Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 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
Proceeds from exercise of stock options	42		—			739			—			—			—	—			—			739
Stock-based compensation expense	—		—			5,453			—			—			—	—			—			5,453
Restricted stock granted	10		—			—			—			—			—	—			—			—
Restricted stock canceled	(32	)	—			—			—			—			—	—			—			—
Dividends paid	—		—			—			(58,177		)	—			—	—			—			(58,177		)
Issuance of common stock - ESPP	6		—			128			—			—			—	—			—			128
Net income (loss)	—		—			—			41,914			—			—	—			(78		)	41,836
Other comprehensive income	—		—			—			—			4,650			—	—			5			4,655
Balance, June 30, 2019	121,213		$	1,254		$	1,220,242		$	(87,339	)	$	(16,716	)	4,210	$	(95,175	)	$	(728	)	$	1,021,538

	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
Proceeds from exercise of stock options	62		—			1,111				—			—			—	—			—			1,111
Stock-based compensation expense	—		—			4,960				—			—			—	—			—			4,960
Restricted stock granted	896		9			(9		)		—			—			—	—			—			—
Restricted stock canceled	(19	)	—			—				—			—			—	—			—			—
Dividends paid	—		—			—				(56,698		)	—			—	—			—			(56,698		)
Shares withheld for net settlements of share-based awards [1]	(2	)	—			(34		)		—			—			—	—			—			(34		)
Issuance of common stock - ESPP	4		—			123				—			—			—	—			—			123
Repurchases of common stock	(1,269	)	—			—				—			—			1,269	(30,264		)	—			(30,264		)
Net income (loss)	—		—			—				37,421			—			—	—			(96		)	37,325
Other comprehensive income	—		—			—				—			(2,137		)	—	—			(21		)	(2,158		)
Balance, June 30, 2018	121,677		$	1,248		$	1,198,930			$	(11,068	)	$	(25,229	)	3,117	$	(70,446	)	$	(498	)	$	1,092,937

[1] During the six months ended June 30, 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 six months ended June 30, 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
April 3, 2019	April 15, 2019	April 22, 2019	$0.48	$58.2

Schedule of accumulated other comprehensive income (loss)

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

	Six Months Ended June 30, 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 (2)			Pension adjustments, net of tax			Total
Balance, January 1, 2019	$	(14,573	)	$	(5,746	)	$	(3,299	)	$	(23,618	)
Current-period other comprehensive income (loss) before reclassifications	1,761			1,895			(605		)	3,051
Amounts reclassified from other comprehensive income into earnings	—			3,851			—			3,851
Net current-period other comprehensive income (loss)	1,761			5,746			(605		)	6,902
Balance, June 30, 2019	$	(12,812	)	$	—		$	(3,904	)	$	(16,716	)

(1) The foreign currency translation related to noncontrolling interests was not significant at June 30, 2019 or December 31, 2018.

(2) On May 22, 2019, the Company refinanced the debt associated with its Ravenhall project and terminated the associated interest rate swap derivatives which resulted in the reclassification of $3.9 million into losses that were previously reported in accumulated other comprehensive income (loss). Refer to Note 11 - Debt for additional information.

	Six Months Ended June 30, 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	(4,527	)	3,014		730		(783	)
Balance, June 30, 2018	(11,997	)	(8,878	)	(4,354	)	(25,229	)

(1) The foreign currency translation related to noncontrolling interests was not significant at June 30, 2018 or December 31, 2017.