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Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
(Distributions in Excess of Earnings/Earnings in Excess of Distributions
(Distributions in Excess of Earnings/Earnings in Excess of Distributions
Cumulative Effect, Period of Adoption, Adjustment
[2]
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period of Adoption, Adjustment
[2]
Treasury Stock
Noncontrolling Interest
Beginning Balance at Dec. 31, 2018 $ 1,039,904 $ 1,248 $ 1,210,916 $ (52,868)   $ (23,618)   $ (95,175) $ (599)
Beginning Balance (in shares) at Dec. 31, 2018   120,585,000           4,210,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Proceeds from stock options exercised 1,258   1,258            
Proceeds from stock options exercised (in shares)   78,000              
Stock based compensation expense 22,344   22,344            
Shares withheld for net settlements of share-based awards [1] (4,179) $ (2) (4,177)            
Shares withheld for net settlements of share-based awards (in shares) [1]   (198,000)              
Restricted stock granted   $ 8 (8)            
Restricted stock granted (in shares)   788,000              
Restricted stock canceled (in shares)   (58,000)              
Dividends - paid (232,546)     (232,546)          
Issuance of common stock (ESPP) 532   532            
Issuance of common stock (ESPP) (in shares)   30,000              
Net Income 166,412     166,603         (191)
Other comprehensive income 2,323         2,315     8
Other comprehensive income 3,291                
Ending Balance at Dec. 31, 2019 $ 996,048 $ 1,254 1,230,865 (119,779) $ (968) (20,335) $ 968 $ (95,175) (782)
Ending Balance (in shares) at Dec. 31, 2019   121,225,000           4,210,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201802Member                
Proceeds from stock options exercised (in shares)   0              
Stock based compensation expense $ 23,896   23,896            
Shares withheld for net settlements of share-based awards [1] (2,789) $ (1) (2,788)            
Shares withheld for net settlements of share-based awards (in shares) [1]   (174,000)              
Restricted stock granted   $ 9 (9)            
Restricted stock granted (in shares)   900,000              
Restricted stock canceled (in shares)   (58,000)              
Dividends - paid (216,145)     (216,145)          
Purchase of treasury shares (9,771)             $ (9,771)  
Purchase of treasury shares (in shares)   (625,000)           625,000  
Other adjustments to Additional Paid-In-Capital [3] 9,687   9,687            
Issuance of common stock (ESPP) 616   616            
Issuance of common stock (ESPP) (in shares)   50,000              
Net Income 112,831     113,032         (201)
Other comprehensive income (2,291)         (2,254)     (37)
Ending Balance at Dec. 31, 2020 912,082 $ 1,262 1,262,267 (222,892)   (22,589)   $ (104,946) (1,020)
Ending Balance (in shares) at Dec. 31, 2020   121,318,000           4,835,000  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Proceeds from stock options exercised $ 15   15            
Proceeds from stock options exercised (in shares) 2,000 2,000              
Stock based compensation expense $ 19,199   19,199            
Shares withheld for net settlements of share-based awards [1] (2,090) $ (3) (2,087)            
Shares withheld for net settlements of share-based awards (in shares) [1]   (268,000)              
Restricted stock granted   $ 16 (16)            
Restricted stock granted (in shares)   1,551,000              
Restricted stock canceled (2) $ (2)              
Restricted stock canceled (in shares)   (157,000)              
Dividends - paid (30,486)     (30,486)          
Purchase of treasury shares (153)             $ (153)  
Purchase of treasury shares (in shares)   (17,000)           17,000  
Other adjustments to Additional Paid-In-Capital [3] (3,447)   (3,447)            
Issuance of common stock (ESPP) 282   282            
Issuance of common stock (ESPP) (in shares)   43,000              
Net Income 77,233     77,418         (185)
Other comprehensive income 2,383         2,373     10
Ending Balance at Dec. 31, 2021 $ 975,016 $ 1,273 $ 1,276,213 $ (175,960)   $ (20,216)   $ (105,099) $ (1,195)
Ending Balance (in shares) at Dec. 31, 2021   122,472,000           4,852,000  
[1] During the years ended December 31, 2021, 2020 and 2019, 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 1 - Summary of Business Organization, Operations and Significant Accounting Policies - Recent Accounting Pronouncements for further information.
[3] On February 26, 2020 (the “Effective Date”), the Company and its Chief Executive Officer (“CEO”) entered into an amended and restated executive retirement agreement that amended the CEO’s executive retirement agreement. The amended and restated executive retirement agreement provided that upon the CEO’s retirement from the Company, the Company would pay a lump sum equal to $8,925,065 which would have been paid in the form of a fixed number of shares of the Company’s common stock The fair value of the Grandfathered Payment was reclassified to stockholders’ equity. Additional shares of the Company’s common stock were credited with a value equal to any dividends declared and paid on the Company’s shares of common stock. The Company and its former CEO entered into on May 27, 2021, and effective as of July 1, 2021, an Amended and Restated Executive Retirement Agreement which replaced the February 26, 2020 agreement discussed above. Pursuant to the terms of the Amended and Restated Executive Retirement Agreement, upon the date that the former CEO ceases to provide services to the Company, the Company will pay to the former CEO an amount equal to $3,600,000 which shall be paid in cash. As the former CEO’s retirement payment will no longer be settled with a fixed number of shares of GEO’s common stock, that amount has been reclassed from equity to other non-current liabilities. The amount above reflects this reclassification net of a credit for dividends paid prior to the amendment. Refer to Note 14 – Benefit Plans for further information.