We have outstanding share-based awards granted to employees under the 2013 Equity Incentive Plan (the "2013 Plan") and the 2017 Equity Incentive Plan (the "2017 Plan"). These plans permit grants of restricted stock, restricted stock units, performance stock, performance units, stock appreciation rights, stock options, as well as other share-based awards to eligible employees. The 2013 Plan and the 2017 Plan also permit cash awards to eligible employees. The 2017 Plan became effective May 2017. No further grants of awards will be made under the 2013 Plan, although awards previously granted remain outstanding.

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

There are 4.0 million shares underlying the 2017 Plan that are authorized, but not yet granted. Outstanding awards at December 31, 2021, include performance share units, restricted stock units, deferred stock units, performance-based stock options, time-based stock options and certain awards that will be settled in cash.

Compensation expense is measured using the fair-value-based method. Prior to 2020, for employee and director awards considered equity grants, compensation expense was recognized from the award or grant date to the earlier of the retirement-eligible date or the vesting date. In 2020, the retirement eligibility provisions for many employee awards were changed on a go-forward basis to require a six month notification period prior to actual retirement. For these awards, we recognize expense from the grant date to six months after the participant's retirement eligible date. In 2021, the retirement eligibility provisions were changed on a go-forward basis to require minimum of a one year service period in order to meet the retirement eligible conditions. For the 2021 awards, 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 cost associated with liability awards was not significant in 2019.


	Compensation Expense				Unrecognized Expense for Nonvested Awards at		Weighted-average No. of Years Unrecognized Expense to be Recognized
	Years Ended December 31,				Dec 31, 2021
(in millions except years)	2021		2020	2019

Performance Share Units	$	22.3	20.2	25.8	$	16.5	1.5

Restricted Stock Units	8.5		6.0	6.6	7.2		1.2
Deferred Stock Units and fees paid in stock	1.3		1.2	1.2	0.4		0.4
Performance-based Options	0.3		2.3	8.1	—		0.0
Time-based Options	0.7		1.6	1.0	0.5		1.0
Cash based awards	1.0		1.4	—	1.3		1.6
Share-based payment expense	34.1		32.7	42.7
Income tax benefit	(8.1)		(7.4)	(9.2)
Share-based payment expense, net of tax	$	26.0	25.3	33.5


	Value of Shares Distributed or Exercised(a)
	Years Ended December 31,
(in millions)	2021		2020	2019

Performance Share Units	$	17.7	33.3	28.7

Restricted Stock Units	5.8		6.9	11.8
Deferred Stock Units and fees paid in stock	2.8		0.6	0.9
Performance-based Options(a)	0.4		0.5	5.4
Time-based vesting Options(a)	—		—	—
Total	$	26.7	41.3	46.8

Income tax benefit realized	$	6.1	9.0	10.2

We granted RSUs to select senior executives and employees in the last three years that contain only a service condition. 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 ratably in three equal annual installments. In 2020, we additionally granted RSUs that will vest after a stated two year service condition has been met.

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 weighted-average fair value per share at grant date was $78.35 in 2021, $70.85 in 2020 and $78.28 in 2019. The weighted-average discount was approximately 2% in each of 2021, 2020 and 2019.


	Shares (in thousands)	Weighted-Average Grant Date Fair Value Per Share

Nonvested balance as of December 31, 2020	251.8	$	72.30
Activity from January 1 to December 31, 2021:
Granted	110.1	78.35
Forfeited	(32.6)	72.78

Vested	(78.2)	73.99
Nonvested balance as of December 31, 2021	251.1	$	74.37

IM PSUs contain a performance condition as well as a service condition. We measure the fair value of these PSUs 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. IM PSUs granted in 2021 have a two year performance period with an additional one year of service. IM PSUs grants in 2020 and 2019 have a three year performance period.

IM PSUs will be paid out in shares of Brink’s stock when the awards vest. For the IM PSUs granted in 2021, 2020 and 2019, the number of shares paid out ranges from 0% to 200% of an employee’s award, depending on the achievement of pre-established financial goals over the performance period. Shares are not paid out if the financial results do not meet a pre-established threshold level of performance.

TSR PSUs contain a market condition as well as a service condition. We measure the fair value of TSR PSUs at the grant date using a Monte Carlo simulation model. TSR PSUs granted have a three year performance period and typically vest at the end of three years. TSR PSUs are paid out in shares of Brink’s stock when the awards vest. The number of shares paid out ranges from 0% to 200% of an employee's award depending on Brink's relative TSR rank among a selected peer group.


	Shares (in thousands)	Weighted-Average Grant Date Fair Value Per Share

Nonvested balance as of December 31, 2020	576.7	$	80.43
Activity from January 1 to December 31, 2021:
Granted	291.5	80.59
Forfeited	(57.7)	82.69

Vested(a)	(149.5)	74.03
Nonvested balance as of December 31, 2021	661.0	$	81.75

(a)The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended December 31, 2020 were 246.9 thousand, compared to target shares of 149.5 thousand.


