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 Market^sm 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