Earnings Per Share

3 Months Ended

Apr. 01, 2012

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Stock repurchase program

On July 14, 2011, the Company announced that its Board of Directors approved a stock repurchase program of up to $100.0 million of the Company's common stock effective through December 31, 2012. The stock repurchase program will be funded primarily with cash on hand, free cash flow, and borrowings under the Company’s Revolving Credit Facility. The stock repurchase program is intended to be implemented through purchases made from time to time in the open market or in privately negotiated transactions, in accordance with applicable securities and stock exchange requirements. The program may also include repurchases from time to time from executive officers or directors of vested restricted stock and/or vested stock options. The stock repurchase program does not obligate the Company to purchase any specific amount of its common stock and may be suspended or extended at any time at the Company’s discretion. During the fiscal year ended January 1, 2012, the Company purchased 3.9 million shares of its common stock at a cost of $75.0 million primarily purchased with proceeds from the Company’s Revolving Credit Facility. There were no repurchases of common stock under the stock repurchase program during the thirteen weeks ended April 1, 2012.

Earnings per share

Basic earnings per share is computed by dividing the net income attributable to The GEO Group, Inc. shareholders by the weighted average number of outstanding shares of common stock. The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator includes dilutive common stock equivalents such as stock options and shares of restricted stock. Basic and diluted earnings per share (“EPS”) were calculated for the thirteen weeks ended April 1, 2012 and April 3, 2011 as follows (in thousands, except per share data):

	Thirteen Weeks Ended
	April 1, 2012			April 3, 2011
Net income	$	15,059		$	16,380
Net loss attributable to noncontrolling interests	(34		)	410
Income attributable to The GEO Group, Inc.	15,025			16,790
Basic earnings per share attributable to The GEO Group, Inc.:
Weighted average shares outstanding	60,768			64,291
Per share amount	$	0.25		0.26
Diluted earnings per share attributable to The GEO Group, Inc.:
Weighted average shares outstanding	60,768			64,291
Effect of dilutive securities: Stock options and restricted stock	161			440
Weighted average shares assuming dilution	60,929			64,731
Per share amount	$	0.25		$	0.26

For the thirteen weeks ended April 1, 2012, 202,094 weighted average shares of stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. 1,262 shares of restricted stock were anti-dilutive.

For the thirteen weeks ended April 3, 2011, 32,074 weighted average shares of stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. No shares of restricted stock were anti-dilutive.