EARNINGS PER SHARE

9 Months Ended

Jul. 31, 2016

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 8 - EARNINGS PER SHARE

The calculation of basic and diluted earnings per share is presented below.

	Three Months Ended				Nine Months Ended
	July 31, 2016		August 2, 2015		July 31, 2016		August 2, 2015
Net income attributable to Photronics, Inc. shareholders	$	8,088	$	12,106	$	40,944	$	26,003
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		496		1,071		2,442		3,292
Earnings for diluted earnings per share	$	8,584	$	13,177	$	43,386	$	29,295
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		67,953		66,454		67,377		66,250
Effect of dilutive securities:
Convertible notes		5,542		11,085		8,607		11,085
Share-based payment awards		822		1,030		1,006		965
Potentially dilutive common shares		6,364		12,115		9,613		12,050
Weighted-average common shares used for diluted earnings per share		74,317		78,569		76,990		78,300
Basic earnings per share	$	0.12	$	0.18	$	0.61	$	0.39
Diluted earnings per share	$	0.12	$	0.17	$	0.56	$	0.37

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.

	Three Months Ended				Nine Months Ended
	July 31, 2016		August 2, 2015		July 31, 2016		August 2, 2015
Share-based payment awards		2,016		1,667		1,615		1,636
Total potentially dilutive shares excluded		2,016		1,667		1,615		1,636