Share-based compensation plans

6 Months Ended

Jun. 30, 2012

Share-based compensation plans [Abstract]

Share-based compensation plans

Note 5 – Share-based compensation plans

We have share-based compensation plans to retain employees and nonemployee directors and to more closely align their interests with those of our shareholders.

The 2005 Equity Incentive Plan (the “2005 Plan”) permits grants of stock options, restricted stock, stock appreciation rights, performance stock and other share-based awards to employees. Only stock options and restricted stock units have been granted under the 2005 Plan to date.

We provide share-based awards to directors through the Non-Employee Directors' Equity Plan (the “Directors' Plan”). Onlydeferred stock units have been granted under the Directors' Plan to date.

The fair value of the options granted during the three months ended June 30, 2012, was calculated using the following estimated weighted-average assumptions:

			Three Months
			Ended June 30,
Options Granted			2012
Number of shares underlying options, in thousands						207
Weighted-average exercise price per share			$			22.39
Assumptions used to estimate fair value
	Expected dividend yield (a):
		Weighted-average				1.8%
		Range				1.8%
	Expected volatility (b):
		Weighted-average				40%
		Range				40%
	Risk-free interest rate (c):
		Weighted-average				0.7%
		Range		0.5%	–	0.9%
	Expected term in years (d):
		Weighted-average				4.25
		Range		3.25	–	5.25
Weighted-average fair value estimates at grant date:
	In millions		$			1.3
	Fair value per share		$			6.29

• The expected dividend yield is the calculated yield on Brink's common stock at the time of the grant.
• The expected volatility was estimated after reviewing the historical volatility of our stock using daily close prices.
• The risk-free interest rate was based on U.S. Treasury debt yieldsat the time of the grant.
• The expected term of the options was based on our historical option exercise, expiration and post-vesting cancellation behaviors.

Nonvested Share Activity
	Number of Shares				Weighted-Average
	2005	Directors’			Grant-Date
(in thousands of shares, except per share amounts)	Plan	Plan	Total		Fair Value (a)
Balance as of December 31, 2011	299.6	15.8	315.4	$	25.99
Granted	98.1	-	98.1		22.98
Cancelled awards	(0.1)	-	(0.1)		26.40
Vested	(42.1)	-	(42.1)		25.50
Balance as of June 30, 2012	355.5	15.8	371.3	$	25.26

• Fair value is measured at the date of grant based on the average of the high and low per share quoted sales price of Brink's common stock, adjusted for a discount on units that do not receive or accrue dividends.

On July 11, 2012, we granted options to purchase 149,473 shares of common stock and 170,618 restricted stock units under the 2005 Plan. The options have an exercise price of $22.57 per share.

On July 12, 2012, we granted 23,023 deferred stock units under the Directors'Plan.