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Summary of Business Organization, Operations and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Future minimum rentals on lease
As of December 31, 2016, future minimum rentals to be received on these leases are as follows:
 
Fiscal Year
Annual Rental
 
(In thousands)
2017
$
5,329

2018
351

 
$
5,680
Components of accumulated other comprehensive income (loss)
The components of accumulated other comprehensive loss attributable to GEO included in the consolidated statement of shareholders' equity are as follows (in thousands):
 
 
Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. [1]

 
Unrealized loss on derivatives, net of tax

 
Pension adjustments, net of tax

 
Total

Balance, December 31, 2015
 
$
(11,747
)
 
$
(17,697
)
 
$
(2,960
)
 
$
(32,404
)
Current-period other comprehensive income (loss)
 
463

 
1,820

 
(704
)
 
1,579

Balance, December 31, 2016
 
$
(11,284
)
 
$
(15,877
)
 
$
(3,664
)
 
$
(30,825
)
[1] The foreign currency translation adjustment, net of tax, related to noncontrolling interests was not significant for the year ended December 31, 2016 or December 31, 2015.
Fair value of stock-based awards
The fair value of stock-based option awards was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions for options awarded during years 2016, 2015 and 2014:
 
 
 
2016
 
2015
 
2014
Risk free interest rates
 
1.45%
 
1.00
%
 
0.62
%
Expected term
 
4-5 years
 
4-5 years

 
4-5 years

Expected volatility
 
25%
 
24
%
 
27
%
Expected dividend rate
 
8.85%
 
5.75
%
 
7.00
%
Fair value assumptions of restricted stock
The fair value of restricted stock awards granted in 2016, 2015 and 2014 with market-based performance conditions was determined based on a Monte Carlo simulation, which calculates a range of possible outcomes and the probabilities that they will occur, using the following average key assumptions:
 
2016
2015
2014
Expected volatility
23.5
%
21.4
%
25.6
%
Beta
1.04

0.78

0.74

Risk free interest rate
1.08
%
0.93
%
0.62
%