Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 131

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 131
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. FIRST WATCH RESTAURANT GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 87

20. Net Income Per Common Share The following table sets forth the computations of basic and diluted net income per common share: FISCAL YEAR (in thousands, except share and per share data) 2024 2023 2022 Numerator: Net income $ 18,925 $ 25,385 $ 6,907 Denominator: Weighted average common shares outstanding - basic 60,365,393 59,531,404 59,097,512 Weighted average common shares outstanding - diluted 62,351,222 61,191,613 60,140,045 Net income per common share - basic $ 0.31 $ 0.43 $ 0.12 Net income per common share - diluted $ 0.30 $ 0.41 $ 0.11 Stock options outstanding not included in diluted net income per common share as their effect is anti-dilutive 12,552 13,656 1,787,517 Restricted stock units outstanding not included in diluted net income per common share as their effect is anti-dilutive 336,410 355 — 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 preferred stock using the two-class method, as well as for stock options and restricted stock units outstanding and unvested as of the respective periods using the treasury method. 21. Condensed Financial Information of Registrant (Parent Company Only) FIRST WATCH RESTAURANT GROUP, INC. (PARENT COMPANY ONLY) CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) DECEMBER 29, 2024 DECEMBER 31, 2023 Assets Investment in subsidiaries $ 595,389 $ 561,284 Equity Preferred stock; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding $ — $ — Common stock; $0.01 par value; 300,000,000 shares authorized; 60,700,090 and 59,891,705 shares issued and outstanding at December 29, 2024 and December 31, 2023, respectively 607 599 Additional paid-in capital 649,045 634,099 Accumulated deficit (53,822) (