Common Shares, Treasury Shares, Reserves and Dividends

12 Months Ended

Jan. 30, 2016

Equity [Abstract]

Common Shares, Treasury Shares, Reserves and Dividends

Common shares, treasury shares, reserves and dividends

Common shares

The par value of each Common Share is 18 cents. The consideration received for common shares relating to options issued during the year was $5.0 million (Fiscal 2015: $6.1 million; Fiscal 2014: $9.3 million).

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 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 are held as treasury shares and may be used by Signet 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.

Shares held in treasury by the Company were 7,746,591 and 6,933,684 for Fiscal 2016 and Fiscal 2015, respectively. Shares were reissued in the amounts of 205,661 and 309,305, net of taxes and forfeitures, in Fiscal 2016 and Fiscal 2015, respectively, to satisfy awards outstanding under existing share-based compensation plans. The share repurchase activity is outlined in the table below:

			Fiscal 2016					Fiscal 2015				Fiscal 2014
	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
	(in millions)			(in millions)					(in millions)				(in millions)
2013 Program(1)	$	350.0	1,018,568	$	130.0	$	127.63	288,393	29.8	$	103.37	808,428	$	54.6	$	67.54
2011 Program(2)	$	350.0	n/a	n/a		n/a		n/a	n/a	n/a		749,245	$	50.1	$	66.92
Total			1,018,568	$	130.0	$	127.63	288,393	29.8	$	103.37	1,557,673	$	104.7	$	67.24

⁽¹⁾  On June 14, 2013, the Board authorized the repurchase of up to $350 million of Signet’s common shares (the “2013 Program”). The 2013 Program may be suspended or discontinued at any time without notice. The 2013 Program had $135.6 million remaining as of January 30, 2016.

⁽²⁾  In October 2011, the Board authorized the repurchase of up to $300 million of Signet’s common shares (the “2011 Program”), which authorization was subsequently increased to $350 million. The 2011 Program was completed as of May 4, 2013.

n/a Not applicable.

In February 2016, the Board authorized a new program to repurchase up to $750 million of Signet’s common shares (the “2016 Program”). The 2016 Program may be suspended or discontinued at any time without notice.

Dividends

	Fiscal 2016					Fiscal 2015					Fiscal 2014
(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	$	0.22	$	17.6		$	0.18	$	14.4		$	0.15	$	12.1
Second quarter	0.22		17.6			0.18		14.4			0.15		12.1
Third quarter	0.22		17.5			0.18		14.5			0.15		12.0
Fourth quarter	0.22		17.5		(1)	0.18		14.4		(1)	0.15		12.0
Total	$	0.88	$	70.2		$	0.72	$	57.7		$	0.60	$	48.2

⁽¹⁾  Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of January 30, 2016 and January 31, 2015, $17.5 million and $14.4 million, respectively, has been recorded in accrued expenses and other current liabilities in the consolidated balance sheets reflecting the cash dividends declared for the fourth quarter of Fiscal 2016 and Fiscal 2015, respectively.

In addition, on February 26, 2016, Signet’s Board declared a quarterly dividend of $0.26 per share on its common shares. This dividend will be payable on May 27, 2016 to shareholders of record on April 29, 2016, with an ex-dividend date of April 27, 2016.

Other

The principal trading market for the Company’s common shares is the New York Stock Exchange (symbol: SIG). The Company also maintained a standard listing of its common shares on the London Stock Exchange (“LSE”) (symbol: SIG) during Fiscal 2016. On February 16, 2016, the Company filed a voluntary application with the United Kingdom’s Financial Conduct Authority to delist its common shares from the LSE. Common shares of the Company continued to trade on the LSE until close of business on March 15, 2016.