Basic net income per share of Class A common stock is computed by dividing net income attributable to Class A common shareholders for the period by the weighted average number of shares of Class A common stock outstanding for the same period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period in which the shares were outstanding. Diluted net income per share of Class A common stock is computed by dividing net income attributable to Class A common shareholders by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities using the more dilutive of either the treasury stock method or the if-converted method.

The following table sets forth the computation of basic net income per share of Class A common stock for the 13 and 26 weeks ended July 5, 2025 and July 6, 2024:


	For the Thirteen Weeks Ended				For the Twenty-Six Weeks Ended
	July 5, 2025		July 6, 2024		July 5, 2025		July 6, 2024
(in thousands, except for share and per share amounts)
Net income	$	5,393	$	5,924	$	7,963	$	9,578
Less: net income attributable to noncontrolling interests		1,565		1,551		2,384		2,470
Net income applicable to Class A common shareholders	$	3,828	$	4,373	$	5,579	$	7,108
Basic weighted average outstanding shares
Class A Common Stock		43,344,441		48,176,149		43,322,260		48,365,642
Basic net income per share applicable to common shareholders:
Class A Common Stock	$	0.09	$	0.09	$	0.13	$	0.15

The following table sets forth the computation of diluted net income per share of Class A common stock for the 13 and 26 weeks ended July 5, 2025 and July 6, 2024:


	For the Thirteen Weeks Ended				For the Twenty-Six Weeks Ended
	July 5, 2025		July 6, 2024		July 5, 2025		July 6, 2024
(in thousands, except for share and per share amounts)
Net income	$	5,393	$	5,924	$	7,963	$	9,578
Less: net income attributable to noncontrolling interests		1,565		1,550		2,381		2,468
Net income applicable to Class A common shareholders	$	3,828	$	4,374	$	5,582	$	7,110
Diluted weighted average outstanding shares
Basic weighted average outstanding shares - Class A Common Stock		43,344,441		48,176,149		43,322,260		48,365,642
Effect of dilutive securities:
RSUs and Restricted Shares		—		40,494		60,157		59,386
Options		210		—		105		—
Diluted weighted average outstanding shares - Class A Common Stock		43,344,651		48,216,643		43,382,522		48,425,028
Diluted net income per share applicable to common shareholders:
Class A Common Stock	$	0.09	$	0.09	$	0.13	$	0.15

For the 13 and 26 weeks ended July 5, 2025, diluted net income per share of Class A common stock was calculated using the treasury stock method. For the 13 and 26 weeks ended July 6, 2024, diluted net income per share of Class A common stock was calculated using the treasury stock method.

Shares of Class B common stock do not share in the earnings or losses attributable to the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net income per share of Class B common stock under the two-class method has not been presented. Shares of Class B common stock are, however, considered potentially dilutive shares of Class A common stock because shares of Class B common stock, together with the related EWC Ventures Units, are exchangeable into shares of Class A common stock on a one-for-one basis.

The following table sets forth the securities which were excluded from the computation of diluted net income per share of Class A common stock for the 13 and 26 weeks ended July 5, 2025 and July 6, 2024 as they were determined to be antidilutive:


	For the Thirteen Weeks Ended				For the Twenty-Six Weeks Ended
	July 5, 2025		July 6, 2024		July 5, 2025		July 6, 2024
Antidilutive securities excluded from the computation of diluted net income per share:
Class B Common Stock		11,860,546		12,214,845		11,860,546		12,214,845
Options		4,497,573		751,688		4,497,573		751,688
RSUs and Restricted Shares		2,550,532		574,390		622,078		384,290
Warrants		2,730,000		—		2,730,000		—