Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Changes in Shareholders' Equity that are Attributable to the Company's Shareholders and to Noncontrolling Interests

The following tables present the changes in shareholders’ equity that are attributable to the Company’s shareholders and to noncontrolling interests for the three and six months ended June 30, 2024 and 2023 (in thousands):

	Common shares					Additional Paid-In			Retained Earnings			Accumulated Other Comprehensive			Treasury shares						Noncontrolling			Total Shareholders'
	Shares			Amount		Capital			(Accumulated Deficit)			Loss			Shares			Amount			Interests			Equity
For the Three Months Ended    June 30, 2024
Balance, March 31, 2024		126,457		$	1,307	$	1,297,998		$	125,757		$	(19,815	)		4,210		$	(95,175	)	$	(1,451	)	$	1,308,621
Proceeds from exercise    of stock options		74			1		137			—			—			—			—			—			138
Stock-based compensation    expense		—			—		3,132			—			—			—			—			—			3,132
Restricted stock granted		625			6		(6	)		—			—			—			—			—			—
Restricted stock canceled		(20	)		—		—			—			—			—			—			—			—
Reissuance of treasury shares [3]		4,210			—		—			(95,175	)		—			(4,210	)		95,175			—			—
Issuance of common shares [3]		8,205			82		(1,695	)		—			—			—			—			—			(1,613	)
Shares withheld for net    settlements of share-    based awards [1]		(3	)		—		(51	)		—			—			—			—			—			(51	)
Issuance of common    stock - ESPP		3			—		43						—			—			—			—			43
Net loss		—			—		—			(32,513	)		—			—			—			(50	)		(32,563	)
Other comprehensive income (loss)		—			—		—			—			2,845			—			—			(15	)		2,830
Balance, June 30, 2024		139,551		$	1,396	$	1,299,558		$	(1,931	)	$	(16,970	)		—		$	—		$	(1,516	)	$	1,280,537

	Common shares						Additional Paid-In					Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Retained Earnings		Loss			Shares		Amount			Interests			Equity
For the Three Months Ended    June 30, 2023
Balance, March 31, 2023		125,955		$	1,302		$	1,289,399		$	23,767	$	(18,935	)		4,210	$	(95,175	)	$	(1,309	)	$	1,199,049
Proceeds from exercise of    stock options		5			—			32			—		—			—		—			—			32
Stock-based compensation    expense		—			—			3,357			—		—			—		—			—			3,357
Restricted stock granted		117			1			(1	)		—		—			—		—			—			-
Restricted stock canceled		(9	)		(1	)		(1	)		—		—			—		—			—			(2	)
Issuance of common    stock - ESPP		7			1			40			—		—			—		—			—			41
Net income		—			—			—			29,571		—			—		—			(46	)		29,525
Other comprehensive income		—			—			—			—		353			—		—			16			369
Balance, June 30, 2023		126,075		$	1,303		$	1,292,826		$	53,338	$	(18,582	)		4,210	$	(95,175	)	$	(1,339	)	$	1,232,371

	Common shares						Additional Paid-In			Retained Earnings			Accumulated Other Comprehensive			Treasury shares						Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			(Accumulated Deficit)			Loss			Shares			Amount			Interests			Equity
For the Six Months Ended    June 30, 2024
Balance December 31, 2023		126,087		$	1,303		$	1,299,193		$	103,089		$	(16,642	)		4,210		$	(95,175	)	$	(1,454	)	$	1,290,314
Proceeds from exercise of    stock options		147			1			666			—			—			—			—			—			667
Stock-based compensation    expense		—			—			8,788			—			—			—			—			—			8,788
Restricted stock granted		1,554			16			(16	)		—			—			—			—			—			—
Restricted stock canceled		(40	)		—			—			—			—			—			—			—			—
Reissuance of treasury shares [3]		4,210			—			—			(95,175	)		—			(4,210	)		95,175			—			—
Issuance of common shares [3]		8,205			82			(1,695	)		—			—			—			—			—			(1,613	)
Shares withheld for net    settlements of share-    based awards [1]		(618	)		(6	)		(7,457	)		—			—			—			—			—			(7,463	)
Issuance of common    stock - ESPP		6			—			79			—			—			—			—			—			79
Net loss		—			—			—			(9,845	)		—			—			—			(59	)		(9,904	)
Other comprehensive loss		—			—			—			—			(328	)		—			—			(3	)		(331	)
Balance, June 30, 2024		139,551		$	1,396		$	1,299,558		$	(1,931	)	$	(16,970	)		—		$	-		$	(1,516	)	$	1,280,537

