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Subsequent Events
3 Months Ended
Apr. 01, 2012
Subsequent Events [Abstract]  
Subsequent Events
SUBSEQUENT EVENTS

Contract Terminations

On April 10, 2012, the Company announced that the California Department of Corrections and Rehabilitation (“CDCR”) notified the Company that it had rescinded the previous notice of termination regarding GEO's management contract for the 625-bed Golden State Correctional Facility (“Golden State”). Golden State, which was previously scheduled to close on June 30, 2012, will remain in operation under the Company's current contract which is effective through December 14, 2012.

On April 19, 2012, the Company announced the discontinuation of its managed-only contract with the State of Mississippi, Department of Corrections for the 1,500-bed East Mississippi Correctional Facility effective July 19, 2012. The discontinuation of the contract is not expected to have a material impact on the Company's financial position, results of operations and/ or cash flows.

Partnership Interests in Municipal Corrections Finance, L.P.
On April 24, 2012, the Company signed a definitive agreement to purchase 100% of the partnership interests of MCF for approximately $27 million in cash plus the release of approximately $10 million in cash held in escrow for the benefit of MCF. Closing of the transaction is subject to third party approvals, including consent of the MCF Bond trustee. The Company expects to close the transaction during its third fiscal quarter of 2012.
Employee Stock Purchase Plan

On May 4, 2012, the Company's shareholders approved The GEO Group Inc. 2011 Employee Stock Purchase Plan. The Compensation Committee and Board of Directors had previously approved the Plan on May 4, 2011 and the Plan became effective on July 9, 2011, subject to obtaining shareholder approval. Eligible employees were allowed to participate in the Plan as of July 9, 2011, but no shares of common stock were issuable pursuant to the Plan prior to obtaining shareholder approval. Shares will be issued to participating employees for the pre-shareholder approval offering periods on June 29, 2012 and shares will be issued to participating employees for the post-shareholder approval offering periods on the last day of each month.