Company: BCO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000078890-25-000154
Chunk: 22

Company: BRINKS CO
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 employees. The 2017 Plan became effective May 2017. The 2024 Plan became effective May 2024. No further grants of awards will be made under the 2017 Plan.

We have outstanding deferred stock units granted to directors under the 2017 Plan and the 2024 Plan. Share-based awards were previously granted to directors and remain outstanding under the Non-Employee Directors' Equity Plan and the Directors’ Stock Accumulation Plan, each of which has expired.

Outstanding awards at March 31, 2025 include performance stock units, restricted stock units, deferred stock units, time-based stock options and certain awards that will be settled in cash.

Compensation Expense

Compensation expense is measured using the fair-value-based method. For all share-based awards outstanding at March 31, 2025, the retirement eligibility provisions require a minimum of a one year service period in order to meet the retirement eligible conditions. We recognize expense from the grant date to the earlier of the retirement-eligible date (provided it is not less than one year from the grant date) or the vesting date.

For awards considered liability awards, compensation cost is based on the change in the fair value of the instrument for each reporting period and the percentage of the requisite service that has been rendered.

Compensation expenses are classified as selling, general and administrative expenses in the condensed consolidated statements of operations. Compensation expenses for the share-based awards were as follows:

                                                   Compensation Expense                                           
                                                   Three Months Ended March 31,                                   
  (In millions)                                                                        2025                 2024  
  Performance stock units                                                                 $      3.0         6.4  
  Restricted stock units                                                                2.3                  2.5  
  Deferred stock units and fees paid in stock                                           0.4                  0.4  
  Cash based awards                                                                     0.3                  0.7  
  Share-based payment expense                                                           6.0                 10.0  
  Income tax benefit                                                                 ( 1.4)               ( 2.3)  
  Share-based payment expense, net of tax                                                 $      4.6         7.7  

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