Company: BCO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000078890-25-000312
Chunk: 25

Company: BRINKS CO
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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15.8        20.4  

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 nine months of 2025:

                                                            Shares      Weighted-Average Grant-Date Fair Value             
                                                    (in thousands)                                                         
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Outstanding balance as of December 31, 2024                 22.5      $                                           20.98  
  Exercised                                                ( 19.7)      21.15                                              
  Outstanding balance as of September 30, 2025                 2.8      $                                           19.75  

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 date, adjusted for a discount for dividends not received or accrued during the vesting period.

The following table summarizes RSU activity during the first nine months of 2025:

                                                          Shares      Weighted-Average Grant-Date Fair Value             
                                                  (in thousands)                                                         
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Nonvested balance as of December 31, 2024                290.4      $                                           74.24  
  Granted                                                  158.7      88.59                                              
  Forfeited                                              ( 37.3)      82.84                                              
  Vested                                                ( 147.1)      69.63                                              
  Nonvested balance as of September 30, 2025               264.7      $                                           84.19  

Performance Stock Units ("PSUs”)

Historically, we have granted Internal Metric PSUs ("IM PS