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Summary of Business Organization, Operations and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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, 2016
 
$
(11,284
)
 
$
(15,877
)
 
$
(3,664
)
 
$
(30,825
)
Current-period other comprehensive income (loss)
 
3,814

 
3,985

 
(1,420
)
 
6,379

Balance, December 31, 2017
 
$
(7,470
)
 
$
(11,892
)
 
$
(5,084
)
 
$
(24,446
)
[1] The foreign currency translation adjustment, net of tax, related to noncontrolling interests was not significant for the year ended December 31, 2017 or December 31, 2016.
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 2017, 2016 and 2015:
 
 
 
2017
 
2016
 
2015
Risk free interest rates
 
1.53%
 
1.45%
 
1.00
%
Expected term
 
4-5 years
 
4-5 years
 
4-5 years

Expected volatility
 
36%
 
25%
 
24
%
Expected dividend rate
 
5.79%
 
8.85%
 
5.75
%
Fair value assumptions of restricted stock
The fair value of restricted stock awards granted in 2017, 2016 and 2015 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:
 
2017
2016
2015
Expected volatility
42.2
%
23.5
%
21.4
%
Beta
1.11

1.04

0.78

Risk free interest rate
1.46
%
1.08
%
0.93
%