Shareholders' Equity (Tables)
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3 Months Ended |
Mar. 31, 2017 |
Equity [Abstract] |
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Changes in shareholders' equity that are attributable to the Company's shareholders and to noncontrolling interests |
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, 2016 | 112,548 |
| | $ | 1,125 |
| | $ | 891,993 |
| | $ | 112,763 |
| | $ | (30,825 | ) | | $ | (99 | ) | | $ | 974,957 |
| Proceeds from exercise of stock options | 195 |
| | 2 |
| | 3,880 |
| | — |
| | — |
| | — |
| | 3,882 |
| Stock-based compensation expense | — |
| | — |
| | 4,963 |
| | — |
| | — |
| | — |
| | 4,963 |
| Restricted stock granted | 622 |
| | 6 |
| | (6 | ) | | — |
| | — |
| | — |
| | — |
| Restricted stock canceled | (11 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Dividends paid | — |
| | — |
| | — |
| | (52,504 | ) | | — |
| | — |
| | (52,504 | ) | Issuance of common stock - prospectus supplement | 10,350 |
| | 104 |
| | 275,932 |
| | — |
| | — |
| | — |
| | 276,036 |
| Shares withheld for net settlements of share-based awards | (113 | ) | | (1 | ) | | (3,433 | ) | | — |
| | — |
| | — |
| | (3,434 | ) | Re-issuance of treasury shares - ESPP | 4 |
| | — |
| | 122 |
| | — |
| | — |
| | — |
| | 122 |
| Net income (loss) | — |
| | — |
| | — |
| | 40,403 |
| | — |
| | (37 | ) | | 40,366 |
| Other comprehensive income | — |
| | — |
| | — |
| | — |
| | 1,258 |
| | 2 |
| | 1,260 |
| Balance, March 31, 2017 | 123,595 |
| | $ | 1,236 |
| | $ | 1,173,451 |
| | $ | 100,662 |
| | $ | (29,567 | ) | | $ | (134 | ) | | $ | 1,245,648 |
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Dividends declared |
During the three months ended March 31, 2017 and the year ended December 31, 2016, respectively, GEO declared and paid the following regular cash distributions to its shareholders as follows: | | | | | | | | | Declaration Date | | Payment Date | Record Date | | Distribution Per Share | | Aggregate Payment Amount (in millions) | February 3, 2016 | | February 26, 2016 | February 16, 2016 | | $0.43 | | $48.5 | April 20, 2016 | | May 12, 2016 | May 2, 2016 | | $0.43 | | $48.7 | July 20, 2016 | | August 12, 2016 | August 1, 2016 | | $0.43 | | $48.7 | October 18, 2016 | | November 10, 2016 | October 31, 2016 | | $0.43 | | $48.8 | February 6, 2017 | | February 27, 2017 | February 17, 2017 | | $0.47 | | $52.5 |
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Schedule of accumulated other 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, 2017 | | | (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, 2016 | | $ | (11,284 | ) | | $ | (15,877 | ) | | $ | (3,664 | ) | | $ | (30,825 | ) | Current-period other comprehensive (loss) income | | 1,690 |
| | (479 | ) | | 47 |
| | 1,258 |
| Balance, March 31, 2017 | | $ | (9,594 | ) | | $ | (16,356 | ) | | $ | (3,617 | ) | | $ | (29,567 | ) |
(1) The foreign currency translation related to noncontrolling interests was not significant at March 31, 2017 or December 31, 2016.
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