Net Income per Share

6 Months Ended

Sep. 24, 2021

In connection with completion of the Company’s IPO on November 2, 2020 and immediately following the pricing of the IPO, all outstanding shares of Class A common stock and Class L common stock were automatically converted into an aggregate of 166,500,000 shares of common stock (the “Common Stock Conversion”). Outstanding shares of Class A and Class L common stock were converted to common stock in the Common Stock Conversion at conversion rates of approximately 15.822 and 13.010 shares of common stock to each share of Class A and Class L common stock, respectively. As part of the Common Stock Conversion, 2,066,508 and 1,766 shares of common stock were returned to the Company for tax payments made on behalf of holders of Class A common stock and Class L common stock, respectively, in withhold to cover tax transactions.

Prior to the Company’s IPO, shares of Class A common stock were entitled to a priority dividend of 8%. After Class A shareholders received an annualized return on capital of 8%, distributions of the remaining value were split between Class A and Class L shareholders based on the achievement of certain return targets. In determining income to the Class A stockholders for computing basic and diluted earnings per share for the three- and six-month periods ended September 25, 2020, the Company did not allocate income to the shares of Class L common stock in accordance with ASC 260, because such classes of shares would not have shared in the distribution had all of the income for the periods been distributed. Accordingly, earnings per share calculations were provided only for the Class A shares with a weighted average of 10,000,000 shares for the three- and six-month periods ended September 25, 2020.

The following table sets forth the basic and diluted net income attributable to Allegro MicroSystems, Inc. per share. The number of shares of common stock reflected in the calculation is the total shares of common stock (vested and unvested) held on the IPO date, after the Common Stock Conversion.


	Three-Month Period Ended				Six-Month Period Ended
	September 24, 2021		September 25, 2020		September 24, 2021		September 25, 2020
Net income attributable to Allegro MicroSystems, Inc.	$	33,186	$	9,584	$	60,855	$	14,404
Net income attributable to common stockholders	33,223		9,618		60,930		14,472
Basic weighted average shares of common stock	189,673,788		10,000,000		189,629,535		10,000,000
Dilutive effect of common stock equivalents	2,002,634		—		1,786,715		—
Diluted weighted average shares of common stock	191,676,422		10,000,000		191,416,250		10,000,000
Basic net income attributable to Allegro MicroSystems, Inc. per share	$	0.17	$	0.96	$	0.32	$	1.44
Basic net income attributable to common stockholders per share	$	0.18	$	0.96	$	0.32	$	1.45
Diluted net income attributable to Allegro MicroSystems, Inc. per share	$	0.17	$	0.96	$	0.32	$	1.44
Diluted net income attributable to common stockholders per share	$	0.17	$	0.96	$	0.32	$	1.45

The computed net income per share for the three- and six-month periods ended September 24, 2021 and September 25, 2020 does not assume conversion of securities that would have an antidilutive effect on income per share. There were 1,567 and 6,012 contingently issuable shares under the employee stock purchase plan excluded for the three- and six-month periods ended September 24, 2021 as such securities would have an antidilutive effect on income per share. There were no such convertible securities to consider for the three- and six-month periods ended September 25, 2020.

The following table represents issuable weighted average share information for the respective periods:


	Three-Month Period Ended		Six-Month Period Ended
	September 24, 2021	September 25, 2020	September 24, 2021	September 25, 2020
Restricted stock units	1,026,069	—	922,968	—
Performance stock units	976,565	—	863,747	—


Total	2,002,634	—	1,786,715	—