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EARNINGS PER SHARE

9 Months Ended

Jul. 31, 2011

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
		July 31, 2011				August 1, 2010				July 31, 2011				August 1, 2010
Net income attributable to Photronics, Inc.		$	11,265			$	7,691			$	6,938			$	15,778
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects			1,595				1,022				-				3,063
Gain related to common stock warrants fair value adjustment			(221	)			(388	)			-				-
Earnings for diluted earnings per share		$	12,639			$	8,325			$	6,938			$	18,841
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share			58,987				53,516				56,163				53,341
Effect of dilutive securities:
Convertible notes			15,909				11,311				-				11,311
Share-based payment awards			1,314				969				1,252				983
Common stock warrants			534				484				309				54
Potentially dilutive common shares			17,757				12,764				1,561				12,348
Weighted-average common shares used for diluted earnings per share			76,744				66,280				57,724				65,689
Basic earnings per share		$	0.19			$	0.14			$	0.12			$	0.30
Diluted earnings per share		$	0.16			$	0.13			$	0.12			$	0.29

The table below shows the outstanding weighted-average share-based payment awards and common stock warrants 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 anti-dilutive. The table also shows convertible notes that, if converted, would have been anti-dilutive.

		Three Months Ended								Nine Months Ended
		July 31, 2011				August 1, 2010				July 31, 2011				August 1, 2010
Share-based payment awards			2,206				2,700				2,412				2,668
Convertible notes			-				-				13,519				-
Common stock warrants			-				250				225				792
Total potentially dilutive shares excluded			2,206				2,950				16,156				3,460

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The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

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