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Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2019
Equity [Abstract]  
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 for the three months ended March 31, 2019 and 2018 (in thousands):
 
Common shares
 
Additional
Paid-In
 
 Distributions in Excess of
 
Accumulated
Other
Comprehensive
 
Treasury shares
 
Noncontrolling
 
Total
Shareholders'
 
Shares
 
Amount
 
Capital
 
Earnings
 
Loss
 
Shares
 
Amount
 
Interests
 
Equity
Balance, January 1, 2019
120,585

 
$
1,248

 
$
1,210,916

 
$
(52,868
)
 
$
(23,618
)
 
4,210

 
$
(95,175
)
 
$
(599
)
 
$
1,039,904

Proceeds from exercise of stock options
22

 
—

 
333

 
—

 
—

 
—

 
—

 
—

 
333

Stock-based compensation expense
—

 
—

 
6,727

 
—

 
—

 
—

 
—

 
—

 
6,727

Restricted stock granted
778

 
8

 
(8
)
 
—

 
—

 
 
 
—

 
—

 
—

Restricted stock canceled
(6
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Dividends paid
—

 
—

 
—

 
(57,945
)
 
—

 
—

 
—

 
—

 
(57,945
)
Shares withheld for net settlements of share-based awards [1]
(198
)
 
(2
)
 
(4,170
)
 
—

 
—

 
—

 
—

 
—

 
(4,172
)
Issuance of common stock - ESPP
6

 
—

 
124

 
—

 
—

 
—

 
—

 
—

 
124

Transition adjustment for accounting standard adoption [2]
—

 
—

 
—

 
(968
)
 
968

 
—

 
—

 
—

 
—

Net income (loss)
—

 
—

 
—

 
40,705

 
—

 
—

 
—

 
(56
)
 
40,649

Other comprehensive income
—

 
—

 
—

 
—

 
1,284

 
—

 
—

 
—

 
1,284

Balance, March 31, 2019
121,187

 
$
1,254

 
$
1,213,922

 
$
(71,076
)
 
$
(21,366
)
 
4,210

 
$
(95,175
)
 
$
(655
)
 
$
1,026,904


 
Common shares
 
Additional
Paid-In
 
Earnings in Excess of
 
Accumulated
Other
Comprehensive
 
Treasury shares
 
Noncontrolling
 
Total
Shareholders'
 
Shares
 
Amount
 
Capital
 
Distributions
 
Loss
 
Shares
 
Amount
 
Interests
 
Equity
Balance, January 1, 2018
124,008

 
$
1,240

 
$
1,190,906

 
$
31,541

 
$
(24,446
)
 
—

 
—

 
$
(322
)
 
$
1,198,919

Proceeds from exercise of stock options
15

 
1

 
260

—

—

 
—

 
—

 
—

 
—

 
261

Stock-based compensation expense
—

 
—

 
5,827

—

—

 
—

 
—

 
—

 
—

 
5,827

Restricted stock canceled
(9
)
 
—

 
—

—

—

 
—

 
—

 
—

 
—

 
—

Dividends paid
—

 
—

 
—

 
(58,319
)
 
—

 
—

 
—

 
—

 
(58,319
)
Shares withheld for net settlements of share-based awards [1]
(169
)
 
(2
)
 
(4,355
)
—

—

 
—

 
—

 
—

 
—

 
(4,357
)
Issuance of common stock - ESPP
8

 
—

 
141

—

—

 
—

 
—

 
—

 
—

 
141

Repurchases of common stock
(1,848
)
 
—

 
—

—

—

 
—

 
1,848

 
(40,182
)
 
—

 
(40,182
)
Net income (loss)
—

 
—

 
—

 
34,987

 
—

 
—

 
—

 
(67
)
 
34,920

Other comprehensive income
—

 
—

 
—

 
—

 
1,354

 
—

 
—

 
8

 
1,362

Balance, March 31, 2018
122,005

 
$
1,239

 
$
1,192,779

 
$
8,209

 
$
(23,092
)
 
1,848

 
$
(40,182
)
 
$
(381
)
 
$
1,138,572


[1] During the three months ended March 31, 2019 and 2018, the Company withheld shares through net share settlements to satisfy statutory tax withholding requirements upon vesting of shares of restricted stock held by employees.

[2] On January 1, 2019, the Company adopted Accounting Standard Update ("ASU") No. 2018-02 "Income Statement-Reporting Comprehensive Income-Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". Refer to Note 15 - Recent Accounting Pronouncements for further information.
Dividends declared
During the three months ended March 31, 2019 and the year ended December 31, 2018 GEO declared and paid the following regular cash distributions to its shareholders as follows:
Declaration Date
 
Record Date
Payment Date
 
Distribution Per Share
 
Aggregate Payment Amount (in millions)
February 5, 2018
 
February 16, 2018
February 27, 2018
 
$0.47
 
$58.3
April 11, 2018
 
April 23, 2018
May 3, 2018
 
$0.47
 
$57.4
July 10, 2018
 
July 20, 2018
July 27, 2018
 
$0.47
 
$57.2
October 15, 2018
 
October 26, 2018
November 2, 2018
 
$0.47
 
$57.2
February 4, 2019
 
February 15, 2019
February 22, 2019
 
$0.48
 
$57.9
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, 2019


(In thousands)


Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. (1)

Change in fair value of derivatives, net of tax

Pension adjustments, net of tax

Total
Balance, January 1, 2019

$
(14,573
)

$
(5,746
)

$
(3,299
)

$
(23,618
)
Current-period other comprehensive (loss) income

1,736


1,164


(648
)

2,252

Balance, March 31, 2019

$
(12,837
)

$
(4,582
)

$
(3,947
)

$
(21,366
)

(1) The foreign currency translation related to noncontrolling interests was not significant at March 31, 2019 or December 31, 2018.

 
 
Three Months Ended March 31, 2018
 
 
(In thousands)
 
 
Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. (1)
 
Change in fair value of derivatives, net of tax
 
Pension adjustments, net of tax
 
Total
Balance, January 1, 2018
 
(7,470
)
 
(11,892
)
 
(5,084
)
 
(24,446
)
Current-period other comprehensive (loss) income
 
513

 
736

 
105

 
1,354

Balance, March 31, 2018
 
(6,957
)
 
(11,156
)
 
(4,979
)
 
(23,092
)

1) The foreign currency translation related to noncontrolling interests was not significant at March 31, 2018 or December 31, 2017.