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 Senior 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 (as defined below) 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 Senior Notes due 2026, if any. Basic and diluted earnings per share were calculated for the three months ended March 31, 2025 and 2024 as follows (in thousands, except per share data):


	Three Months Ended
	March 31, 2025		March 31, 2024
Net income	$	19,542	$	22,659
Net loss attributable to noncontrolling interests		16		9
Less: Undistributed income allocable to participating securities		—		(3,834	)
Net income attributable to The GEO Group, Inc. available to common stockholders		19,558		18,834
Basic earnings per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		137,143		122,497
Per share amount	$	0.14	$	0.15
Diluted earnings per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		137,143		122,497
Dilutive effect of equity incentive plans		3,772		2,800
Dilutive effect of exchangeable notes		—		5,690
Weighted average shares assuming dilution		140,915		130,987
Per share amount	$	0.14	$	0.14

For the three months ended March 31, 2025, 320,935 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 22,153 common stock equivalents from restricted shares that were anti-dilutive for the period.

For the three months ended March 31, 2024, 1,512,119 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 135,231 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 Notes due 2026. During 2024, the Company issued approximately 12.4 million shares of GEO common stock in connection with private exchange transactions involving approximately $229.9 million in aggregate principal amount of its outstanding 6.50% Exchangeable Senior Notes. The remaining

balance of the outstanding principal amount was retired during the first quarter of 2025. Refer to Note 10 - Debt for further information.