Equity

3 Months Ended

Jun. 29, 2019

Class B Common Stock Conversion

During the three months ended June 29, 2019, the Lauren Family, L.L.C., a limited liability company managed by the children of Mr. Ralph Lauren, converted 0.5 million shares of Class B common stock into an equal number of shares of Class A common stock pursuant to the terms of the security. These conversions occurred in advance of a sales plan providing for the sale of such shares of Class A common stock pursuant to Rule 10b5-1 subject to the conditions set forth therein. These transactions resulted in a reclassification within equity and had no effect on the Company's consolidated balance sheets.

Common Stock Repurchase Program

A summary of the Company's repurchases of Class A common stock under its common stock repurchase program is as follows:



	Three Months Ended
	June 29, 2019		June 30, 2018
	(millions)
Cost of shares repurchased	$	150.0	$	100.0
Number of shares repurchased	1.3		0.7

On May 13, 2019, the Company's Board of Directors approved an expansion of the Company's existing common stock repurchase program that allows it to repurchase up to an additional $600 million of Class A Common stock. As of June 29, 2019, the remaining availability under the Company's Class A common stock repurchase program was approximately $1.080 billion. Repurchases of shares of Class A common stock are subject to overall business and market conditions.

In addition, during the three-month periods ended June 29, 2019 and June 30, 2018, 0.4 million and 0.2 million shares of Class A common stock, respectively, at a cost of $41.1 million and $30.0 million, respectively, were surrendered to or withheld by the Company in satisfaction of withholding taxes in connection with the vesting of awards under the Company's 1997 Long-Term Stock Incentive Plan, as amended (the "1997 Incentive Plan"), and its Amended and Restated 2010 Long-Term Stock Incentive Plan (the "2010 Incentive Plan").

Repurchased and surrendered shares are accounted for as treasury stock at cost and held in treasury for future use.

Dividends

Since 2003, the Company has maintained a regular quarterly cash dividend program on its common stock. On May 13, 2019, the Company's Board of Directors approved an increase to the Company's quarterly cash dividend on its common stock from $0.625 to $0.6875 per share. The first quarter Fiscal 2020 dividend of $0.6875 per share was declared on May 14, 2019, was payable to stockholders of record at the close of business on June 28, 2019, and was paid on July 12, 2019. Dividends paid amounted to $48.8 million and $40.6 million during the three-month periods ended June 29, 2019 and June 30, 2018, respectively.