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Earnings Per Share | 9 Months Ended
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Sep. 30, 2021
Earnings Per Share [Abstract] |
Earnings Per Share | 8. EARNINGS PER SHARE Basic earnings per share of common stock is computed by dividing the net income attributable to The GEO Group, Inc. available to common stockholders by the weighted-average number of common shares outstanding for the period. Net income attributable to The GEO Group, Inc. available to common stockholders represents net income attributable to The GEO Group reduced by an allocation of earnings to participating securities. The 6.50% Exchangeable Notes due 2026, which contain non-forfeitable rights to dividends declared and paid on the shares of common stock, are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Diluted EPS is calculated under the if-converted method and the two-class method for each class of shareholders using the weighted average number of shares attributable to each class. The calculation that results in the lowest diluted earnings per share amount for common stock is reported in the Company’s financial statements. The if-converted method includes the dilutive effect of potential common shares related to the 6.50% Exchangeable Notes due 2026, if any. Basic and diluted earnings per share were calculated for the three and nine months ended September 30, 2021 and 2020 as follows (in thousands, except per share data):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2021 |  |  | September 30, 2020 |  |  | September 30, 2021 |  |  | September 30, 2020 |
Net income |  | $ | 34,641 |  |  | $ | 39,172 |  |  | $ | 127,057 |  |  | $ | 100,947 |
Net loss attributable to noncontrolling interests |  |  | 69 |  |  |  | 48 |  |  |  | 157 |  |  |  | 174 |
Less: Undistributed income allocable to participating securities |  |  | (5,949 | ) |  |  | - |  |  |  | (13,624 | ) |  |  | - |
Net income attributable to The GEO Group, Inc. available to common stockholders |  |  | 28,761 |  |  |  | 39,220 |  |  |  | 113,590 |  |  |  | 101,121 |
Basic earnings per share attributable to The GEO Group, Inc. available to common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 120,525 |  |  |  | 119,826 |  |  |  | 120,326 |  |  |  | 119,677 |
Per share amount |  | $ | 0.24 |  |  | $ | 0.33 |  |  | $ | 0.94 |  |  | $ | 0.84 |
Diluted earnings per share attributable to The GEO Group, Inc. available to common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 120,525 |  |  |  | 119,826 |  |  |  | 120,326 |  |  |  | 119,677 |
Dilutive effect of equity incentive plans |  |  | 347 |  |  |  | 206 |  |  |  | 257 |  |  |  | 287 |
Weighted average shares assuming dilution |  |  | 120,872 |  |  |  | 120,032 |  |  |  | 120,583 |  |  |  | 119,964 |
Per share amount |  | $ | 0.24 |  |  | $ | 0.33 |  |  | $ | 0.94 |  |  | $ | 0.84 |
For the three months ended September 30, 2021, 1,987,513 weighted average shares of common stock underlying options were excluded from the computation of diluted earnings per share ("EPS") because the effect would be anti-dilutive. There were 805,532 common stock equivalents from restricted shares that were anti-dilutive for the period. For the three months ended September 30, 2020, 1,996,201 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. There were 1,810,572 common stock equivalents from restricted shares that were anti-dilutive for the period. For the nine months ended September 30, 2021, 2,096,927 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. There were 1,171,930 common stock equivalents from restricted shares that were anti-dilutive for the period. For the nine months ended September 30, 2020, 1,921,600 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. There were 1,610,107 common stock equivalents from restricted shares that were anti-dilutive for the period. On February 24, 2021, the Company’s wholly owned subsidiary, GEO Corrections Holdings, Inc. (“GEOCH”), completed a private offering of $230 million aggregate principal amount of 6.50% Exchangeable Senior Unsecured Notes due 2026. Refer to Note 10 – Debt for additional information. As of September 30, 2021, conditions had not been met to exchange the 6.50% Exchangeable Notes due 2026 into shares of the Company’s common stock. Approximately 24.9 million and 19.7 million shares of potential common shares associated with the conversion option embedded in the convertible notes were excluded from the computation for the three and nine months ended September 30, 2021, respectively, as the Company’s average stock price during the period was lower than the exchange price.

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