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Consolidated Statements of Shareholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Noncontrolling Interest
Beginning Balance at Dec. 31, 2021 $ 975,016 $ 1,273 $ 1,276,213 $ (175,960) $ (20,216) $ (105,099) $ (1,195)
Beginning Balance (in shares) at Dec. 31, 2021   122,472       4,852  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Proceeds from stock options exercised 66   66        
Proceeds from stock options exercised (in shares)   9          
Stock based compensation expense 16,204   16,204        
Shares withheld for net settlements of share-based awards [1] (1,302) $ (2) (1,300)        
Shares withheld for net settlements of share-based awards (in shares) [1]   (229)          
Restricted stock granted   $ 18 (18)        
Restricted stock granted (in shares)   1,836          
Restricted stock canceled (in shares)   (53)          
Other adjustment to (distributions in excess of earnings)/earnings in excess of distributions (89)     (89)      
Issuance of common stock (ESPP) 198   198        
Issuance of common stock (ESPP) (in shares)   26          
Net income (loss) 171,692     171,813     (121)
Other comprehensive income (loss) 3,303       3,297   6
Ending Balance at Dec. 31, 2022 1,165,088 $ 1,289 1,291,363 (4,236) (16,919) $ (105,099) (1,310)
Ending Balance (in shares) at Dec. 31, 2022   124,061       4,852  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Proceeds from stock options exercised 239   239        
Proceeds from stock options exercised (in shares)   35          
Stock based compensation expense 15,065   15,065        
Shares withheld for net settlements of share-based awards [1] (3,443) $ (4) (3,439)        
Shares withheld for net settlements of share-based awards (in shares) [1]   (383)          
Restricted stock granted   $ 18 (18)        
Restricted stock granted (in shares)   1,758          
Restricted stock canceled (in shares)   (47)          
Reissuance of treasury shares / Sale of treasury shares [2] 5,750   (4,174)     $ 9,924  
Reissuance of treasury shares / Sale of treasury shares (shares) [2]   642       (643)  
Issuance of common stock (ESPP) 157   157        
Issuance of common stock (ESPP) (in shares)   21          
Net income (loss) 107,183     107,325     (142)
Other comprehensive income (loss) 275       277   (2)
Ending Balance at Dec. 31, 2023 1,290,314 $ 1,303 1,299,193 103,089 (16,642) $ (95,175) (1,454)
Ending Balance (in shares) at Dec. 31, 2023   126,087       4,209  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Proceeds from stock options exercised $ 8,192 $ 6 8,186        
Proceeds from stock options exercised (in shares) 584 584          
Stock based compensation expense $ 18,107   18,107        
Shares withheld for net settlements of share-based awards [1] (9,657) $ (7) (9,650)        
Shares withheld for net settlements of share-based awards (in shares) [1]   (698)          
Restricted stock granted   $ 18 (18)        
Restricted stock granted (in shares)   1,827          
Restricted stock canceled (in shares)   (60)          
Reissuance of treasury shares / Sale of treasury shares [3]       (95,175)   $ 95,175  
Reissuance of treasury shares / Sale of treasury shares (shares) [3]   4,209       (4,209)  
Issuance of common shares [3] (1,614) $ 82 (1,696)        
Issuance of common shares (in shares) [3]   8,220          
Other adjustments to Additional Paid-In-Capital 976   976        
Issuance of common stock (ESPP) 158   158        
Issuance of common stock (ESPP) (in shares)   12          
Net income (loss) 31,896     31,966     (70)
Other comprehensive income (loss) (4,958)       (4,960)   2
Ending Balance at Dec. 31, 2024 $ 1,333,414 $ 1,402 $ 1,315,256 $ 39,880 $ (21,602)   $ (1,522)
Ending Balance (in shares) at Dec. 31, 2024   140,181          
[1] During the years ended December 31, 2024, 2023 and 2022, the Company withheld shares through net share settlements to satisfy statutory tax withholding requirements upon 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 2024, the Company retired $229.9 million in aggregate principal amount of its outstanding 6.50% Exchangeable Senior Notes in private exchange transactions for an exchange value of approximately $415 million. The consideration consisted of cash of $229.9 million and approximately 12.4 million 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 11-Debt for further information.