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Subsequent Events | 3 Months Ended
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Mar. 31, 2017
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS Dividend On April 25, 2017, our Board of Directors declared a quarterly cash dividend of $0.47 per share of common stock, adjusted to take into effect the stock split, which is to be paid on May 19, 2017 to shareholders of record as of the close of business on May 9, 2017. Community Education Centers Acquisition On April 5, 2017, the Company closed on its previously announced acquisition of Community Education Centers ("CEC"), a leading private provider of rehabilitation services for offenders in reentry and in-prison treatment facilities as well as management services for county, state and federal correctional and detention facilities. The Company acquired 100% of the voting interests in CEC for $360 million in an all cash transaction, excluding transaction related expenses paid at closing of $4.1 million. The Company did not assume any debt as a result of the transaction. The purchase price is subject to adjustment based on a working capital target. CEC's operations encompass over 12,000 beds nationwide. The Company is in the process of integrating CEC into its existing business units of GEO Corrections & Detention and GEO Care. The Company acquired CEC to further position itself to meet the demand for increasingly diversified correctional, detention and community reentry facilities and services and will allow the Company to expand the delivery of enhanced in-prison rehabilitation including evidence-based treatment, integrated with post-release support services through GEO's Continuum of Care platform. As the transaction closed on April 5, 2017, there are no revenue or earnings of CEC included in the consolidated statement of operations for the three months ended March 31, 2017. As of May 4, 2017, the initial accounting for the acquisition is incomplete, therefore the Company is unable to disclose supplemental pro forma combined financial information with respect to revenues and earnings for the three month periods ended March 31, 2017 and 2016. Additionally, because the initial accounting for the acquisition is incomplete, the Company is also unable to disclose the acquisition-date fair value allocation of amounts that will be recognized for each major class of assets acquired and liabilities assumed, including the amount of goodwill by reportable segment and any tax deductibility of such goodwill. The Company expects to be able to provide these disclosures in its Form 10-Q for the period ended June 30, 2017. Restricted Stock Awards In April 2017, the Compensation Committee of the Board of Directors resolved to grant 301,500 shares of restricted stock to certain employees of the Company including its Board of Directors. Of these awards, 180,000 shares are market and 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. These shares have been adjusted to take into effect the stock split. Contract Award On April 13, 2017, the Company announced that it has been awarded a contract by U.S. Immigration and Customs Enforcement ("ICE") for the development and operation of a new company-owned 1,000-bed detention facility to be located in Conroe, Texas. The Company expects to design, finance, build and operate the facility under a ten-year contract with ICE, inclusive of renewal option periods. The facility is scheduled for completion in the fourth quarter of 2018.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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