Capital Transactions

3 Months Ended

Apr. 02, 2017

16.Capital Transactions

During the first quarter of each year, the Compensation Committee of the Company’s Board of Directors determines whether any shares of the Company’s Class B Common Stock should be issued 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, pursuant to a performance unit award agreement approved in 2008 (the “Performance Unit Award Agreement”). 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
	2017		2016
Date of approval for award	March 7, 2017		March 8, 2016
Fiscal year of service covered by award	2016		2015
Shares settled in cash to satisfy tax withholding obligations		18,980		19,080
Increase in Class B Common Stock shares outstanding		21,020		20,920
Total Class B Common Stock awarded		40,000		40,000

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 period, was as follows:

	First Quarter
(in thousands, except share price)	2017		2016
Total compensation expense	$	2,060	$	1,627
Share price for compensation expense	$	206.02	$	162.69
Share price date for compensation expense	March 31, 2017		April 1, 2016