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Shareholders' Equity
3 Months Ended
Mar. 31, 2015
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
 
Noncontrolling
 
Total
Shareholders'
 
Shares
 
Amount
 
Capital
 
Distributions
 
Loss
 
Interests
 
Equity
Balance, December 31, 2014
74,191

 
$
742

 
$
866,056

 
$
206,342

 
$
(27,461
)
 
$
314

 
$
1,045,993

Proceeds from exercise of stock options
54

 

 
1,215

 

 

 

 
1,215

Tax benefit related to equity compensation

 

 
569

 

 

 

 
569

Stock-based compensation expense

 

 
432

 

 

 

 
432

Amortization of restricted stock

 

 
2,189

 

 

 

 
2,189

Restricted stock granted
396

 
4

 
(4
)
 

 

 

 

Restricted stock canceled
(3
)
 

 

 

 

 

 

Dividends paid

 

 

 
(45,977
)
 

 

 
(45,977
)
Shares withheld for net settlements of share-based awards
(25
)
 

 
(1,123
)
 

 

 

 
(1,123
)
Issuance of common stock - ESPP
2

 

 
98

 

 

 

 
98

Net income (loss)

 

 

 
28,777

 

 
(21
)
 
28,756

Other comprehensive loss

 

 

 

 
(5,705
)
 
(16
)
 
(5,721
)
Balance, March 31, 2015
74,615

 
$
746

 
$
869,432

 
$
189,142

 
$
(33,166
)
 
$
277

 
$
1,026,431



During the three months ended March 31, 2015, the Company withheld shares through net share settlements to satisfy minimum statutory tax withholding requirements upon vesting of shares of restricted stock held by employees.

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, 2015 and the year ended December 31, 2014, respectively, GEO declared and paid the following regular cash distributions to its shareholders as follows:
Declaration Date

Record Date
Payment Due

Distribution Per Share

Aggregate Payment Amount (in millions)
February 18, 2014

March 3, 2014
March 14, 2014

$0.57

$41.1
April 28, 2014

May 15, 2014
May 27, 2014

$0.57

$41.5
August 5, 2014

August 18, 2014
August 29, 2014

$0.57

$41.4
November 5, 2014

November 17, 2014
November 26, 2014

$0.62

$46.0
February 6, 2015

February 17, 2015
February 27, 2015

$0.62

$46.0

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 $100.0 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. On July 18, 2014, the Company filed with the Securities and Exchange Commission a post-effective amendment to its shelf registration statement on Form S-3 (pursuant to which the prospectus supplement had been filed) as a result of the merger of the Company into GEO REIT effective June 27, 2014. During the year ended December 31, 2014, there were approximately 1.5 million shares of common stock sold under the prospectus supplement for net proceeds of $54.7 million. There were no shares of the Company's common stock sold under the prospectus supplement during the three months ended March 31, 2015.
In September 2014, the Company filed with the Securities and Exchange Commission a new shelf registration statement on Form S-3. On November 10, 2014, in connection with the new shelf registration, the Company filed with the Securities and Exchange Commission a new 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 $150.0 million through sales agents. Sales of shares of the Company's common stock under the prospectus supplement and the 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 shares of the Company's stock issued under this prospectus supplement during the three months ended March 31, 2015.

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 within shareholders' equity and comprehensive income (loss).

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

 
 
Three Months Ended March 31, 2015
 
 
(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, 2014
 
$
(6,903
)
 
$
(16,322
)
 
$
(4,236
)
 
$
(27,461
)
Current-period other comprehensive (loss) income
 
(1,665
)
 
(4,080
)
 
40

 
(5,705
)
Balance, March 31, 2015
 
$
(8,568
)
 
$
(20,402
)
 
$
(4,196
)
 
$
(33,166
)

(1) The foreign currency translation related to noncontrolling interests was not significant at March 31, 2015 or December 31, 2014.