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Shareholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2021
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 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.
Dividends Declared | 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 |
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, 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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