Shareholders' Equity (Tables)

9 Months Ended

Sep. 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 nine months ended September 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    September 30, 2023
Balance, June 30, 2023		126,075		$	1,303	$	1,292,826	$	53,338	$	(18,582	)		4,210	$	(95,175	)	$	(1,339	)	$	1,232,371
Proceeds from exercise    of stock options		1			—		4		—		—			—		—			—			4
Stock-based compensation    expense		—			—		3,116		—		—			—		—			—			3,116
Restricted stock canceled		(10	)		—		—		—		—			—		—			—			—
Issuance of common    stock - ESPP		5			—		37				—			—		—			—			37
Net income (loss)		—			—		—		24,519		—			—		—			(16	)		24,503
Other comprehensive loss		—			—		—		—		(1,483	)		—		—			1			(1,482	)
Balance, September 30, 2023		126,071		$	1,303	$	1,295,983	$	77,857	$	(20,065	)		4,210	$	(95,175	)	$	(1,354	)	$	1,258,549

	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    September 30, 2022
Balance, June 30, 2022		124,003		$	1,289	$	1,284,867		$	(84,105	)	$	(25,839	)		4,852	$	(105,099	)	$	(1,281	)	$	1,069,832
Proceeds from exercise of    stock options		3			—		20			—			—			—		—			—			20
Stock-based compensation    expense		—			—		3,141			—			—			—		—			—			3,141
Restricted stock granted		50			1		(1	)		—			—			—		—			—			-
Restricted stock canceled		(6	)		—		—			—			—			—		—			—			-
Other adjustment		—			—		—			2			—			—		—			—			2
Issuance of common    stock - ESPP		7			—		48			—			—			—		—			—			48
Net income (loss)		—			—		—			38,337			—			—		—			(25	)		38,312
Other comprehensive income    (loss)		—			—		—			—			(798	)		—		—			23			(775	)
Balance, September 30, 2022		124,057		$	1,290	$	1,288,075		$	(45,766	)	$	(26,637	)		4,852	$	(105,099	)	$	(1,283	)	$	1,110,580

	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 Nine Months Ended    September 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		13			—			85			—			—			—			—			—			85
Stock-based compensation    expense		—			—			12,052			—			—			—			—			—			12,052
Restricted stock granted		1,758			17			(17	)		—			—			—			—			—			—
Restricted stock canceled		(36	)		—			—			—			—			—			—			—			—
Sale of treasury shares [1]		642			—			(4,174	)		—			—			(642	)		9,924			—			5,750
Shares withheld for net    settlements of share-    based awards [2]		(383	)		(4	)		(3,442	)		—			—			—			—			—			(3,446	)
Issuance of common    stock - ESPP		16			1			116			—			—			—			—			—			117
Net income (loss)		—			—			—			82,093			—			—			—			(71	)		82,022
Other comprehensive income    (loss)		—			—			—			—			(3,146	)		—			—			27			(3,119	)
Balance, September 30, 2023		126,071		$	1,303		$	1,295,983		$	77,857		$	(20,065	)		4,210		$	(95,175	)	$	(1,354	)	$	1,258,549

	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 Nine Months Ended    September 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
Proceeds from exercise    of stock options		3			—			20			—			—			—		—			—			20
Stock-based compensation    expense		—			—			13,010			—			—			—		—			—			13,010
Restricted stock granted		1,836			18			(18	)		—			—			—		—			—			-
Restricted stock canceled		(46	)		—			—			—			—			—		—			—			-
Shares withheld for net    settlements of share-    based awards [2]		(229	)		(1	)		(1,300	)		—			—			—		—			—			(1,301	)
Issuance of common    stock - ESPP		21			—			150			—			—			—		—			—			150
Other adjustment		—			—			—			(89	)		—			—		—			—			(89	)
Net income (loss)		—			—			—			130,283			—			—		—			(119	)		130,164
Other comprehensive    income (loss)		—			—			—			—			(6,421	)		—		—			31			(6,390	)
Balance, September 30, 2022		124,057		$	1,290		$	1,288,075		$	(45,766	)	$	(26,637	)		4,852	$	(105,099	)	$	(1,283	)	$	1,110,580

[1] 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.

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

of restricted stock held by employees.

Schedule of Accumulated Other Comprehensive Loss

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

	Nine Months Ended September 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)		(5,269	)		1,170		953			-		(3,146	)
Balance, September 30, 2023	$	(25,284	)	$	4,815	$	—		$	404	$	(20,065	)

	Nine Months Ended September 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)		(11,679	)		6,247			(1,245	)		256			(6,421	)
Balance, September 30, 2022	$	(24,140	)	$	3,723		$	(1,238	)	$	(4,982	)	$	(26,637	)

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