Shareholders' Equity

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

The following table presents the changes in shareholders’ equity that are attributable to the Company’s shareholders and to noncontrolling interests (in thousands):

	Common shares			Additional Paid-In			Earnings in Excess of			Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares	Amount		Capital			Distributions			Income (Loss)			Shares		Amount			Interests			Equity
Balance, December 31, 2013	72,082	$	866	$	848,018		$	232,646		$	(4,429	)	14,580		$	(53,579	)	$	454		$	1,023,976
Proceeds from exercise of stock options	177	2		3,273			—			—			—		—			—			3,275
Tax benefit related to equity compensation	—	—		558			—			—			—		—			—			558
Stock based compensation expense	—	—		452			—			—			—		—			—			452
Restricted stock granted	308	3		(3		)	—			—					—			—			—
Amortization of restricted stock	—	—		2,014			—			—			—		—			—			2,014
Dividends paid	—	—		—			(41,139		)	—			—		—			—			(41,139		)
Re-issuance of treasury shares (ESPP)	3	—		73			—			—			(3	)	11			—			84
Net income	—	—		—			27,990			—			—		—			6			27,996
Other comprehensive loss	—	—		—			—			1,050			—		—			(4		)	1,046
Balance, March 31, 2014	72,570	$	871	$	854,385		$	219,497		$	(3,379	)	14,577		$	(53,568	)	$	456		$	1,018,262

REIT Distributions

As a REIT, GEO is required to distribute annually at least 90% of its REIT taxable income (determined without regard to the dividends paid deduction and by excluding net capital gain) and began paying regular quarterly REIT dividends in 2013. The amount, timing and frequency of future dividends, however, will be at the sole discretion of GEO's Board of Directors (the "Board”) and will be declared based upon various factors, many of which are beyond GEO's control, including, GEO's financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income taxes that GEO otherwise would be required to pay, limitations on distributions in GEO's existing and future debt instruments, limitations on GEO's ability to fund distributions using cash generated through GEO's taxable REIT subsidiaries ("TRSs") and other factors that GEO's Board may deem relevant.

During the three months ended March 31, 2014 and the year ended December 31, 2013, respectively, GEO declared and paid the following regular cash distributions to its stockholders as follows:

Declaration Date	Payment Due	Record Date	Distribution Per Share	Aggregate Payment Amount (in millions)
January 17, 2013	March 1, 2013	February 15, 2013	$0.50	$35.7
May 7, 2013	June 3, 2013	May 20, 2013	$0.50	$35.8
July 30, 2013	August 29, 2013	August 19, 2013	$0.50	$36.1
November 1, 2013	November 26, 2013	November 14, 2013	$0.55	$39.6
February 18, 2014	March 14, 2014	March 3, 2014	$0.57	$41.1

Prospectus Supplement

On May 8, 2013, the Company filed with the Securities and Exchange Commission a prospectus supplement related to the offer and sale from time to time of the Company's common stock at an aggregate offering price of up to $100 million through sales agents. Sales of shares of the Company's common stock under the prospectus supplement and equity distribution agreements entered into with the sales agents, if any, may be made in negotiated transactions or transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933. There were no sales of shares of the Company's common stock under the prospectus supplement during the three months ended March 31, 2014.

Comprehensive Income (Loss)

Comprehensive income (loss) represents the change in shareholders' equity from transactions and other events and circumstances arising from non-shareholder sources. The Company's total comprehensive income is comprised of net income attributable to GEO, net income attributable to noncontrolling interests, foreign currency translation adjustments that arise from consolidating foreign operations that do not impact cash flows, net unrealized gains and/or losses on derivative instruments, and pension liability adjustments in the consolidated statements of shareholders' equity and comprehensive income.

The components of accumulated other comprehensive income (loss) attributable to GEO included in the consolidated statement of shareholders' equity are as follows:

	Three Months Ended March 31, 2014
	(In thousands)
	Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. [1]			Unrealized (loss)/gain on derivatives, net of tax			Pension adjustments, net of tax			Total
Balance, December 31, 2013	$	(2,441	)	$	(274	)	$	(1,714	)	$	(4,429	)
Current-period other comprehensive (loss) income	1,004			27			19			1,050
Balance, March 31, 2014	$	(1,437	)	$	(247	)	$	(1,695	)	$	(3,379	)

^[1] The foreign currency translation related to noncontrolling interests was not significant at March 31, 2014 or December 31, 2013.