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Employee Stock Ownership Plan
3 Months Ended
Mar. 30, 2014
Employee Stock Ownership Plan [Abstract]  
Employee Stock Ownership Plan

13.      EMPLOYEE STOCK OWNERSHIP PLAN

 

The Company’s matching contributions charged to expense were $0.6 million and $0.8 million in each of the three-month periods ended March 30, 2014 and March 31, 2013, respectively. As a result of hardship withdrawals,  695 shares of PDC redeemable common stock were repurchased during the first three months of 2014 at an aggregate price of approximately $11,000. During the first three months of 2013, as a result of hardship withdrawals, 562 shares of PDC redeemable common stock were repurchased at an aggregate price of approximately $10,000.  

 

In accordance with ASC 480, “Distinguishing Liabilities from Equity,” the appropriate accounting for redeemable equity first depends upon a determination of whether the equity is currently redeemable or not currently redeemable.  Shares that are currently redeemable should be recorded at redemption value.  For shares that are not currently redeemable, the accounting guidance allows for changes in redemption value to be accreted from the initial issuance date to the earliest redemption date.         This guidance also specifies that if the redemption value is less than the original issuance cost, the carrying amount of the redeemable common stock should not be less than the original issuance cost.

 

Based upon the estimated fair value of the redeemable common stock at March 30, 2014, a restated ultimate redemption liability of approximately $132 million was determined. The restated redeemable common stock recorded book value as of March 30, 2014, was $157 million. The change in fair value and accretion of redeemable common stock was $3,000 for the three months ended March 30, 2014.

 

Based upon the estimated fair value of the redeemable common stock as of March 31, 2013, an ultimate redemption liability of approximately $153 million was determined. The restated redeemable common stock recorded book value as of March 31, 2013 was $177 million. The change in fair value and accretion of redeemable common stock was $8,000 for the three months ended March 31,2013.