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Share-based compensation | 12 Months Ended
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Feb. 01, 2025
Share-Based Payment Arrangement [Abstract] |
Share-based compensation | Share-based compensation Signet operates a share-based compensation plan which is categorized as the 2018 Omnibus Plan as further described below. Share-based compensation expense and the associated tax benefits recognized in the consolidated statements of operations are as follows for Fiscal 2025, Fiscal 2024 and Fiscal 2023:
(in millions) | Fiscal 2025 |  | Fiscal 2024 |  | Fiscal 2023
Share-based compensation expense | $ | 22.2 |  |  | $ | 41.1 |  |  | $ | 42.0 |
Income tax benefit | $ | (2.2) |  |  | $ | (5.4) |  |  | $ | (5.2) |
As of February 1, 2025, unrecognized compensation cost related to unvested awards granted under share-based compensation plans is as follows:
(in millions) | Unrecognized compensation cost |  | Weighted average period
Omnibus Plan | $ | 21.1 |  |  | 1.8 years
The Company satisfies share option exercises and the vesting of RSAs, RSUs, and PSUs under its plans with the issuance of treasury shares. Omnibus Plan In June 2018, Signet’s shareholders approved and the Company adopted the Signet Jewelers Limited 2018 Omnibus Incentive Plan (as amended to the date hereto, the “2018 Omnibus Plan”). Upon adoption of the 2018 Omnibus Plan, shares that were previously available under the Signet Jewelers Limited Omnibus Incentive Plan, which was approved in June 2009 (the “2009 Omnibus Plan”, and collectively with the 2018 Omnibus Incentive Plan, the “Omnibus Plans”) are no longer available for future grants and were not transferred to the 2018 Omnibus Plan. Awards that may be granted under the 2018 Omnibus Plan include RSAs, RSUs, PSUs, common shares, stock options, stock appreciation rights and other stock-based awards. The Fiscal 2025, Fiscal 2024 and Fiscal 2023 annual awards granted under the Omnibus Plans have two elements: RSUs and PSUs. PSUs awarded in Fiscal 2025, Fiscal 2024 and Fiscal 2023 include two performance measures: revenue and free cash flow (defined as cash flow from operations less capital expenditures). For the performance measures, cumulative results achieved during the relevant three-year performance period for Fiscal 2025 and Fiscal 2024 awards and a two-year performance period for Fiscal 2023 awards are compared to target metrics established in the underlying grant agreements, as approved by the Human Capital and Compensation Committee of the Board. The time-based stock options generally vest on the third anniversary of the grant date and have a ten-year contractual term, subject to continued employment. RSUs generally have a one or three-year vesting period, subject to continued service or employment. The 2018 Omnibus Plan permits the grant of awards to employees, non-employee directors and consultants for up to 6,975,000 common shares. RSUs and PSUs do not have dividend rights until vesting, and thus the grant date fair value of these awards is adjusted based on the dividend yield and term of the awards. The significant assumptions utilized to estimate the weighted-average fair value of RSUs and PSUs granted under the 2018 Omnibus Plan are as follows:
| Fiscal 2025 |  | Fiscal 2024 |  | Fiscal 2023
Share price | $ | 97.49 |  |  | $ | 62.71 |  |  | $ | 77.39 |
Expected term | 2.7 years |  | 2.9 years |  | 2.9 years
Dividend yield | 1.2 | % |  | 0.9 | % |  | 3.0 | %
Fair value | $ | 94.83 |  |  | $ | 61.06 |  |  | $ | 71.19 |
Only RSUs and PSUs were granted during Fiscal 2025, Fiscal 2024 or Fiscal 2023. The expected term utilized is the length of time the awards are expected to be outstanding, primarily based on the vesting period and expiration date of the awards. The dividend yield is based on a combination of historical actual dividend yields and projected dividend yields. The Fiscal 2025 activity for RSUs and PSUs granted under the Omnibus Plans is as follows:
(in millions, except per share amounts) | Number of shares |  | Weighted average grant date fair value |  | Weighted average remaining contractual life |  | Intrinsic value (1)
Outstanding at February 3, 2024 | 1.8 |  |  | $ | 65.62 |  |  | 1.6 years |  | $ | 169.3 |
Fiscal 2025 activity: |  |  |  |  |  |  |
Granted | 0.8 |  |  | 94.83 |  |  |  |  |
Vested | (0.4) |  |  | 63.67 |  |  |  |  |
Lapsed or forfeited | (0.5) |  |  | 72.30 |  |  |  |  |
Outstanding at February 1, 2025 | 1.7 |  |  | $ | 77.77 |  |  | 1.4 years |  | $ | 100.2 |
(1) Intrinsic value for outstanding RSUs and PSUs is based on the fair market value of Signet’s common stock on the last business day of the fiscal year. There were no RSAs outstanding as of February 1, 2025. The Fiscal 2025 activity for stock options previously granted under the Omnibus Plans is as follows:
(in millions, except per share amounts) | No. of shares |  | Weighted average exercise price |  | Weighted average remaining contractual life |  | Intrinsic value (1)
Outstanding at February 3, 2024 | 0.1 |  |  | $ | 38.31 |  |  | 4.3 years |  | $ | 6.4 |
Fiscal 2025 activity: |  |  |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Outstanding at February 1, 2025 | 0.1 |  |  | $ | 37.66 |  |  | 3.4 years |  | $ | 1.3 |
(1) Intrinsic value for outstanding awards is based on the fair market value of Signet’s common stock on the last business day of the fiscal year. The following table summarizes additional information about awards granted under the Omnibus Plans:
(in millions) | Fiscal 2025 |  | Fiscal 2024 |  | Fiscal 2023
Total intrinsic value of awards vested | $ | 29.0 |  |  | $ | 121.8 |  |  | $ | 205.1 |

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