Company: FWRG
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001789940-25-000041
Chunk: 32

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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259 1,866 General and administrative expenses(1)27,960 25,792 Depreciation and amortization16,557 12,271 Other segment items(2)882 788 Interest expense3,334 2,599 Other income, net(684)(326)Income tax (benefit) expense(708)2,799 Net (loss) income$(829)$7,214 (1) General and administrative expenses excludes stock-based compensation presented separately.(2) Other segment items included in segment net (loss) income are primarily transaction expenses, and impairments and loss on disposal of assets.

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Table of ContentsFIRST WATCH RESTAURANT GROUP, INC.NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (continued)

14.    Net (Loss) Income Per Common Share

The following table sets forth the computations of basic and diluted net (loss) income per common share:THIRTEEN WEEKS ENDED(in thousands, except share and per share data)MARCH 30, 2025MARCH 31, 2024Numerator:Net (loss) income $(829)$7,214 Denominator:Weighted average common shares outstanding - basic60,767,401 60,012,790 Weighted average common shares outstanding - diluted60,767,401 62,476,379 Net (loss) income per common share - basic$(0.01)$0.12 Net (loss) income per common share - diluted$(0.01)$0.12 Stock options outstanding not included in diluted net (loss) income per common share as their effect is anti-dilutive12,552 12,552 Restricted stock units outstanding not included in diluted net (loss) income per share as their effect is anti-dilutive— 114,904 Diluted net (loss) 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 option awards outstanding and unvested as of the respective periods using the treasury method.

15.    Subsequent Events

Business AcquisitionsOn April 28, 2025, the Company acquired 16 restaurants from a franchisee, together with other associated assets, including, but not limited to, franchise and development rights for cash of approximately $49.0 million. On April 14, 2025, the Company acquired three restaurants from a franchise