Company: CHEF
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001517175-25-000021
Chunk: 48

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 8
Chunk 48
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 average common shares:   Basic38,575,691 37,863,580 38,717,363 37,868,675 Diluted45,799,937 45,941,315 45,957,082 45,888,029 Reconciliation of net income per common share: Thirteen Weeks EndedThirty-Nine Weeks Ended September 26, 2025September 27, 2024September 26, 2025September 27, 2024Numerator:   Net income$19,148 $14,098 $50,677 $31,553 Add effect of dilutive securities   Interest on convertible notes, net of tax1,226 1,322 3,677 3,950 Net income available to common shareholders$20,374 $15,420 $54,354 $35,503 Denominator:   Weighted average basic common shares outstanding38,575,691 37,863,580 38,717,363 37,868,675 Dilutive effect of unvested common shares654,426 621,999 672,394 570,736 Dilutive effect of stock options and warrants74,850 62,919 72,355 55,801 Dilutive effect of convertible notes6,494,970 7,392,817 6,494,970 7,392,817 Weighted average diluted common shares outstanding45,799,937 45,941,315 45,957,082 45,888,029  

11

Potentially dilutive securities that have been excluded from the calculation of diluted net income per common share because the effect is anti-dilutive are as follows: Thirteen Weeks EndedThirty-Nine Weeks Ended September 26, 2025September 27, 2024September 26, 2025September 27, 2024Restricted share awards (“RSAs”) and restricted stock units (“RSUs”)3,882 — 222,642 322,518 

Note 4 – Fair Value Measurements

 Assets and Liabilities Measured at Fair Value The Company’s contingent earn-out liabilities are measured at fair value. These liabilities were estimated using Level 3 inputs. The fair value of contingent consideration was predominantly determined based on a probability-based approach which includes projected results, percentage probability of occurrence and the application