	Common shares						Additional Paid-In						Accumulated Other Comprehensive			Treasury shares						Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Retained Earnings			Loss			Shares			Amount			Interests			Equity
For the Six Months Ended    June 30, 2023
Balance, January 1, 2023		124,061		$	1,289		$	1,291,363		$	(4,236	)	$	(16,919	)		4,852		$	(105,099	)	$	(1,310	)	$	1,165,088
Proceeds from exercise    of stock options		12			—			81			—			—			—			—			—			81
Stock-based compensation    expense		—			—			8,935			—			—			—			—			—			8,935
Restricted stock granted		1,758			17			(17	)		—			—			—			—			—			-
Restricted stock canceled		(26	)		—			—			—			—			—			—			—			-
Shares withheld for net    settlements of share-    based awards [1]		(383	)		(4	)		(3,441	)		—			—			—			—			—			(3,445	)
Issuance of common    stock - ESPP		11			1			79			—			—			—			—			—			80
Sale of treasury shares [2]		642			—			(4,174	)		—			—			(642	)		9,924			—			5,750
Net income		—			—			—			57,574			—			—			—			(55	)		57,519
Other comprehensive    income (loss)		—			—			—			—			(1,663	)		—			—			26			(1,637	)
Balance, June 30, 2023		126,075		$	1,303		$	1,292,826		$	53,338		$	(18,582	)		4,210		$	(95,175	)	$	(1,339	)	$	1,232,371

[1] The Company withheld shares through net settlements to satisfy statutory tax withholding requirements upon the vesting of shares

of restricted stock held by employees.

[2] The Company sold treasury shares to partially fund its obligation under its Amended and Restated Executive Retirement

Agreement with its Executive Chairman. Refer to Note 13 - Benefit Plans for further information.

[3] During the second quarter of 2024, the Company retired $229.4 million in aggregate principal amount of its outstanding 6.50%

Exchangeable Senior Notes in private exchange transactions for an exchange value of approximately $410 million. The consideration

consisted of cash of $229.4 million and 12,414,455 shares of GEO common stock. Of the total amount of shares issued, the Company

issued 4,209,847 shares that were previously held in treasury. Refer to Note 10 - Debt for further information.

Schedule of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss attributable to GEO within shareholders' equity are as follows:

	Six Months Ended June 30, 2024
	(In thousands)
	Foreign currency translation adjustments, net of tax (1)			Change in fair value of derivatives, net of tax		Pension adjustments, net of tax		Total
Balance, January 1, 2024	$	(19,755	)	$	3,041	$	72	$	(16,642	)
Current-period other comprehensive income (loss)		(1,167	)		815		24		(328	)
Balance, June 30, 2024	$	(20,922	)	$	3,856	$	96	$	(16,970	)

	Six Months Ended June 30, 2023
	(In thousands)
	Foreign currency translation adjustments, net of tax (1)			Change in fair value of derivatives, net of tax			Change in marketable securities, net of tax			Pension adjustments, net of tax		Total
Balance, January 1, 2023	$	(20,015	)	$	3,645		$	(953	)	$	404	$	(16,919	)
Current-period other comprehensive income (loss)		(2,416	)		(200	)		953			—		(1,663	)
Balance, June 30, 2023	$	(22,431	)	$	3,445		$	—		$	404	$	(18,582	)

(1)The foreign currency translation related to noncontrolling interests was not significant at June 30, 2024 or 2023.