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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2020
Equity [Abstract] |
Shareholders' Equity |
2. | Shareholders’ Equity
Common Stock Each holder of the Company’s common stock is entitled to one vote per share on all matters to be voted upon by the Company’s shareholders. Upon any liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to share equally in all assets available for distribution after payment of all liabilities, subject to the liquidation preference of shares of preferred stock, if any, then outstanding. Distributions As a REIT, GEO is required to distribute annually at least 90% of its REIT taxable income (determined without regard to the dividends paid deduction and by excluding net capital gain) and began paying regular quarterly REIT dividends in 2013. The amount, timing and frequency of future dividends, however, will be at the sole discretion of GEO's Board of Directors (the "Board”) and will be declared based upon various factors, many of which are beyond GEO's control, including, GEO's financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income taxes that GEO otherwise would be required to pay, limitations on distributions in GEO's existing and future debt instruments, limitations on GEO's ability to fund distributions using cash generated through GEO's TRSs and other factors that GEO's Board may deem relevant. During the years ended December 31, 2020, 2019 and 2018, GEO declared and paid the following regular cash distributions to its stockholders which were treated for federal income taxes as follows:
|  |  |  |  |  |  |  |  |  | Ordinary Dividends |
Declaration Date |  | Payment Date |  | Record Date |  | Distribution Per Share |  |  | Qualified (1) |  |  | Non-Qualified |  |  | Nondividend Distributions (2) |  |  | Aggregate Payment Amount (millions) |
February 5, 2018 |  | February 27, 2018 |  | February 16, 2018 |  | $ | 0.47 |  |  | $ | 0.046117 |  |  | $ | 0.209022 |  |  | $ | 0.2148609 |  |  | $ | 58.3 |
April 11, 2018 |  | May 3, 2018 |  | April 23, 2018 |  | $ | 0.47 |  |  | $ | 0.046117 |  |  | $ | 0.209022 |  |  | $ | 0.2148609 |  |  | $ | 57.4 |
July 10, 2018 |  | July 27, 2018 |  | July 20, 2018 |  | $ | 0.47 |  |  | $ | 0.046117 |  |  | $ | 0.209022 |  |  | $ | 0.2148609 |  |  | $ | 57.2 |
October 15, 2018 |  | November 2, 2018 |  | October 26, 2018 |  | $ | 0.47 |  |  | $ | 0.046117 |  |  | $ | 0.209022 |  |  | $ | 0.2148609 |  |  | $ | 57.2 |
February 4, 2019 |  | February 22, 2019 |  | February 15, 2019 |  | $ | 0.48 |  |  | $ | — |  |  | $ | 0.2759699 |  |  | $ | 0.2040301 |  |  | $ | 57.9 |
April 3, 2019 |  | April 22, 2019 |  | April 15, 2019 |  | $ | 0.48 |  |  | $ | — |  |  | $ | 0.2759699 |  |  | $ | 0.2040301 |  |  | $ | 58.2 |
July 9, 2019 |  | July 26, 2019 |  | July 19, 2019 |  | $ | 0.48 |  |  | $ | — |  |  | $ | 0.2759699 |  |  | $ | 0.2040301 |  |  | $ | 58.2 |
October 14, 2019 |  | November 1, 2019 |  | October 25, 2019 |  | $ | 0.48 |  |  | $ | — |  |  | $ | 0.2759699 |  |  | $ | 0.2040301 |  |  | $ | 58.2 |
February 3, 2020 |  | February 21, 2020 |  | February 14, 2020 |  | $ | 0.48 |  |  | $ | — |  |  | $ | 0.2655802 |  |  | $ | 0.2144198 |  |  | $ | 58.2 |
April 6, 2020 |  | April 24, 2020 |  | April 17, 2020 |  | $ | 0.48 |  |  | $ | — |  |  | $ | 0.2655802 |  |  | $ | 0.2144198 |  |  | $ | 58.5 |
July 7, 2020 |  | July 24, 2020 |  | July 17, 2020 |  | $ | 0.48 |  |  | $ | — |  |  | $ | 0.2655802 |  |  | $ | 0.2144198 |  |  | $ | 58.5 |
October 6, 2020 |  | October 23, 2020 |  | October 16, 2020 |  | $ | 0.34 |  |  | $ | — |  |  | $ | 0.1881193 |  |  | $ | 0.1518807 |  |  | $ | 41.5 |
(1) | For 2019 and 2020, there are no Qualified Dividends. Qualified Dividends represents the portion of Total Ordinary Dividends which constitutes a "Qualified Dividend", as defined by the Internal Revenue Service.
(2) | The amount constitutes a "Return of Capital", as defined by the Internal Revenue Service.
Stock Buyback Program On February 14, 2018, the Company announced that its Board authorized a stock buyback program authorizing the Company to repurchase up to a maximum of $200 million of its shares of common stock. The stock buyback program was funded primarily with cash on hand, free cash flow and borrowings under the Company's $900 million revolving credit facility (the "Revolver"). The program expired on October 20, 2020. The stock buyback program was intended to be implemented through purchases made from time to time in the open market or in privately negotiated transactions, in accordance with applicable Securities and Exchange Commission ("SEC") requirements. The stock buyback program did not obligate the Company to purchase any specific amount of its common stock and could have been suspended or extended at any time at the discretion of the Company's Board. During the year ended December 31, 2020, the Company purchased 553,665 shares of its common stock at a cost of $9.0 million primarily purchased with proceeds from the Company’s Revolver. There were no purchases of the Company's common stock during the year ended December 31, 2019. During the year ended December 31, 2018, the Company purchased 4,210,254 shares of its common stock at a cost of $95.2 million primarily purchased with proceeds from the Company's Revolver. Automatic Shelf Registration on Form S-3 On October 30, 2020, the Company filed an automatic shelf registration on Form S-3 with the SEC that enables the Company to offer for sale, from time to time and as the capital markets permit, an unspecified amount of common stock, preferred stock, debt securities, guarantees of debt securities, warrants and units. Each time the Company offers to sell securities, the Company will provide a prospectus supplement that will contain specific information about the terms of that offering and the securities being offered. The shelf registration statement is automatically effective and is valid for three years. Preferred Stock In April 1994, the Company’s Board authorized 30 million shares of “blank check” preferred stock. The Board is authorized to determine the rights and privileges of any future issuance of preferred stock such as voting and dividend rights, liquidation privileges, redemption rights and conversion privileges. As of December 31, 2020 and 2019, there were no shares of preferred stock outstanding. Noncontrolling Interests The Company includes the results of operations and financial position of SACM or the “joint venture”, its majority-owned subsidiary, in its consolidated financial statements. SACM was established in 2001 to operate correctional centers in South Africa. The joint venture currently provides security and other management services for the Kutama Sinthumule Correctional Centre in the Republic of South Africa under a 25-year management contract which commenced in February 2002. The Company’s and the joint venture partner’s shares in the profits of the joint venture are 88.75% and 11.25%, respectively. There were no changes in the Company’s ownership percentage of the consolidated subsidiary during the years ended December 31, 2020, 2019 and 2018.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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