EARNINGS PER SHARE (Tables)

6 Months Ended

May 03, 2015

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 3, 2015		May 4, 2014		May 3, 2015		May 4, 2014
Net income attributable to Photronics, Inc. shareholders	$	10,060	$	15,540	$	13,897	$	17,533
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		1,071		1,542		1,071		3,084
Earnings for diluted earnings per share	$	11,131	$	17,082	$	14,968	$	20,617
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		66,230		61,372		66,148		61,286
Effect of dilutive securities:
Convertible notes		11,084		15,423		5,542		15,423
Share-based payment awards		914		910		934		923
Potentially dilutive common shares		11,998		16,333		6,476		16,346
Weighted-average common shares used for diluted earnings per share		78,228		77,705		72,624		77,632
Basic earnings per share	$	0.15	$	0.25	$	0.21	$	0.29
Diluted earnings per share	$	0.14	$	0.22	$	0.21	$	0.27

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 3, 2015		May 4, 2014		May 3, 2015		May 4, 2014
Share-based payment awards		1,654		2,105		1,621		2,131
Convertible notes		-		-		5,542		-
Total potentially dilutive shares excluded		1,654		2,105		7,163		2,131