Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 and 2020 (in thousands):

	Common shares						Additional Paid-In			Distributions in Excess of			Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Earnings			Loss			Shares		Amount			Interests			Equity
For the Three Months Ended March 31, 2021
Balance, January 1, 2021		121,318		$	1,262		$	1,262,267		$	(222,892	)	$	(22,589	)		4,835	$	(104,946	)	$	(1,020	)	$	912,082
Stock-based compensation expense		—			—			7,402			—			—			—		—			—			7,402
Restricted stock granted		1,248			12			(12	)		—			—			—		—			—			—
Restricted stock canceled		(18	)		—			—			—			—			—		—			—			—
Dividends paid [1]		—			—			—			(30,486	)		—			—		—			—			(30,486	)
Other adjustment to additional paid-in capital [2]		—			—			153			—			—			—		—			—			153
Purchase of treasury shares [2]		(17	)		—			—			—			—			17		(153	)		—			(153	)
Shares withheld for net settlements of share- based awards [3]		(243	)		(2	)		(1,899	)		—			—			—		—			—			(1,901	)
Issuance of common stock - ESPP		15			—			116			—			—			—		—			—			116
Net income (loss)		—			—			—			50,544			—			—		—			(61	)		50,483
Other comprehensive income (loss)		—			—			—			—			2,479			—		—			(2	)		2,477
Balance, March 31, 2021		122,303		$	1,272		$	1,268,027		$	(202,834	)	$	(20,110	)		4,852	$	(105,099	)	$	(1,083	)	$	940,173

	Common shares						Additional Paid-In			Distributions in Excess of			Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Earnings			Loss			Shares		Amount			Interests			Equity
For the Three Months Ended March 31, 2020
Balance, January 1, 2020		121,225		$	1,254		$	1,230,865		$	(119,779	)	$	(20,335	)		4,210	$	(95,175	)	$	(782	)	$	996,048
Proceeds from exercise of stock options		0			—			0			—			—			—		—			—			-
Stock-based compensation expense		—			—			9,768			—			—			—		—			—			9,768
Restricted stock granted		900			9			(9	)		—			—			—		—			—			-
Restricted stock canceled		(21	)		—			—			—			—			—		—			—			-
Dividends paid [1]		—			—			—			(57,703	)		—			—		—			—			(57,703	)
Other adjustment to paid-in capital [2]								8,925																	8,925
Purchase of treasury shares		(554	)		—			—			—			—			554		(9,009	)					(9,009	)
Shares withheld for net settlements of share- based awards [3]		(174	)		(2	)		(2,630	)		—			—			—		—			—			(2,632	)
Issuance of common stock - ESPP		10			1			149			—			—			—		—			—			150
Net income (loss)		—			—			—			25,181			—			—		—			(60	)		25,121
Other comprehensive income (loss)		—			—			—			—			(13,164	)		—		—			(48	)		(13,212	)
Balance, March 31, 2020		121,386		$	1,262		$	1,247,068		$	(152,301	)	$	(33,499	)		4,764	$	(104,184	)	$	(890	)	$	957,456

[1]	Dividends paid are net of dividends forfeited on unvested shares of restricted stock.

[2]

On February 26, 2020 (the "Effective Date"), the Company and its Chief Executive Officer (“CEO”) entered into an amended and restated executive retirement agreement that amends the CEO’s executive retirement agreement. The amended and restated executive retirement agreement provides that upon the CEO’s retirement from the Company, the Company will pay a lump sum amount initially equal to $8,925,065 (the “Grandfathered Payment”) which will be paid in the form of a fixed number of shares of the Company’s common stock. The fair value of the Grandfathered Payment was reclassified to stockholders’ equity. Additional shares of the Company’s common stock are credited with a value equal to any dividends declared and paid on the Company’s shares of common stock, calculated by reference to the closing price of the Company’s common stock on the payment date for such dividends (rounded up to the nearest whole number of shares). Refer to Note 13 – Benefit Plans for further information.

[3]	During the three months ended March 31, 2021 and 2020, the Company withheld shares through net share settlements to satisfy statutory tax withholding requirements upon vesting of shares of restricted stock held by employees.

Dividends Declared

During the three months ended March 31, 2021 and the year ended December 31, 2020, GEO declared and paid the following regular cash distributions to its shareholders as follows:

Declaration Date	Record Date	Payment Date	Distribution Per Share		Aggregate Payment Amount (in millions)
February 3, 2020	February 14, 2020	February 21, 2020	$	0.48	$	58.2
April 6, 2020	April 17, 2020	April 24, 2020	$	0.48	$	58.5
July 7, 2020	July 17, 2020	July 24, 2020	$	0.48	$	58.5
October 6, 2020	October 16, 2020	October 23, 2020	$	0.34	$	41.5
January 15, 2021	January 25, 2021	February 1, 2021	$	0.25	$	30.5

Schedule of Accumulated Other Comprehensive Income (Loss)

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

	Three Months Ended March 31, 2021
	(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, 2021	$	(9,207	)	$	(4,752	)	$	(8,630	)	$	(22,589	)
Current-period other comprehensive income (loss)		(626	)		2,949			156			2,479
Balance, March 31, 2021	$	(9,833	)	$	(1,803	)	$	(8,474	)	$	(20,110	)

	Three Months Ended March 31, 2020
	(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, 2020	$	(12,314	)	$	(1,476	)	$	(6,545	)	$	(20,335	)
Current-period other comprehensive income (loss)		(8,759	)		(4,512	)		107			(13,164	)
Balance, March 31, 2020	$	(21,073	)	$	(5,988	)	$	(6,438	)	$	(33,499	)

(1)

The foreign currency translation related to noncontrolling interests was not significant at March 31, 2021 or 2020.