Company: BCO
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000078890-25-000253
Chunk: 22

Company: BRINKS CO
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 2024      2025                                       2024  
  Performance stock units                          $                                4.7         4.4      $                               7.7        10.8  
  Restricted stock units                           3.1                                          2.6      5.4                                         5.1  
  Deferred stock units and fees paid in stock      0.3                                          0.3      0.7                                         0.7  
  Cash based awards                                0.5                                          0.7      0.8                                         1.4  
  Share-based payment expense                      8.6                                          8.0      14.6                                       18.0  
  Income tax benefit                               ( 1.9)                                    ( 1.8)      ( 3.3)                                   ( 4.1)  
  Share-based payment expense, net of tax          $                                6.7         6.2      $                              11.3        13.9  

Time-Based Stock Options

In 2020, we granted time-based stock options to certain senior executives. We measure the fair value of these time-based options at the grant date using a Black-Scholes-Merton option pricing model. When vested, options entitle the holder to purchase a specified number of shares of Brink's stock at a price set at the date the options were granted. Options granted to employees have a maximum term of six years.

The following table summarizes time-based stock option activity during the first six months of 2025:

                                                   Shares              Weighted-Average Grant-Date Fair Value             
                                                   (in thousands)                                                         
  Exercised                                        —                   —                                                  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Outstanding balance as of December 31, 2024      22.5                $                                           20.98  
  Outstanding balance as of June 30, 2025          22.5                $                                           20.98  

Restricted Stock Units (“ RSUs”)

We granted RSUs, which contain only a service condition, as part of our compensation program. RSUs are paid out in shares of Brink's stock when the awards vest. For RSUs granted during the last three years, the units generally vest in three equal annual installments following the grant date. We measure the fair value of RSUs based on the price of Brink’s stock at the grant