Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and 2022 (in thousands):

	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 (loss)		—			—			—			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			Accumulated			Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares			Amount		Capital			Deficit			Loss			Shares		Amount			Interests			Equity
For the Three Months Ended    June 30, 2022
Balance, March 31, 2022		124,011		$	1,289	$	1,281,268		$	(137,741	)	$	(17,632	)		4,852	$	(105,099	)	$	(1,250	)	$	1,020,835
Stock-based compensation    expense		—			—		3,556			—			—			—		—			—			3,556
Restricted stock granted		2			—		—			—			—			—		—			—			-
Restricted stock canceled		(14	)		—		—			—			—			—		—			—			-
Other adjustment		—			—		—			(91	)		—			—		—			—			(91	)
Shares withheld for net    settlements of share-    based awards [1]		(3	)		—		(17	)		—			—			—		—			—			(17	)
Issuance of common    stock - ESPP		7			—		60			—			—			—		—			—			60
Net income (loss)		—			—		—			53,727			—			—		—			(54	)		53,673
Other comprehensive income    (loss)		—			—		—			—			(8,207	)		—		—			23			(8,184	)
Balance, June 30, 2022		124,003		$	1,289	$	1,284,867		$	(84,105	)	$	(25,839	)		4,852	$	(105,099	)	$	(1,281	)	$	1,069,832

	Common shares						Additional Paid-In			Accumulated Deficit			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	)		—			—			—			—			—			—			—			—
Sale of treasury shares [2]		642			—			(4,174	)		—			—			(642	)		9,924			—			5,750
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
Net income (loss)		—			—			—			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

	Common shares						Additional Paid-In			Accumulated			Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Deficit			Loss			Shares		Amount			Interests			Equity
For the Six Months Ended    June 30, 2022
Balance, January 1, 2022		122,472		$	1,273		$	1,276,213		$	(175,960	)	$	(20,216	)		4,852	$	(105,099	)	$	(1,195	)	$	975,016
Stock-based compensation    expense		—			—			9,869			—			—			—		—			—			9,869
Restricted stock granted		1,786			18			(18	)		—			—			—		—			—			-
Restricted stock canceled		(40	)		—			—			—			—			—		—			—			-
Shares withheld for net    settlements of share-    based awards [1]		(229	)		(2	)		(1,300	)		—			—			—		—			—			(1,302	)
Issuance of common    stock - ESPP		14			—			103			—			—			—		—			—			103
Other adjustment		—			—			—			(91	)		—			—		—			—			(91	)
Net income (loss)		—			—			—			91,946			—			—		—			(94	)		91,852
Other comprehensive    income (loss)		—			—			—			—			(5,623	)		—		—			8			(5,615	)
Balance, June 30, 2022		124,003		$	1,289		$	1,284,867		$	(84,105	)	$	(25,839	)		4,852	$	(105,099	)	$	(1,281	)	$	1,069,832

[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.

Schedule of Accumulated Other Comprehensive Income (Loss)

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

	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	)

	Six Months Ended June 30, 2022
	(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, 2022	$	(12,461	)	$	(2,524	)	$	7		$	(5,238	)	$	(20,216	)
Current-period other comprehensive income (loss)		(9,409	)		4,374			(758	)		170			(5,623	)
Balance, June 30, 2022	$	(21,870	)	$	1,850		$	(751	)	$	(5,068	)	$	(25,839	)

(1)The foreign currency translation related to noncontrolling interests was not significant at June 30, 2023 or 2022.