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EARNINGS PER SHARE | 12 Months Ended
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Nov. 02, 2014
EARNINGS PER SHARE [Abstract] |
EARNINGS PER SHARE | NOTE 13 - EARNINGS PER SHARE The calculation of basic and diluted earnings per share is presented as follows:
|  | Year Ended |
|  | November 2, 2014 |  |  | November 3, 2013 |  |  | October 28, 2012 |
Net income attributable to Photronics, Inc. shareholders |  | $ | 25,996 |  |  | $ | 17,966 |  |  | $ | 27,868 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense on convertible notes, net of related tax effects |  |  | 1,426 |  |  |  | - |  |  |  | 6,168 |
Gain related to common stock warrants fair value adjustment |  |  | - |  |  |  | - |  |  |  | (94 | )
Earnings for diluted earnings per share |  | $ | 27,422 |  |  | $ | 17,966 |  |  | $ | 33,942 |
Weighted-average common shares computations: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares used for basic earnings per share |  |  | 61,779 |  |  |  | 60,644 |  |  |  | 60,055 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Convertible notes |  |  | 3,945 |  |  |  | - |  |  |  | 15,423 |
Share-based payment awards |  |  | 955 |  |  |  | 813 |  |  |  | 767 |
Common stock warrants |  |  | - |  |  |  | 142 |  |  |  | 219 |
Dilutive potential common shares |  |  | 4,900 |  |  |  | 955 |  |  |  | 16,409 |
Weighted-average common shares used for diluted earnings per share |  |  | 66,679 |  |  |  | 61,599 |  |  |  | 76,464 |
Basic earnings per share |  | $ | 0.42 |  |  | $ | 0.30 |  |  | $ | 0.46 |
Diluted earnings per share |  | $ | 0.41 |  |  | $ | 0.29 |  |  | $ | 0.44 |
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. The table also shows convertible notes that, if converted, would have been antidilutive.
|  | Year Ended |
|  | November 2, 2014 |  |  | November 3, 2013 |  |  | October 28, 2012 |
Convertible notes |  |  | 11,085 |  |  |  | 6,168 |  |  |  | - |
Share based payment awards |  |  | 1,911 |  |  |  | 2,880 |  |  |  | 2,587 |
Total potentially dilutive shares excluded |  |  | 12,996 |  |  |  | 9,048 |  |  |  | 2,587 |
In the first quarter of fiscal year 2015, the Company awarded approximately 0.4 million shared-based payment awards to its employees and directors.

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