Company: FWRG
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001789940-25-000086
Chunk: 33

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 33
---
(191)(624)(1,141)(1,663)Income tax expense2,683 1,384 3,445 9,062 Net income$2,991 $2,112 $4,268 $18,226 (1) General and administrative expenses excludes stock-based compensation, net of amounts capitalized presented separately.(2) Other segment items included in segment net income are primarily transaction expenses, and impairments and loss on disposal of assets.

15.    Net Income Per Common Share

The following table sets forth the computations of basic and diluted net income per common share:THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED(in thousands, except share and per share data)SEPTEMBER 28, 2025SEPTEMBER 29, 2024SEPTEMBER 28, 2025SEPTEMBER 29, 2024Numerator:Net income $2,991 $2,112 $4,268 $18,226 Denominator:Weighted average common shares outstanding - basic61,027,278 60,428,016 60,933,443 60,275,167 Weighted average common shares outstanding - diluted62,834,080 61,851,127 62,798,962 62,343,751 Net income per common share - basic$0.05 $0.03 $0.07 $0.30 Net income per common share - diluted$0.05 $0.03 $0.07 $0.29 Stock options outstanding not included in diluted net income per common share as their effect is anti-dilutive12,552 14,584 12,552 12,552 Restricted stock units outstanding not included in diluted net income per share as their effect is anti-dilutive222,055 419,863 9 317,530 Diluted net income per common share is calculated by adjusting the weighted average shares outstanding for the theoretical effect of potential common shares that would be issued for stock awards outstanding and unvested as of the respective periods using the treasury method.

18

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited interim consolidated financial statements and notes thereto included in Part I, Item