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Shareholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2020
Equity [Abstract] |
Changes in Shareholders' Equity that are Attributable to the Company's Shareholders and to Noncontrolling Interests | The following tables present 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, 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 September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, July 1, 2020 |  |  | 121,371 |  |  | $ | 1,262 |  |  | $ | 1,252,037 |  |  | $ | (174,038 | ) |  | $ | (29,554 | ) |  |  | 4,787 |  |  | $ | (104,457 | ) |  | $ | (955 | ) |  | $ | 944,295 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 4,689 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,689 |
Restricted stock canceled |  |  | (22 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Dividends paid [1] |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (58,527 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (58,527 | )
Other adjustment to additional paid-in capital [2] |  |  | — |  |  |  | — |  |  |  | 280 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 280 |
Purchase of treasury shares [2] |  |  | (25 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25 |  |  |  | (280 | ) |  |  | — |  |  |  | (280 | )
Shares withheld for net settlements of share- based awards [3] |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Issuance of common stock - ESPP |  |  | 16 |  |  |  | — |  |  |  | 170 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 170 |
Net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 39,220 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (48 | ) |  |  | 39,172 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,481 |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 2,485 |
Balance, September 30, 2020 |  |  | 121,339 |  |  | $ | 1,262 |  |  | $ | 1,257,176 |  |  | $ | (193,345 | ) |  | $ | (27,073 | ) |  |  | 4,812 |  |  | $ | (104,737 | ) |  | $ | (999 | ) |  | $ | 932,284 |
|  | 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 granted |  |  | 0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Restricted stock canceled |  |  | (14 | ) |  |  | (1 | ) |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Dividends paid [1] |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (58,200 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (58,200 | )
Shares withheld for net settlements of share- based awards [3] |  |  | (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 Nine Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance January 1, 2020 |  |  | 121,225 |  |  | $ | 1,254 |  |  | $ | 1,230,865 |  |  | $ | (119,779 | ) |  | $ | (20,335 | ) |  |  | 4,210 |  |  | $ | (95,175 | ) |  | $ | (782 | ) |  | $ | 996,048 |
Proceeds from exercise of stock options |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 19,163 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,163 |
Restricted stock granted |  |  | 900 |  |  |  | 9 |  |  |  | (9 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Restricted stock canceled |  |  | (49 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Dividends paid [1] |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (174,687 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (174,687 | )
Other adjustment to additional paid-in capital [2] |  |  | — |  |  |  | — |  |  |  | 9,479 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,479 |
Shares withheld for net settlements of share- based awards [3] |  |  | (174 | ) |  |  | (1 | ) |  |  | (2,788 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,789 | )
Issuance of common stock - ESPP |  |  | 39 |  |  |  | — |  |  |  | 465 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 465 |
Purchase of treasury shares [2] |  |  | (602 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 602 |  |  |  | (9,562 | ) |  |  | — |  |  |  | (9,562 | )
Net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 101,121 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (174 | ) |  |  | 100,947 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,738 | ) |  |  | — |  |  |  | — |  |  |  | (43 | ) |  |  | (6,781 | )
Balance, September 30, 2020 |  |  | 121,339 |  |  | $ | 1,262 |  |  | $ | 1,257,176 |  |  | $ | (193,345 | ) |  | $ | (27,073 | ) |  |  | 4,812 |  |  | $ | (104,737 | ) |  | $ | (999 | ) |  | $ | 932,284 |
|  | 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, 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 [1] |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (174,322 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (174,322 | )
Shares withheld for net settlements of share- based awards [3] |  |  | (198 | ) |  |  | (2 | ) |  |  | (4,175 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,177 | )
Issuance of common stock - ESPP |  |  | 21 |  |  |  | — |  |  |  | 400 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 400 |
Transition adjustment for accounting standard adoption (4) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (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 |
[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 the CEO’s 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 equal to $8,925,065 (the “Grandfathered Payment”) which will be 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 are credited with a value equal to any dividends declared and paid on the Company’s shares of common stock, calculated by reference to the closing price of the Company’s common stock on the payment date for such dividends (rounded up to the nearest whole number of shares). Refer to Note 13 – Benefit Plans for further information.
[3] | During the three and nine months ended September 30, 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 nine months ended September 30, 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 |
April 6, 2020 |  | April 17, 2020 |  | April 24, 2020 |  | $ | 0.48 |  |  | $ | 58.5 |
July 7, 2020 |  | July 17, 2020 |  | July 24, 2020 |  | $ | 0.48 |  |  | $ | 58.5 |
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, 2020 |
|  | (In thousands) |
|  | Foreign currency translation adjustments, net of tax |  |  | 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) |  |  | (2,802 | ) |  |  | (4,299 | ) |  |  | 320 |  |  |  | (6,781 | )
Balance, September 30, 2020 |  | $ | (15,116 | ) |  | $ | (5,775 | ) |  | $ | (6,225 | ) |  | $ | (27,116 | )
|  | Nine Months Ended September 30, 2019 |
|  | (In thousands) |
|  | Foreign currency translation adjustments, net of tax |  |  | 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) before reclassifications |  |  | (2,787 | ) |  |  | (882 | ) |  |  | (563 | ) |  |  | (4,232 | )
Amounts reclassified from other comprehensive income into earnings |  |  | — |  |  |  | 3,851 |  |  |  | — |  |  |  | 3,851 |
Net current-period comprehensive income (loss) |  |  | (2,787 | ) |  |  | 2,969 |  |  |  | (563 | ) |  |  | (381 | )
Balance, September 30, 2019 |  | $ | (17,360 | ) |  | $ | (2,777 | ) |  | $ | (3,862 | ) |  | $ | (23,999 | )

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