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Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

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 and nine months ended September 30, 2024 and 2023 (in thousands):


		Common shares								Additional Paid-In				Retained Earnings				Accumulated Other Comprehensive				Treasury shares								Noncontrolling				Total Shareholders'
		Shares				Amount				Capital				(Accumulated Deficit)				Loss				Shares				Amount				Interests				Equity
For the Three Months Ended September 30, 2024
Balance, July 1, 2024			139,551			$	1,396			$	1,299,558			$	(1,931	)		$	(16,970	)			—			$	—			$	(1,516	)		$	1,280,537
Proceeds from exercise of stock options			16				—				118				—				—				—				—				—				118
Stock-based compensation expense			—				—				3,534				—				—				—				—				—				3,534
Restricted stock granted			158				1				(1	)			—				—				—				—				—				—
Restricted stock canceled			(21	)			—				—				—				—				—				—				—				—
Issuance of common shares [3]			16				1				(1	)			—				—				—				—				—				—
Shares withheld for net settlements of share- based awards [1]			(1	)			(1	)			(1	)			—				—				—				—				—				(2	)
Issuance of common stock - ESPP			3				—				36								—				—				—				—				36
Net income			—				—				—				26,320				—				—				—				(31	)			26,289
Other comprehensive income (loss)			—				—				—				—				4,054				—				—				(28	)			4,026
Balance, September 30, 2024			139,722			$	1,397			$	1,303,243			$	24,389			$	(12,916	)			—			$	—			$	(1,575	)		$	1,314,538


		Common shares								Additional Paid-In								Accumulated Other Comprehensive				Treasury shares								Noncontrolling				Total Shareholders'
		Shares				Amount				Capital				Retained Earnings				Loss				Shares				Amount				Interests				Equity
For the Three Months Ended September 30, 2023
Balance, July 1, 2023			126,075			$	1,303			$	1,292,826			$	53,338			$	(18,582	)			4,210			$	(95,175	)		$	(1,339	)		$	1,232,371
Proceeds from exercise of stock options			1				—				4				—				—				—				—				—				4
Stock-based compensation expense			—				—				3,116				—				—				—				—				—				3,116
Restricted stock granted			—				—				—				—				—				—				—				—				-
Restricted stock canceled			(10	)			—								—				—				—				—				—				-
Issuance of common stock - ESPP			5				—				37				—				—				—				—				—				37
Net income			—				—				—				24,519				—				—				—				(16	)			24,503
Other comprehensive income (loss)			—				—				—				—				(1,483	)			—				—				1				(1,482	)
Balance, September 30, 2023			126,071			$	1,303			$	1,295,983			$	77,857			$	(20,065	)			4,210			$	(95,175	)		$	(1,354	)		$	1,258,549


		Common shares								Additional Paid-In				Retained Earnings				Accumulated Other Comprehensive				Treasury shares								Noncontrolling				Total Shareholders'
		Shares				Amount				Capital				(Accumulated Deficit)				Loss				Shares				Amount				Interests				Equity
For the Nine Months Ended September 30, 2024
Balance January 1, 2024			126,087			$	1,303			$	1,299,193			$	103,089			$	(16,642	)			4,210			$	(95,175	)		$	(1,454	)		$	1,290,314
Proceeds from exercise of stock options			163				2				783				—				—				—				—				—				785
Stock-based compensation expense			—				—				12,322				—				—				—				—				—				12,322
Restricted stock granted			1,712				17				(17	)			—				—				—				—				—				—
Restricted stock canceled			(61	)			(1	)			1				—				—				—				—				—				—
Reissuance of treasury shares [3]			4,210				—				—				(95,175	)			—				(4,210	)			95,175				—				—
Issuance of common shares [3]			8,220				82				(1,696	)			—				—				—				—				—				(1,614	)
Shares withheld for net settlements of share- based awards [1]			(618	)			(6	)			(7,458	)			—				—				—				—				—				(7,464	)
Issuance of common stock - ESPP			9				—				115				—				—				—				—				—				115
Net income			—				—				—				16,475				—				—				—				(90	)			16,385
Other comprehensive income (loss)			—				—				—				—				3,726				—				—				(31	)			3,695
Balance, September 30, 2024			139,722			$	1,397			$	1,303,243			$	24,389			$	(12,916	)			—			$	-			$	(1,575	)		$	1,314,538


		Common shares								Additional Paid-In								Accumulated Other Comprehensive				Treasury shares								Noncontrolling				Total Shareholders'
		Shares				Amount				Capital				Retained Earnings				Loss				Shares				Amount				Interests				Equity
For the Nine Months Ended September 30, 2023
Balance, January 1, 2023			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			13				—				85				—				—				—				—				—				85
Stock-based compensation expense			—				—				12,052				—				—				—				—				—				12,052
Restricted stock granted			1,758				17				(17	)			—				—				—				—				—				-
Restricted stock canceled			(36	)			—				—				—				—				—				—				—				-
Shares withheld for net settlements of share- based awards [1]			(383	)			(4	)			(3,442	)			—				—				—				—				—				(3,446	)
Issuance of common stock - ESPP			16				1				116				—				—				—				—				—				117
Sale of treasury shares [2]			642				—				(4,174	)			—				—				(642	)			9,924				—				5,750
Net income			—				—				—				82,093				—				—				—				(71	)			82,022
Other comprehensive income (loss)			—				—				—				—				(3,146	)			—				—				27				(3,119	)
Balance, September 30, 2023			126,071			$	1,303			$	1,295,983			$	77,857			$	(20,065	)			4,210			$	(95,175	)		$	(1,354	)		$	1,258,549

[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.

[3] During the second and third quarters of 2024, the Company retired $229.7 million in aggregate principal amount of its outstanding

6.50% Exchangeable Senior Notes in private exchange transactions for an exchange value of approximately $410 million. The

consideration consisted of cash of $229.7 million and 12,430,285 shares of GEO common stock. Of the total amount of shares issued,

the Company issued 4,209,847 shares that were previously held in treasury. Refer to Note 10 - Debt for further information.

Schedule of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss attributable to GEO within shareholders' equity are as follows:


		Nine Months Ended September 30, 2024
		(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, 2024		$	(19,755	)		$	3,041			$	—			$	72			$	(16,642	)
Current-period other comprehensive income (loss)			3,784				(589	)			495				36				3,726
Balance, September 30, 2024		$	(15,971	)		$	2,452			$	495			$	108			$	(12,916	)


		Nine Months Ended September 30, 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)			(5,269	)			1,170				953				—				(3,146	)
Balance, September 30, 2023		$	(25,284	)		$	4,815			$	—			$	404			$	(20,065	)

(1)

The foreign currency translation related to noncontrolling interests was not significant at September 30, 2024 or 2023.