Share-based compensation plans (Tables)

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



	Compensation Expense Three Months Ended June 30,					Compensation Expense Six Months Ended June 30,
(in millions)	2015			2014		2015		2014

Performance Share Units	$	2.0		1.0		4.5		3.5
Market Share Units	0.3			0.1		1.9		1.8
Restricted Stock Units	0.9			3.4		1.9		5.0
Deferred Stock Units	0.1			0.5		0.2		0.5
Stock Options	—			2.6		—		2.7
Share-based payment expense	3.3			7.6		8.5		13.5
Income tax benefit	(1.1		)	(2.6	)	(2.9	)	(4.6	)
Share-based payment expense, net of tax	$	2.2		5.0		5.6		8.9

The following table summarizes RSU activity during the first six months of 2015:



	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2014	367.1		$	25.87
Granted	110.8		26.40
Cancelled	(26.2	)	26.11
Vested	(83.0	)	26.73
Nonvested balance as of June 30, 2015	368.7		$	25.83

The following table summarizes all PSU activity during the first six months of 2015:



	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2014	343.6		$	24.06
Granted	193.8		29.08
Cancelled	(13.4	)	24.85
Vested	—		—
Nonvested balance as of June 30, 2015	524.0		$	25.90

The following table provides the terms and weighted average assumptions used in the valuation of those PSUs containing a market condition:



Terms and Assumptions Used to Estimate Fair Value of PSUs	PSUs Granted in the First Half of 2015
Date of Measurement	February 20, 2015^(a)

Terms of awards:
Performance period	Jan. 1, 2015 to
	Dec. 31, 2017
Beginning average price of Brink’s common stock	$	23.19

Assumptions used to estimate fair value:
Expected dividend yield^(b)	0		%
Expected stock price volatility	30		%
Risk-free interest rate	1.0		%
Contractual term in years	2.9

Weighted-average fair value estimate per share	$	28.97


(a)	Represents the date awards were granted to employee.


(b)	PSUs are not entitled to dividends during the performance period.

The following table summarizes all MSU activity during the first six months of 2015:



	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2014	163.3	$	25.47
Granted	108.6	30.37
Cancelled	—	—
Vested	—	—
Nonvested balance as of June 30, 2015	271.9	$	27.42

The following table provides the terms and the weighted average assumptions used in the valuation of the MSUs:



Terms and Assumptions Used to Estimate Fair Value of MSUs	MSUs Granted in the First Half of 2015
Date of Measurement	February 20, 2015^(a)

Terms of awards:
Performance period	Jan. 1, 2015 to
	Dec. 31, 2017
Beginning average price of Brink’s common stock	$	23.19

Assumptions used to estimate fair value:
Expected dividend yield^(b)	0		%
Expected stock price volatility	30		%
Risk-free interest rate	1.0		%
Contractual term in years	2.9

Weighted-average fair value estimate per share	$	30.37


(a)	Represents the date awards were granted to employee.


(b)	MSUs are not entitled to dividends during the performance period.

The following table summarizes all DSU activity during the first six months of 2015:



	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2014	28.3		$	24.70
Granted	21.4		32.79
Cancelled	—		—
Vested	(28.3	)	24.70
Nonvested balance as of June 30, 2015	21.4		$	32.79