EARNINGS PER SHARE

9 Months Ended

Aug. 02, 2020

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 10 - EARNINGS PER SHARE

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

	Three Months Ended				Nine Months Ended
	August 2, 2020		July 28, 2019		August 2, 2020		July 28, 2019
Net income attributable to Photronics, Inc. shareholders	$	10,776	$	6,347	$	27,360	$	20,093
Effect of dilutive securities:
Interest expense on convertible notes, net of tax		-		-		-		845
Earnings used for diluted earnings per share	$	10,776	$	6,347	$	27,360	$	20,938
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		64,780		66,313		65,090		66,386
Effect of dilutive securities:
Share-based payment awards		467		257		614		386
Convertible notes		-		-		-		3,147
Potentially dilutive common shares		467		257		614		3,533
Weighted-average common shares used for diluted earnings per share		65,247		66,570		65,704		69,919
Basic earnings per share	$	0.17	$	0.10	$	0.42	$	0.30
Diluted earnings per share	$	0.17	$	0.10	$	0.42	$	0.30

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.

	Three Months Ended				Nine Months Ended
	August 2, 2020		July 28, 2019		August 2, 2020		July 28, 2019
Potentially dilutive shares excluded		985		1,979		723		1,415