Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

19.  Subsequent Events

Dividend

On January 15, 2021, the Board of Directors decided to reduce the quarterly cash dividend and declared a quarterly cash dividend of $0.25 per share of common stock, which was paid on February 1, 2021 to shareholders of record as of the close of business on January 25, 2021.

Options and Restricted Stock Awards

On February 10, 2021, the Compensation Committee of the Board of Directors resolved to grant approximately 482,000 options and 1,171,000 shares of restricted stock to certain employees and directors of the Company effective March 1, 2021. Of the total shares of restricted stock granted, 644,000 are performance-based awards which vest subject to the achievement of certain total shareholder return and return on capital employed metrics over a three-year period.

Talbot Hall

In January 2021, GEO completed the sale of its interest in the Talbot Hall reentry center in New Jersey, resulting in net proceeds to GEO of approximately $13 million.