Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Dividend

On August 5, 2014, the Board of Directors declared a quarterly cash dividend of $0.57 per share of common stock, which is to be paid on August 29, 2014 to shareholders of record as of the close of business on August 18, 2014.

Contract Awards

On August 4, 2014, the Company announced that a Company led consortium comprised of the Company’s wholly-owned subsidiary, The GEO Group Australia Pty. Ltd. (“GEO Australia”), John Holland Construction, and Honeywell has been selected as the preferred tenderer by the Department of Justice in the State of Victoria for the development and operation of a new 1,000-bed Prison ("the Facility") in Ravenhall, a locality near Melbourne, Australia.

Subject to a final contract award, the Company expects to begin the development of the Facility in 2015 under a Public-Private Partnership financing structure with an equity investment from the Company of approximately 20% of the project following the activation of the Facility, and with returns on investment consistent with the Company’s Company-owned facilities. GEO Australia would operate the Facility under a 25-year contract with Corrections Victoria upon its estimated completion in late 2017. The Facility will provide unprecedented levels of in-prison and post-release programs aimed at reducing reoffending rates and helping offenders reintegrate into society.