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EARNINGS (LOSS) PER SHARE | 12 Months Ended
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Oct. 30, 2011
EARNINGS (LOSS) PER SHARE [Abstract] |
EARNINGS (LOSS) PER SHARE | NOTE 14 - EARNINGS (LOSS) PER SHARE The calculation of basic and diluted earnings (loss) per share is presented as follows:
|  | Year Ended |
|  | October 30, 2011 |  |  | October 31, 2010 |  |  | November 1, 2009 |
Net income (loss) attributable to Photronics, Inc. |  | $ | 16,229 |  |  | $ | 23,922 |  |  | $ | (41,910 | )
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense on convertible notes, net of related tax effects |  |  | - |  |  |  | 4,085 |  |  |  | - |
Earnings (loss) for diluted earnings (loss) per share |  | $ | 16,229 |  |  | $ | 28,007 |  |  | $ | (41,910 | )
Weighted-average common shares computations: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares used for basic earnings (loss) per share |  |  | 57,030 |  |  |  | 53,433 |  |  |  | 43,210 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Share-based payment awards |  |  | 1,145 |  |  |  | 996 |  |  |  | - |
Common stock warrants |  |  | 283 |  |  |  | 63 |  |  |  | - |
Convertible notes |  |  | - |  |  |  | 11,311 |  |  |  | - |
Dilutive potential common shares |  |  | 1,428 |  |  |  | 12,370 |  |  |  | - |
Weighted-average common shares used for diluted earnings (loss) per share |  |  | 58,458 |  |  |  | 65,803 |  |  |  | 43,210 |
Basic earnings (loss) per share |  | $ | 0.28 |  |  | $ | 0.45 |  |  | $ | (0.97 | )
Diluted earnings (loss) per share |  | $ | 0.28 |  |  | $ | 0.43 |  |  | $ | (0.97 | )
In periods in which the Company incurred a net loss, the assumed exercises and vestings of certain outstanding share-based awards had an antidilutive effect. The assumed exercise of certain outstanding common stock warrants and the conversion of convertible senior notes to common stock would also have been antidilutive in the periods that the Company reported a net loss. The table below shows the amounts of incremental weighted-average shares of these share-based payment awards, common stock warrants, and convertible debt that were not considered potentially dilutive common shares in the fiscal years presented.
|  | Year Ended |
|  | October 30, 2011 |  |  | October 31, 2010 |  |  | November 1, 2009 |
Convertible notes |  |  | - |  |  |  | - |  |  |  | 1,429 |
Common stock warrants |  |  | - |  |  |  | - |  |  |  | 804 |
Share-based payment awards |  |  | - |  |  |  | - |  |  |  | 793 |
Total potentially dilutive shares excluded |  |  | - |  |  |  | - |  |  |  | 3,026 |
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 (loss) 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. The table also shows convertible notes that, if converted, would have been antidilutive.
|  | Year Ended |
|  | October 30, 2011 |  |  | October 31, 2010 |  |  | November 1, 2009 |
Convertible notes |  |  | 13,994 |  |  |  | - |  |  |  | - |
Share based payment awards |  |  | 2,407 |  |  |  | 2,684 |  |  |  | 2,243 |
Common stock warrants |  |  | 213 |  |  |  | 745 |  |  |  | 2 |
Total potentially dilutive shares excluded |  |  | 16,614 |  |  |  | 3,429 |  |  |  | 2,245 |
In the first quarter of fiscal year 2012, the Company awarded approximately 0.5 million shared-based payment awards to its employees and directors.

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