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Shareholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023 and 2022 (in thousands):
|  | Common shares |  |  | Additional Paid-In |  |  | Retained Earnings (Accumulated |  |  | Accumulated Other Comprehensive |  |  | Treasury shares |  |  | Noncontrolling |  |  | Total Shareholders' |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Deficit) |  |  | Loss |  |  | Shares |  |  | Amount |  |  | Interests |  |  | Equity |
For the Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2022 |  |  | 124,061 |  |  | $ | 1,289 |  |  | $ | 1,291,363 |  |  | $ | (4,236 | ) |  | $ | (16,919 | ) |  |  | 4,852 |  |  | $ | (105,099 | ) |  | $ | (1,310 | ) |  | $ | 1,165,088 |
Proceeds from exercise of stock options |  |  | 7 |  |  |  | — |  |  |  | 49 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 49 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 5,578 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,578 |
Restricted stock granted |  |  | 1,641 |  |  |  | 16 |  |  |  | (16 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Restricted stock canceled |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Sale of treasury shares [2] |  |  | 642 |  |  |  | — |  |  |  | (4,174 | ) |  |  | — |  |  |  | — |  |  |  | (642 | ) |  |  | 9,924 |  |  |  | — |  |  |  | 5,750 |
Shares withheld for net settlements of share- based awards [1] |  |  | (383 | ) |  |  | (4 | ) |  |  | (3,441 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,445 | )
Issuance of common stock - ESPP |  |  | 5 |  |  |  | 1 |  |  |  | 40 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 41 |
Net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28,003 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9 | ) |  |  | 27,994 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,016 | ) |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | (2,006 | )
Balance, March 31, 2023 |  |  | 125,955 |  |  | $ | 1,302 |  |  | $ | 1,289,399 |  |  | $ | 23,767 |  |  | $ | (18,935 | ) |  |  | 4,210 |  |  | $ | (95,175 | ) |  | $ | (1,309 | ) |  | $ | 1,199,049 |
|  | Common shares |  |  | Additional Paid-In |  |  | Accumulated |  |  | Accumulated Other Comprehensive |  |  | Treasury shares |  |  | Noncontrolling |  |  | Total Shareholders' |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Deficit |  |  | Loss |  |  | Shares |  |  | Amount |  |  | Interests |  |  | Equity |
For the Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2021 |  |  | 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 |
[1] The Company withheld shares through net settlements to satisfy statutory tax withholding requirements upon the vesting of shares of restricted stock held by employees. [2] The Company sold treasury shares to partially fund its obligation under its Amended and Restated Executive Retirement Agreement with its Executive Chairman. Refer to Note 13 - Benefit Plans for further information.
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, 2023 |
|  | (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, 2023 |  | $ | (20,015 | ) |  | $ | 3,645 |  |  | $ | (953 | ) |  | $ | 404 |  |  | $ | (16,919 | )
Current-period other comprehensive income (loss) |  |  | (1,389 | ) |  |  | (1,027 | ) |  |  | 400 |  |  |  | 0 |  |  |  | (2,016 | )
Balance, March 31, 2023 |  | $ | (21,404 | ) |  | $ | 2,618 |  |  | $ | (553 | ) |  | $ | 404 |  |  | $ | (18,935 | )
|  | 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 | )
(1) The foreign currency translation related to noncontrolling interests was not significant at March 31, 2023 or 2022.

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