Company: FWRG
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001789940-25-000086
Chunk: 30

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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00 and $18.70 on September 26, 2025 and December 27, 2024, the last trading days of the periods, respectively.Stock-based compensation expense, net of amounts capitalized, was $2.9 million and $2.1 million during the thirteen weeks ended September 28, 2025 and September 29, 2024, respectively, and $7.9 million and $6.4 million during the thirty-nine weeks ended September 28, 2025 and September 29, 2024, respectively. Capitalized stock-based compensation included in property, fixtures and equipment totaled $0.1 million for the thirty-nine weeks ended September 28, 2025. The total related income tax benefit for stock-based compensation expense was $0.1 million during the thirteen weeks ended September 28, 2025 and September 29, 2024, respectively, and $1.3 million and $1.6 million during the thirty-nine weeks ended September 28, 2025 and September 29, 2024, respectively.Unrecognized stock-based compensation expenseThe following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of September 28, 2025:UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands) REMAINING WEIGHTED AVERAGE VESTING PERIOD  (in years)Stock options$1 0.2Restricted stock units $20,160 2.2

12.    Income Taxes 

THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED(in thousands)SEPTEMBER 28, 2025SEPTEMBER 29, 2024SEPTEMBER 28, 2025SEPTEMBER 29, 2024Income before income taxes$5,674 $3,496 $7,713 $27,288 Income tax expense$(2,683)$(1,384)$(3,445)$(9,062)Effective income tax rate47.3 %39.6 %44.7 %33.2 %The Company’s income tax expense for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items arising during interim periods. For both the thirteen and thirty-nine weeks ended September 28, 2025, and the thirteen and thirty-nine weeks ended September 29, 2024, there were no significant