Common shares, treasury shares, reserves and dividends

12 Months Ended

Jan. 30, 2021

Common shares, treasury shares, reserves and dividends

Common shares

The par value of each Common Share is 18 cents. There have been no issuance of common shares in Fiscal 2021, Fiscal 2020, or Fiscal 2019.

Treasury shares

Signet may from time to time repurchase common shares under various share repurchase programs authorized by Signet’s Board. Repurchases may be made in the open market, through block trades, accelerated share repurchase agreements or otherwise. The timing, manner, price and amount of any repurchases will be determined by the Company at its discretion, and will be subject to economic and market conditions, stock prices, applicable legal requirements and other factors. The repurchase programs are funded through Signet’s existing cash reserves and liquidity sources. Repurchased shares may be held as treasury shares and used by Signet primarily for issuance of share based awards (refer to Note 26), or for general corporate purposes.

Treasury shares represent the cost of shares that the Company purchased in the market under the applicable authorized repurchase program, shares forfeited under the Omnibus Incentive Plan and those previously held by the Employee Stock Ownership Trust (“ESOT”) to satisfy options under the Company’s share option plans.

The Company reflected shares delivered as treasury shares as of the date the shares were physically delivered in computing the weighted average common shares outstanding for both basic and diluted earnings per share.

The share repurchase activity is outlined in the table below:


			Fiscal 2021					Fiscal 2020				Fiscal 2019
(in millions, expect per share amounts)	Amount authorized		Shares repurchased	Amount repurchased		Average repurchase price per share		Shares repurchased	Amount repurchased	Average repurchase price per share		Shares repurchased	Amount repurchased		Average repurchase price per share
2017 Program(1)	$	600.0	—	$	—	$	—	—	—	$	0.00	7.5	$	434.4	$	57.64
2016 Program(2)	$	1,375.0	n/a	n/a		n/a		n/a	n/a	n/a		1.3	$	50.6	$	39.76
Total			—	$	—	$	—	—	—	$	0.00	8.8	$	485.0	$	55.06

(1) The 2017 Program had $165.6 million remaining as of January 30, 2021.

(2) The 2016 Program was completed in March 2018.

n/a Not applicable.

Shares were reissued in the amounts of 0.0 million, 0.4 million and 0.2 million, net of taxes and forfeitures, in Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively, to satisfy awards outstanding under existing share-based compensation plans. During Fiscal 2021, there were no retirements of common shares previously held as treasury shares in the consolidated balance sheets.

Dividends on common shares

As a result of COVID-19, Signet’s Board of Directors elected to temporarily suspend the dividend program on common shares, effective in the first quarter of Fiscal 2021.


	Fiscal 2021				Fiscal 2020				Fiscal 2019
(in millions, except per share amounts)	Cash dividend per share		Total dividends		Cash dividend per share		Total dividends		Cash dividend per share		Total dividends
First quarter	$	0.00	—		$	0.37	$	19.3	$	0.37	$	21.8
Second quarter	0.00		—		0.37		19.3		0.37		19.2
Third quarter	0.00		—		0.37		19.4		0.37		19.2
Fourth quarter(1)	0.00		—		0.37		19.4		0.37		19.2
Total	$	—	$	—	$	1.48	$	77.4	$	1.48	$	79.4

(1) Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of February 1, 2020, there was $19.4 million recorded in accrued expenses and other current liabilities in the consolidated balance sheets reflecting the cash dividends declared for the fourth quarter of Fiscal 2020. There were no dividends declared or accrued as of January 30, 2021.

Dividends on preferred shares


	Fiscal 2021		Fiscal 2020		Fiscal 2019
(in millions)	Total dividends		Total cash dividends		Total cash dividends
First quarter	$	7.8	$	7.8	$	7.8
Second quarter	7.9		7.8		7.8
Third quarter	8.0		7.8		7.8
Fourth quarter(1)	8.1		7.8		7.8
Total	$	31.8	$	31.2	$	31.2

(1) Signet’s preferred shares dividends results in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of January 30, 2021 and February 1, 2020, $8.1 million and $7.8 million, respectively, has been recorded in accrued expenses and other current liabilities in the consolidated balance sheets reflecting the dividends on preferred shares declared for the fourth quarter of Fiscal 2021 and Fiscal 2020. As disclosed in Note 7, the Fiscal 2021 dividends were paid “in-kind”.

There were no cumulative undeclared dividends on the preferred shares that reduced net income attributable to common shareholders during Fiscal 2021. In addition, deemed dividends of $1.7 million related to accretion of issuance costs associated with the preferred shares were recognized in Fiscal 2021, Fiscal 2020 and Fiscal 2019.