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Shareholders' Equity | 3 Months Ended
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Mar. 31, 2021
Equity [Abstract] |
Shareholders' Equity | 6. SHAREHOLDERS’ EQUITY The following tables present the changes in shareholders’ equity that are attributable to the Company’s shareholders and to noncontrolling interests for the three months ended March 31, 2021 and 2020 (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, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2021 |  |  | 121,318 |  |  | $ | 1,262 |  |  | $ | 1,262,267 |  |  | $ | (222,892 | ) |  | $ | (22,589 | ) |  |  | 4,835 |  |  | $ | (104,946 | ) |  | $ | (1,020 | ) |  | $ | 912,082 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 7,402 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,402 |
Restricted stock granted |  |  | 1,248 |  |  |  | 12 |  |  |  | (12 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Restricted stock canceled |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Dividends paid [1] |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (30,486 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (30,486 | )
Other adjustment to additional paid-in capital [2] |  |  | — |  |  |  | — |  |  |  | 153 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 153 |
Purchase of treasury shares [2] |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | (153 | ) |  |  | — |  |  |  | (153 | )
Shares withheld for net settlements of share- based awards [3] |  |  | (243 | ) |  |  | (2 | ) |  |  | (1,899 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,901 | )
Issuance of common stock - ESPP |  |  | 15 |  |  |  | — |  |  |  | 116 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 116 |
Net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 50,544 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (61 | ) |  |  | 50,483 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,479 |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | 2,477 |
Balance, March 31, 2021 |  |  | 122,303 |  |  | $ | 1,272 |  |  | $ | 1,268,027 |  |  | $ | (202,834 | ) |  | $ | (20,110 | ) |  |  | 4,852 |  |  | $ | (105,099 | ) |  | $ | (1,083 | ) |  | $ | 940,173 |
|  | 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 |
Proceeds from exercise of stock options |  |  | 0 |  |  |  | — |  |  |  | 0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
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 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 |
[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 initially 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 months ended March 31, 2021 and 2020, the Company withheld shares through net share settlements to satisfy statutory tax withholding requirements upon vesting of shares of restricted stock held by employees.
REIT 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 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, 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 taxable REIT subsidiaries ("TRSs") and other factors that GEO's Board may deem relevant. On April 7, 2021, GEO’s Board immediately suspended GEO’s quarterly dividend payments. Refer to Note 15 – Subsequent Events for further information. During the three months ended March 31, 2021 and the year ended December 31, 2020, 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 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 |
October 6, 2020 |  | October 16, 2020 |  | October 23, 2020 |  | $ | 0.34 |  |  | $ | 41.5 |
January 15, 2021 |  | January 25, 2021 |  | February 1, 2021 |  | $ | 0.25 |  |  | $ | 30.5 |
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 $200.0 million of its shares of common stock. The stock buyback program was to be funded primarily with cash on hand, free cash flow and borrowings under the Company's $900.0 million revolving credit facility (the "Revolver"). The program was effective through 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 the Company's common stock and could have been suspended or extended at any time at the discretion of the Company's Board. 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 became automatically effective upon filing and is valid for three years. Comprehensive Income (Loss) Comprehensive income (loss) represents the change in shareholders' equity from transactions and other events and circumstances arising from non-shareholder sources. The Company's total comprehensive income (loss) is comprised of net income attributable to GEO, net income attributable to noncontrolling interests, foreign currency translation adjustments that arise from consolidating foreign operations that do not impact cash flows, net unrealized gains and/or losses on derivative instruments, and pension liability adjustments within shareholders' equity and 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, 2021 |
|  | (In thousands) |
|  | Foreign currency translation adjustments, net of tax (1) |  |  | Change in fair value of derivatives, net of tax |  |  | Pension adjustments, net of tax |  |  | Total |
Balance, January 1, 2021 |  | $ | (9,207 | ) |  | $ | (4,752 | ) |  | $ | (8,630 | ) |  | $ | (22,589 | )
Current-period other comprehensive income (loss) |  |  | (626 | ) |  |  | 2,949 |  |  |  | 156 |  |  |  | 2,479 |
Balance, March 31, 2021 |  | $ | (9,833 | ) |  | $ | (1,803 | ) |  | $ | (8,474 | ) |  | $ | (20,110 | )
|  | Three Months Ended March 31, 2020 |
|  | (In thousands) |
|  | Foreign currency translation adjustments, net of tax (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, 2021 or 2020.

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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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