Shareholders’ equity

Share repurchases

In February 2016, the Board of Directors authorized the repurchase of Signet’s common shares up to $750.0 million (the “2016 Program”). In August 2016, the Board of Directors increased its authorized share repurchase program by $625.0 million, bringing the total authorization for the 2016 Program to $1,375.0 million. The 2016 Program may be suspended or discontinued at any time without notice.

Common shares repurchased during the 39 weeks ended October 28, 2017 and October 29, 2016 were as follows:



			39 weeks ended October 28, 2017					39 weeks ended October 29, 2016
(in millions, except per share amounts)	Amount authorized		Shares repurchased	Amount repurchased		Average repurchase price per share		Shares repurchased	Amount repurchased		Average repurchase price per share
2016 Program⁽¹⁾	$	1,375.0	8.1	$	460.0	$	56.91	8.7	$	706.9	$	81.32
2013 Program⁽²⁾	$	350.0	n/a	n/a		n/a		1.2	135.6		$	111.26
Total			8.1	$	460.0	$	56.91	9.9	$	842.5	$	85.00


⁽¹⁾	The 2016 Program had $50.6 million remaining as of October 28, 2017.


⁽²⁾	The 2013 Program was completed in May 2016.


n/a	Not applicable.

In June 2017, the Board of Directors authorized a new program to repurchase $600.0 million of Signet’s common shares (the “2017 Program”). The 2017 Program may be suspended or discontinued at any time without notice. The total authorization remaining under all authorized programs as of October 28, 2017 was $650.6 million.

Dividends on common shares



	Fiscal 2018				Fiscal 2017
(in millions, except per share amounts)	Cash dividend per share		Total dividends		Cash dividend per share		Total dividends
First quarter	$	0.31	$	21.3	$	0.26	$	20.4
Second quarter	0.31		18.7		0.26		19.7
Third quarter⁽¹⁾	0.31		18.7		0.26		18.1
Total	$	0.93	$	58.7	$	0.78	$	58.2

⁽¹⁾

Signet’s dividend policy for common shares results in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of October 28, 2017 and October 29, 2016, $18.7 million and $18.1 million, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends on common shares declared for the third quarter of Fiscal 2018 and Fiscal 2017, respectively.

Dividends on preferred shares



	Fiscal 2018		Fiscal 2017
(in millions)	Total cash dividends		Total cash dividends
First quarter	$	7.8	$	—
Second quarter	7.8		—
Third quarter⁽¹⁾	7.8		—
Total	$	23.4	$	—

⁽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 October 28, 2017 and October 29, 2016, $7.8 million and $2.1 million, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends on preferred shares declared for the third quarter of Fiscal 2018 and Fiscal 2017, respectively.

There were no cumulative undeclared dividends on the preferred shares that reduced net (loss) income attributable to common shareholders during the 13 and 39 weeks ended October 28, 2017 ($2.1 million for the 13 and 39 weeks ended October 29, 2016). In addition, deemed dividends of $0.4 million and $1.2 million related to accretion of issuance costs associated with the preferred shares was recognized during the 13 and 39 weeks ended October 28, 2017, respectively ($0.1 million for the 13 and 39 weeks ended October 29, 2016). See Note 6 for additional discussion of the Company’s preferred shares.