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Capital Transactions | 12 Months Ended
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Jan. 01, 2017
Equity [Abstract] |
Capital Transactions |
17. | Capital Transactions
The Company has two classes of common stock outstanding, Common Stock and Class B Common Stock. The Common Stock is traded on the NASDAQ Global Select Marketsm under the symbol COKE. There is no established public trading market for the Class B Common Stock. Shares of the Class B Common Stock are convertible on a share-for-share basis into shares of Common Stock at any time at the option of the holders of Class B Common Stock. No cash dividend or dividend of property or stock other than stock of the Company, as specifically described in the Company’s certificate of incorporation, may be declared and paid on the Class B Common Stock unless an equal or greater dividend is declared and paid on the Common Stock. During 2016, 2015 and 2014, dividends of $1.00 per share were declared and paid on both Common Stock and Class B Common Stock. Total cash dividends paid were $9.3 million per year in 2016, 2015 and 2014. Each share of Common Stock is entitled to one vote per share and each share of Class B Common Stock is entitled to 20 votes per share at all meetings of shareholders. Except as otherwise required by law, holders of the Common Stock and Class B Common Stock vote together as a single class on all matters brought before the Company’s stockholders. In the event of liquidation, there is no preference between the two classes of common stock. Compensation expense for the Performance Unit Award Agreement, recognized on the share price of the last trading day prior to the end of the fiscal year, was as follows:
|  | Fiscal Year |
(in thousands, except per share data) |  | 2016 |  |  | 2015 |  |  | 2014 |
Total compensation expense |  | $ | 7,154 |  |  | $ | 7,300 |  |  | $ | 3,542 |
Share price for compensation expense |  | $ | 178.85 |  |  | $ | 182.51 |  |  | $ | 88.55 |
Share price date for compensation expense |  | December 30, 2016 |  |  | December 31, 2015 |  |  | December 26, 2014 |
Each year, the Compensation Committee determined whether any shares of the Company’s Class B Common Stock should be issued as a Performance Unit Award Agreement to J. Frank Harrison, III, in connection with his services for the prior year as Chairman of the Board of Directors and Chief Executive Officer of the Company. As permitted under the terms of the Performance Unit Award Agreement, a number of shares were settled in cash each year to satisfy tax withholding obligations in connection with the vesting of the performance units. The remaining number of shares increased the total shares of Class B Common Stock outstanding. A summary of the awards each year is as follows:
|  | Fiscal Year |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Date of approval for award |  | March 8, 2016 |  |  | March 3, 2015 |  |  | March 4, 2014 |
Fiscal year of service covered by award |  | 2015 |  |  | 2014 |  |  | 2013 |
Shares settled in cash |  |  | 19,080 |  |  |  | 19,080 |  |  |  | 19,100 |
Increase in Class B Common Stock shares outstanding |  |  | 20,920 |  |  |  | 20,920 |  |  |  | 20,900 |
Total Class B Common Stock awarded |  |  | 40,000 |  |  |  | 40,000 |  |  |  | 40,000 |

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- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. + References No definition available. + Details
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