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Shareholders' Equity (Tables)
 9 Months Ended
Sep. 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 nine months ended September 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
For the Three Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 1, 2019
121,213

 
$
1,254

 
$
1,220,242

 
$
(87,339
)
 
$
(16,716
)
 
4,210

 
$
(95,175
)
 
$
(728
)
 
$
1,021,538

Proceeds from exercise of stock options
15

 
1

 
181

 
—

 
—

 
—

 
—

 
—

 
182

Stock-based compensation expense
—

 
—

 
4,739

 
—

 
—

 
—

 
—

 
—

 
4,739

Restricted stock canceled
(14
)
 
(1
)
 
1

 
—

 
—

 
—

 
—

 
—

 
—

Dividends paid
—

 
—

 
—

 
(58,200
)
 
—

 
—

 
—

 
—

 
(58,200
)
Shares withheld for net settlements of share-based awards [1]
(1
)
 
—

 
(2
)
 
—

 
—

 
—

 
—

 
—

 
(2
)
Issuance of common stock - ESPP
9

 
1

 
149

 
—

 
—

 
—

 
—

 
—

 
150

Net income (loss)
—

 
—

 
—

 
45,932

 
—

 
—

 
—

 
(47
)
 
45,885

Other comprehensive income (loss)
—

 
—

 
—

 
—

 
(7,273
)
 
—

 
—

 
(15
)
 
(7,288
)
Balance, September 30, 2019
121,222

 
$
1,255

 
$
1,225,310

 
$
(99,607
)
 
$
(23,989
)
 
4,210

 
$
(95,175
)
 
$
(790
)
 
$
1,007,004

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
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
For the Three Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 1, 2018
$
121,677

 
$
1,248

 
$
1,198,930

 
$
(11,068
)
 
$
(25,229
)
 
3,117

 
$
(70,446
)
 
$
(498
)
 
$
1,092,937

Proceeds from exercise of stock options
20

 
—

 
409

 
—

 
—

 
—

 
—

 
—

 
409

Stock-based compensation expense
—

 
—

 
5,564

 
—

 
—

 
—

 
—

 
—

 
5,564

Restricted stock granted
9

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Restricted stock canceled
(24
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Dividends paid
—

 
—

 
—

 
(57,239
)
 
—

 
—

 
—

 
—

 
(57,239
)
Shares withheld for net settlements of share-based awards [1]
(2
)
 
—

 
(61
)
 
—

 
—

 
—

 
—

 
—

 
(61
)
Issuance of common stock - ESPP
6

 
—

 
140

 
—

 
—

 
—

 
—

 
—

 
140

Net income (loss)
—

 
—

 
—

 
39,289

 
—

 
—

 
—

 
(60
)
 
39,229

Other comprehensive income (loss)
—

 
—

 
—

 
—

 
(556
)
 
—

 
—

 
(11
)
 
(567
)
Balance, September 30, 2018
121,686

 
$
1,248

 
$
1,204,982

 
$
(29,018
)
 
$
(25,785
)
 
3,117

 
$
(70,446
)
 
$
(569
)
 
$
1,080,412

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
For the Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
78

 
1

 
1,258

 
—

 
—

 
—

 
—

 
—

 
1,259

Stock-based compensation expense
—

 
—

 
16,919

 
—

 
—

 
—

 
—

 
—

 
16,919

Restricted stock granted
788

 
8

 
(8
)
 
—

 
—

 
—

 
—

 
—

 
—

Restricted stock canceled
(52
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Dividends paid
—

 
—

 
—

 
(174,322
)
 
—

 
—

 
—

 
—

 
(174,322
)
Shares withheld for net settlements of share-based awards [1]
(198
)
 
(2
)
 
(4,175
)
 
—

 
—

 
—

 
—

 
—

 
(4,177
)
Issuance of common stock - ESPP
21

 
—

 
400

 
—

 
—

 
—

 
—

 
—

 
400

Transition adjustment for accounting standard adoption [2]
—

 
—

 
—

 
(968
)
 
968

 
—

 
—

 
—

 
—

Net income (loss)
—

 
—

 
—

 
128,551

 
—

 
—

 
—

 
(181
)
 
128,370

Other comprehensive income (loss)
—

 
—

 
—

 
—

 
(1,339
)
 
—

 
—

 
(10
)
 
(1,349
)
Balance, September 30, 2019
121,222

 
$
1,255

 
$
1,225,310

 
$
(99,607
)
 
$
(23,989
)
 
4,210

 
$
(95,175
)
 
$
(790
)
 
$
1,007,004


 
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
For the Nine Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
97

 
1

 
1,780

—

—

 
—

 
—

 
—

 
—

 
1,781

Stock-based compensation expense
—

 
—

 
16,351

—

—

 
—

 
—

 
—

 
—

 
16,351

Restricted stock granted
905

 
9

 
(9
)
—

—

 
—

 
—

 
—

 
—

 
—

Restricted stock canceled
(52
)
 
—

 
—

—

—

 
—

 
—

 
—

 
—

 
—

Dividends paid
—

 
—

 
—

 
(172,256
)
 
—

 
—

 
—

 
—

 
(172,256
)
Shares withheld for net settlements of share-based awards [1]
(173
)
 
(2
)
 
(4,450
)
—

—

 
—

 
—

 
—

 
—

 
(4,452
)
Issuance of common stock - ESPP
18

 
—

 
404

—

—

 
—

 
—

 
—

 
—

 
404

Repurchases of common stock
(3,117
)
 
—

 
—

—

—

 
—

 
3,117

 
(70,446
)
 
—

 
(70,446
)
Net income (loss)
—

 
—

 
—

 
111,697

 
—

 
—

 
—

 
(223
)
 
111,474

Other comprehensive income (loss)
—

 
—

 
—

 
—

 
(1,339
)
 
—

 
—

 
(24
)
 
(1,363
)
Balance, September 30, 2018
121,686

 
$
1,248

 
$
1,204,982

 
$
(29,018
)
 
$
(25,785
)
 
3,117

 
$
(70,446
)
 
$
(569
)
 
$
1,080,412


[1] During the nine months ended September 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 nine months ended September 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
July 9, 2019
 
July 19, 2019
July 26, 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:

Nine Months Ended September 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 loss before reclassifications

(2,777
)

(882
)

(563
)

(4,222
)
Amounts reclassified from other comprehensive income into earnings
 
—

 
3,851

 
—

 
3,851

Net current-period other comprehensive income (loss)
 
(2,777
)
 
2,969

 
(563
)
 
(371
)
Balance, September 30, 2019

$
(17,350
)

$
(2,777
)

$
(3,862
)

$
(23,989
)

(1) The foreign currency translation related to noncontrolling interests was not significant at September 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). In August 2019, the Company entered into two identical Notes in the aggregate amount of $44.3 million which are secured by loan agreements and mortgage and security agreements on certain real property and improvements. The Company has entered into interest rate swap agreements to fix the interest rate to 4.22%. Refer to Note 10 - Derivative Financial Instruments and Note 11 - Debt for additional information.

 
 
Nine Months Ended September 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
 
(5,858
)
 
4,550

 
(31
)
 
(1,339
)
Balance, September 30, 2018
 
(13,328
)
 
(7,342
)
 
(5,115
)
 
(25,785
)

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