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Shareholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2020
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 months ended March 31, 2020 and 2019 (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 March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2020 |  |  | 121,225 |  |  | $ | 1,254 |  |  | $ | 1,230,865 |  |  | $ | (119,779 | ) |  | $ | (20,335 | ) |  |  | 4,210 |  |  | $ | (95,175 | ) |  | $ | (782 | ) |  | $ | 996,048 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 9,768 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,768 |
Restricted stock granted |  |  | 900 |  |  |  | 9 |  |  |  | (9 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Restricted stock canceled |  |  | (21 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Dividends paid [1] |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (57,703 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (57,703 | )
Other adjustment to additional paid-in capital [2] |  |  | — |  |  |  | — |  |  |  | 8,925 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,925 |
Purchase of treasury shares |  |  | (554 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 554 |  |  |  | (9,009 | ) |  |  | — |  |  |  | (9,009 | )
Shares withheld for net settlements of share- based awards [3] |  |  | (174 | ) |  |  | (2 | ) |  |  | (2,630 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,632 | )
Issuance of common stock - ESPP |  |  | 10 |  |  |  | 1 |  |  |  | 149 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 150 |
Net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25,181 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (60 | ) |  |  | 25,121 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13,164 | ) |  |  | — |  |  |  | — |  |  |  | (48 | ) |  |  | (13,212 | )
Balance, March 31, 2020 |  |  | 121,386 |  |  | $ | 1,262 |  |  | $ | 1,247,068 |  |  | $ | (152,301 | ) |  | $ | (33,499 | ) |  |  | 4,764 |  |  | $ | (104,184 | ) |  | $ | (890 | ) |  | $ | 957,456 |
|  | 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 March 31, 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 |  |  | 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 [3] |  |  | (198 | ) |  |  | (2 | ) |  |  | (4,170 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,172 | )
Transition adjustment for accounting standard adoption [4] |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (968 | ) |  |  | 968 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Issuance of common stock - ESPP |  |  | 6 |  |  |  | — |  |  |  | 124 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 124 |
Net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40,705 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (56 | ) |  |  | 40,649 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 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 |
[1] | Dividends paid are net of dividends forfeited on unvested shares of restricted stock.
[2] | 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 amends and replaces the CEO’s prior executive retirement agreement. The amended and restated executive retirement agreement provides that upon the CEO’s retirement from the Company, the Company will pay a lump sum amount currently equal to $8,925,065 (the “Grandfathered Payment”) which will be paid in the form of the Company’s common stock. The fair value of the Grandfathered payment was reclassified to stockholders’ equity as of March 31, 2020. Refer to Note 13 – Benefit Plans for further information.
[3] | During the three months ended March 31, 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.
[4] | 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".
Dividends Declared | During the three months ended March 31, 2020 and the year ended December 31, 2019, 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 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 |
October 14, 2019 |  | October 25, 2019 |  | November 1, 2019 |  | $ | 0.48 |  |  | $ | 58.2 |
February 3, 2020 |  | February 14, 2020 |  | February 21, 2020 |  | $ | 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:
|  | Three Months Ended March 31, 2020 |
|  | (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, 2020 |  | $ | (12,314 | ) |  | $ | (1,476 | ) |  | $ | (6,545 | ) |  | $ | (20,335 | )
Current-period other comprehensive income (loss) |  |  | (8,759 | ) |  |  | (4,512 | ) |  |  | 107 |  |  |  | (13,164 | )
Balance, March 31, 2020 |  | $ | (21,073 | ) |  | $ | (5,988 | ) |  | $ | (6,438 | ) |  | $ | (33,499 | )
| (1) | The foreign currency translation related to noncontrolling interests was not significant at March 31, 2020.
|  | Three Months Ended March 31, 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 |  |  | Pension adjustments, net of tax |  |  | Total |
Balance, January 1, 2019 |  |  | (14,573 | ) |  |  | (5,746 | ) |  |  | (3,299 | ) |  |  | (23,618 | )
Current-period comprehensive income (loss) |  |  | 1,736 |  |  |  | 1,164 |  |  |  | (648 | ) |  |  | 2,252 |
Balance, March 31, 2019 |  |  | (12,837 | ) |  |  | (4,582 | ) |  |  | (3,947 | ) |  |  | (21,366 | )
| (1) | The foreign currency translation related to noncontrolling interests was not significant at March 31, 2019.

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