Basic earnings per share of common stock is computed by dividing the net income attributable to The GEO Group, Inc. available to common shareholders by the weighted-average number of common shares outstanding for the period. Net income attributable to The GEO Group, Inc. available to common shareholders represents net income attributable to The GEO Group reduced by an allocation of earnings to participating securities. The 6.50% Exchangeable Senior Notes, which contained non-forfeitable rights to dividends declared and paid on the shares of common stock, were participating securities and were 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, if any. The 6.50% Exchangeable Senior Notes were paid off in full by the end of the first quarter of 2025. Basic and diluted earnings per share were calculated for the three and nine months ended September 30, 2025 and 2024 as follows (in thousands, except per share data):


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net income	$	173,922	$	26,289	$	222,538	$	16,385
Net loss attributable to noncontrolling interests		18		31		68		90
Less: Undistributed income allocable to participating securities		—		—		—		(1,338	)
Net income attributable to The GEO Group, Inc.		173,940		26,320		222,606		15,137
Basic earnings per share attributable to The GEO Group, Inc.
Weighted average shares outstanding		138,283		135,961		137,992		129,682
Per share amount	$	1.26	$	0.19	$	1.61	$	0.12
Diluted earnings per share attributable to The GEO Group, Inc.
Weighted average shares outstanding		138,283		135,961		137,992		129,682
Dilutive effect of equity incentive plans		1,709		2,169		2,517		2,340
Weighted average shares assuming dilution		139,992		138,130		140,509		132,022
Per share amount	$	1.24	$	0.19	$	1.58	$	0.11

For the three months ended September 30, 2025, 538,832 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 419,141 common stock equivalents from restricted shares that were anti-dilutive for the period.

For the three months ended September 30, 2024, 1,512,184 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 205,601 common stock equivalents from restricted shares that were anti-dilutive for the period.

For the nine months ended September 30, 2025, 472,257 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 53,388 common stock equivalents from restricted shares that were anti-dilutive for the period.

For the nine months ended September 30, 2024, 1,378,133 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 140,010 common stock equivalents from restricted shares that were anti-dilutive for the period.