According to the company, the actual dilution of the program is expected to be less than some calculations because of the share repurchase program and the fact that some equity awards may not be earned or may be canceled, terminated or forfeited. This is noted in Coke's proxy. According to the latest 13F filing with the Securities and Exchange Commission, Wintergreen owned about 2.5 million Coke shares at the end of last year and has been building its position in Coke in recent quarters. Wintergreen also is a large shareholder in Buffett's Berkshire Hathaway (NYSE: BRK-A - News ). ( Read more: Cocktail glass half empty: Drink sales stumble ) In a separate letter to Buffett-whose Berkshire Hathaway owns a 9.1 percent stake in Coke and is its largest shareholder-Winters said: "The excessive compensation of management and the expense it imposes upon long-term shareholders has been a topic you have frequently touched upon."