Capital Transactions

9 Months Ended

Oct. 02, 2016

Equity [Abstract]

Capital Transactions

15.Capital Transactions 

On March 8, 2016, and March 3, 2015, the Compensation Committee of the Company’s Board of Directors determined that 40,000 shares of the Company’s Class B Common Stock should be issued in each year pursuant to a performance unit award agreement to J. Frank Harrison, III, in connection with his services in 2015 and 2014, respectively, 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, 19,080 of such shares were settled in cash in both 2016 and 2015 to satisfy tax withholding obligations in connection with the vesting of the performance units.

Compensation expense for the performance unit award agreement recognized in the first three quarters of 2016 was $4.4 million, which was based upon a Common Stock share price of $148.16 on September 30, 2016. Compensation expense for the performance unit award agreement recognized in the first three quarters of 2015 was $5.7 million, which was based upon a Common Stock share price of $189.13 on September 25, 2015.

The increase in the total number of shares outstanding in both the first three quarters of 2016 and the first three quarters of 2015 was due to the issuance of the 20,920 shares of Class B Common Stock related to the performance unit award agreement during the first quarter of each year.