Exhibit 12

Photronics, Inc.

Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratio data)

	Fiscal Year Ended													Six months ended
	Oct 31, 2000		Oct 31, 2001			Nov 03, 2002			Nov 02, 2003			Oct 31, 2004		May 01, 2005
Pre-tax income (loss) from continuing operations before adjustment for minority interest in consolidated subsidiaries	$	15,464	$	(2,321	)	$	(5,498	)	$	(41,665	)	$	41,045	$	23,221
Interest		11,091		11,966			20,065			18,267			15,441		5,596
Numerator	$	26,555	$	9,645		$	14,567		$	(23,398	)	$	56,486	$	28,817
Denominator	$	12,291	$	12,672		$	19,976		$	17,755		$	14,853	$	5,560
Ratio		2.2		0.8			0.7			(1.3	)		3.8		5.2