Net Income per Share

12 Months Ended

Mar. 25, 2022

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”). Additional detailed discussion is included in Note 19, “Common Stock and Stock-Based Compensation.”

Prior to the Company’s IPO, Class A shares 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 attributable to the Class A stockholders for computing basic and diluted earnings per share for the fiscal year ended March 27, 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 fiscal year ended March 27, 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.


	Fiscal Year Ended
	March 25, 2022		March 26, 2021		March 27, 2020
Net income attributable to Allegro MicroSystems, Inc.	$	119,407	$	17,953	$	36,971
Net income attributable to common stockholders	119,555		18,101		37,105
Basic weighted average common shares	189,748,427		83,448,055		10,000,000
Dilutive effect of common stock equivalents	2,062,778		92,968,590		—
Diluted weighted average common shares	191,811,205		176,416,645		10,000,000
Basic net income attributable to Allegro MicroSystems, Inc. per share	$	0.63	$	0.22	$	3.70
Basic net income attributable to common stockholders per share	$	0.63	$	0.22	$	3.71
Diluted net income attributable to Allegro MicroSystems, Inc. per share	$	0.62	$	0.10	$	3.70
Diluted net income attributable to common stockholders per share	$	0.62	$	0.10	$	3.71

The computed net income per share for the fiscal years ended March 25, 2022, March 26, 2021 and March 27, 2020 does not assume conversion of securities that would have an antidilutive effect on income per share. There were 3,622 contingently issuable shares under the employee stock purchase plan excluded for the fiscal year ended March 25, 2022, as such securities would have an antidilutive effect on net income per share. There were 273 RSUs excluded for fiscal year ended March 26, 2021 as conversion of such securities would have an antidilutive effect on net income per share. There were no such convertible securities to consider for the fiscal year ended March 27, 2020.

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


	Fiscal Year Ended
	March 25, 2022	March 26, 2021	March 27, 2020
Restricted stock units	1,066,406	308,811	—
Performance stock units	996,372	218,678	—
Employee stock purchase plan	—	2,914	—
Shares related to Common Stock Conversion	—	92,438,187	—
Total	2,062,778	92,968,590	—