Terms and Assumptions Used to Estimate Grant Date Fair Value	2021 TSR PSUs			2020 TSR PSUs			2019 TSR PSUs

Terms of awards:
Performance period	Jan. 1, 2021 to			Jan. 1, 2020 to			Jan. 1, 2019 to
	Dec. 31, 2023			Dec. 31, 2022			Dec. 31, 2021


Weighted-average assumptions used to estimate fair value:
Expected dividend yield(a)	0.8		%	0.7		%	0.8		%
Expected stock price volatility(b)	48.9		%	29.6		%	30.8		%
Risk-free interest rate(c)	0.2		%	1.4		%	2.5		%
Contractual term in years	2.9			2.9			2.8

Weighted-average fair value estimates at grant date:
In millions	$	2.7		$	3.6		$	3.0
Fair value per share	$	103.83		$	94.53		105.16

(a)TSR is determined assuming that dividends are reinvested. The stock price projection in the Monte Carlo simulation model assumed a 0% dividend yield, which is mathematically equivalent to reinvesting dividends over the performance period. For the valuation of the TSR PSU, because the holders of the awards have no rights to any dividend paid during the vesting period, we applied a dividend yield in the Monte Carlo simulation model to reduce the projected stock price as of the grant date.

Prior to 2019, we granted primarily performance-based stock options to select senior executives. These performance-based awards have a service condition as well as a market condition. We measure the fair value of these awards at the grant date using a Monte Carlo simulation model. No performance-based options were granted after 2018.

In 2020, 2019 and 2017, we granted time-based vesting stock options to certain senior executives. We measure the fair value of these awards at the grant date using the 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. The option price for Brink’s options was equal to the market price of Brink’s stock on the award date. Options granted to employees have a maximum term of six years.


	Shares (in thousands)	Weighted- Average Exercise Price Per Share		Weighted-Average Grant Date Fair Value Per Share		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value(a) (in millions)

Outstanding at December 31, 2020(b)	1,165.0	$	50.46	$	11.17

Forfeited or expired	(184.7)	73.45		15.23
Exercised(b)	(33.8)	67.70		14.72
Outstanding at December 31, 2021(b)(c)	946.5	$	45.36	$	10.25	1.0	$	20.7

Of the above, as of December 31, 2021:
Exercisable	946.5	$	45.36			1.0	$	20.7
Expected to vest in future periods	—	$	—			—	$	—

(a)The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2021 was $65.57.

(b)There were 757.8 thousand exercisable options with a weighted average exercise price of $38.11 at December 31, 2020 and 485.0 thousand exercisable options with a weighted average exercise price of $29.87 at December 31, 2019.


	Shares (in thousands)	Weighted- Average Exercise Price Per Share		Weighted-Average Grant Date Fair Value Per Share		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value(a) (in millions)

Outstanding at December 31, 2020	207.8	$	81.30	$	21.38

Forfeited or expired	(30.7)	82.77		21.18

Outstanding at December 31, 2021(b)	177.1	$	81.05	$	21.42	3.5	$	—

Of the above, as of December 31, 2021:
Exercisable	2.7	$	84.65			1.8	$	—
Expected to vest in future periods(c)	173.1	$	80.97			3.5	$	—


Assumptions Used to Estimate Grant Date Fair Value of Time-Based Options	2020			2019

Assumptions used to estimate fair value:
Expected dividend yield(a)	0.7		%	0.8		%
Expected stock price volatility(b)	29.7		%	30.3		%
Risk-free interest rate(c)	1.3		%	2.5		%
Expected term in years(d)	4.5			4.5

Weighted-average fair value estimates at grant date:
In millions	$	1.7		$	3.0
Fair value per share	$	21.10		$	21.58

We granted DSUs to our nonemployee directors in 2021 and in prior years. We measure the fair value of DSUs at the grant date, based on the price of Brink's stock, and, if applicable, adjusted for a discount for dividends not received or accrued during the vesting period.

DSUs granted after 2014 will be paid out in shares of Brink's stock on the first anniversary of the grant date, provided that the director has not elected to defer the distribution of shares until a later date. DSUs granted prior to 2015, in general, will be paid out in shares of stock following separation from service.


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value

Nonvested balance as of December 31, 2020	21.6	$	40.46
Activity from January 1 to December 31, 2021:
Granted	17.1	79.04
Forfeited	(3.0)	40.46
Vested	(21.4)	45.68
Nonvested balance as of December 31, 2021	14.3	$	78.74

We have a deferred compensation plan that allows participants to defer a portion of their compensation into stock units. Units will be redeemed by employees for an equal number of shares of Brink’s stock. Employee deferred compensation accounts held 173,652 units at December 31, 2021, and 157,489 units at December 31, 2020.

We have a stock accumulation plan for our non-employee directors that, prior to 2014, provided for awards of stock units. Additionally, some fees paid to our directors are in the form of stock and may be deferred for distribution to a later date. Directors’ deferred compensation accounts held 18,148 units at December 31, 2021, and 21,432 units at December 31, 2020.