EARNINGS PER SHARE

6 Months Ended

Apr. 28, 2024

NOTE 11 - EARNINGS PER SHARE

The calculations of basic and diluted earnings per share are presented below.

	Three Months Ended				Six Months Ended
	April 28, 2024		April 30, 2023		April 28, 2024		April 30, 2023
Net income attributable to Photronics, Inc. shareholders	$	36,251	$	39,929	$	62,431	$	53,915
Effect of dilutive securities		-		-		-		-
Earnings used for diluted earnings per share	$	36,251	$	39,929	$	62,431	$	53,915

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		61,771		61,138		61,613		61,016
Effect of dilutive securities:
Share-based payment awards		638		369		733		473
Potentially dilutive common shares		638		369		733		473

Weighted-average common shares used for diluted earnings per share		62,409		61,507		62,346		61,489

Basic earnings per share	$	0.59	$	0.65	$	1.01	$	0.88
Diluted earnings per share	$	0.58	$	0.65	$	1.00	$	0.88

The table below illustrates 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.

	Three Months Ended				Six Months Ended
	April 28, 2024		April 30, 2023		April 28, 2024		April 30, 2023
Share-based payment awards		-		267		121		535
Total potentially dilutive shares excluded		-		267		121		535