2005 Financial Review

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 3 - Earnings Per Share


	Years Ended December 31,
(In millions)		2005	2004	2003
Numerator - income from continuing operations	$	42.3	71.5	37.9
Denominator - weighted-average common shares outstanding
Basic		56.3	54.6	53.1
Effect of dilutive stock options		0.7	0.7	0.1
Diluted		57.0	55.3	53.2
Antidilutive stock options excluded from denominator		-	0.6	3.1

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. During 2005, the board of directors approved and issued 2.1 million shares of common stock to the Trust. The Trust held 1.2 million unallocated shares at December 31, 2005, 1.1 million unallocated shares at December 31, 2004 and 0.6 million unallocated shares at December 31, 2003.