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Shareholders' Equity | 3 Months Ended
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Mar. 31, 2022
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, 2022 and 2021 (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, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2022 |  |  | 122,472 |  |  | $ | 1,273 |  |  | $ | 1,276,213 |  |  | $ | (175,960 | ) |  | $ | (20,216 | ) |  |  | 4,852 |  |  | $ | (105,099 | ) |  | $ | (1,195 | ) |  | $ | 975,016 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 6,313 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,313 |
Restricted stock granted |  |  | 1,784 |  |  |  | 18 |  |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Restricted stock canceled |  |  | (26 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Shares withheld for net settlements of share- based awards [1] |  |  | (226 | ) |  |  | (2 | ) |  |  | (1,283 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,285 | )
Issuance of common stock - ESPP |  |  | 7 |  |  |  | — |  |  |  | 43 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43 |
Net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 38,219 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (40 | ) |  |  | 38,179 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,584 |  |  |  | — |  |  |  | — |  |  |  | (15 | ) |  |  | 2,569 |
Balance, March 31, 2022 |  |  | 124,011 |  |  | $ | 1,289 |  |  | $ | 1,281,268 |  |  | $ | (137,741 | ) |  | $ | (17,632 | ) |  |  | 4,852 |  |  | $ | (105,099 | ) |  | $ | (1,250 | ) |  | $ | 1,020,835 |
|  | 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 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (30,486 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (30,486 | )
Other adjustment to paid-in capital |  |  |  |  |  |  |  |  |  |  | 153 |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  | 153 |
Purchase of treasury shares |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | (153 | ) |  |  |  |  |  |  | (153 | )
Shares withheld for net settlements of share- based awards [1] |  |  | (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 |
[1] | During the three months ended March 31, 2022 and 2021, the Company withheld shares through net share settlements to satisfy statutory tax withholding requirements upon vesting of shares of restricted stock held by employees.
Automatic Shelf Registration on Form S-3 On October 30, 2020, the Company filed an automatic shelf registration on Form S-3 with the Securities and Exchange Commission (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. The shelf registration statement became automatically effective upon filing and is valid for three years. Prospectus Supplement On June 28, 2021, in connection with the shelf registration, the Company filed with the SEC a prospectus supplement related to the offer and sale from time to time of the Company’s common stock at an aggregate offering price of up to $300 million through sales agents. Sales of shares of the Company’s common stock under the prospectus supplement and equity distribution agreements entered into with the sales agents, if any, will be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933. There were no shares of common stock sold under this prospectus supplement during the three months ended March 31, 2022 or the year ended December 31, 2021. 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, 2022 |
|  | (In thousands) |
|  | Foreign currency translation adjustments, net of tax (1) |  |  | Change in fair value of derivatives, net of tax |  |  | Change in marketable securities, net of tax |  |  | Pension adjustments, net of tax |  |  | Total |
Balance, January 1, 2022 |  | $ | (12,461 | ) |  | $ | (2,524 | ) |  | 7 |  |  | $ | (5,238 | ) |  | $ | (20,216 | )
Current-period other comprehensive income (loss) |  |  | 440 |  |  |  | 2,464 |  |  |  | (405 | ) |  |  | 85 |  |  |  | 2,584 |
Balance, March 31, 2022 |  | $ | (12,021 | ) |  | $ | (60 | ) |  | $ | (398 | ) |  | $ | (5,153 | ) |  | $ | (17,632 | )
|  | 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 | )
| (1) | The foreign currency translation related to noncontrolling interests was not significant at March 31, 2022 or 2021.

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