19

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, 2019		October 31, 2018		October 29, 2017
Share based payment awards		1,250		1,627		1,308
Convertible notes		-		-		5,542
Total potentially dilutive shares excluded		1,250		1,627		6,850

Subsequent to October 31, 2019, we repurchased 0.9 million shares of our common stock. See Note 19 for information on our share repurchase programs.