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Notes to Consolidated Financial Statements

Note 1 – Summary of Significant Account Policies Note 2 – Segment Information Note 3 – Earnings Per Share Note 4 – Employee and Retiree Benefits Note 5 – Investments held by VEBA Trust Note 6 – Former Natural Resource Operations Note 7 – Costs Associated With Exit Activities Note 8 – Property and Equipment Note 9 – Impairment of Long-Lived Assets Note 10 – Other Assets Note 11 – Accrued Liabilities Note 12 – Other Liabilities Note 13 – Long-Term Debt Note 14 – Accounts Receivable and Asset Securitization Note 15 – Operating Leases Note 16 – Share-Based Compensation Plans Note 17 – Capital Stock Note 18 – Income Taxes Note 19 – Supplemental Cash Flow Information Note 20 – Other Operating Income, Net Note 21 – Other Nonoperating Income (Expense), Net Note 22 – Risk Management Note 23 – Other Commitments and Contingencies Note 24 – Selected Quarterly Financial Data (unaudited)

Note 3 – Earnings Per Share

The following is a reconciliation between the calculations of basic and diluted income from continuing operations per common share:

		Years Ended December 31,
(In millions)		2004	2003	2002
Numerator
Income from continuing operations	$	100.6	18.2	69.4
Preferred stock dividends (a)		-	-	(0.5)
Premium on repurchase of preferred stock (a)		-	-	(0.6)
Numerator for basic and diluted income per share from continuing operations	$	100.6	18.2	68.3
Denominator
Basic weighted average common shares outstanding		54.6	53.1	52.1
Effect of dilutive stock options		0.7	0.1	0.3
Diluted weighted average common shares outstanding		55.3	53.2	52.4
Antidilutive stock options excluded from computation		0.6	3.1	1.2

(a)

See “Series C Convertible Preferred Stock” in note 17.

Shares of the Company’s common stock held by The Brink’s Company Employee Benefits Trust (the “Trust”) that have not been allocated to employees under the Company’s various benefit plans are excluded from earnings per share calculations since they are treated as treasury shares for the calculation of earnings per share. The Trust held 1.1 million unallocated shares at December 31, 2004, 0.6 million unallocated shares at December 31, 2003 and 1.8 million unallocated shares at December 31, 2002.