Capital Stock

Common Stock

At September 30, 2018, we had 100 million shares of common stock authorized and 50.6 million shares issued and outstanding.

Dividends

We paid regular quarterly dividends on our common stock during the last three years. On October 4, 2018, the Board declared a regular quarterly dividend of 15 cents per share payable on December 3, 2018. The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors.

Preferred Stock

At September 30, 2018, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $10 per share.

Share Repurchase Program

In May 2017, our board of directors authorized a $200 million share repurchase program, which will expire on December 31, 2019. Under this program, in the quarter ended September 30, 2018, we used $25.1 million to repurchase 336,829 shares at an average price of $74.37 per share. We are not obligated to repurchase any specific dollar amount or number of shares, and, at September 30, 2018, approximately $175 million remains available under this program. The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Share repurchases under this program may be made in the open market, in privately negotiated transactions, or otherwise.

Shares Used to Calculate Earnings per Share



	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2018	2017	2018	2017

Weighted-average shares:
Basic^(a)	51.1	50.7	51.0	50.7
Effect of dilutive stock awards and options	0.9	1.2	—	0.9
Diluted	52.0	51.9	51.0	51.6

Antidilutive stock awards and options excluded from denominator	—	—	1.6	0.1

(a)

We have deferred compensation plans for directors and certain of our employees. For participants electing to defer compensation into common stock units, amounts owed to participants will be paid out in shares of Brink's common stock. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average units credited to employees and directors under the deferred compensation plans. Accordingly, included in basic shares are 0.3 million in the three months and 0.3 million in the nine months ended September 30, 2018, and 0.3 million in the three months and 0.3 million in the nine months ended September 30, 2017.