GEO GROUP INC Earnings Per Share Disclosure
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. operations available to common stockholders represents net income attributable to The GEO Group, Inc. operations reduced by an allocation of earnings to participating securities. The 6.50% Exchangeable Notes due 2026, 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 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 Notes due 2026, if any. The remaining balance of the 6.50% Exchangeable Notes due 2026 were redeemed in full in 2025. Basic and diluted earnings per share were calculated for the years ended December 31, 2025, 2024 and 2023 as follows (in thousands, except per share data):
Fiscal Year |
|
2025 |
|
|
2024 |
|
|
2023 |
|
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|
|
(In thousands, except per share data) |
|
|||||||||
Net Income |
|
$ |
254,306 |
|
|
$ |
31,896 |
|
|
$ |
107,183 |
|
Loss attributable to noncontrolling interests |
|
|
66 |
|
|
|
70 |
|
|
|
142 |
|
Less: Undistributed income allocable to participating securities |
|
|
— |
|
|
|
(2,107 |
) |
|
|
(18,223 |
) |
Net income attributable to The GEO Group, Inc. operations available to common stockholders |
|
$ |
254,372 |
|
|
$ |
29,859 |
|
|
$ |
89,102 |
|
Basic earnings per share attributable to The GEO Group, Inc. available to common stockholders: |
|
|
|
|
|
|
|
|
|
|||
Weighted average shares outstanding |
|
|
137,487 |
|
|
|
131,318 |
|
|
|
121,908 |
|
Per share amount-basic |
|
$ |
1.85 |
|
|
$ |
0.23 |
|
|
$ |
0.73 |
|
Diluted earnings per share attributable to The GEO Group, Inc. available to common stockholders: |
|
|
|
|
|
|
|
|
|
|||
Weighted average shares outstanding |
|
|
137,487 |
|
|
|
131,318 |
|
|
|
121,908 |
|
Dilutive effect of equity incentive plans |
|
|
2,236 |
|
|
|
2,746 |
|
|
|
1,790 |
|
Weighted average shares assuming dilution |
|
|
139,723 |
|
|
|
134,064 |
|
|
|
123,698 |
|
Per share amount-diluted |
|
$ |
1.82 |
|
|
$ |
0.22 |
|
|
$ |
0.72 |
|
For the year ended December 31, 2025, 485,880 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. For the same period, 61,010 common stock equivalents from restricted shares were anti-dilutive and excluded from the computation of diluted EPS.
For the year ended December 31, 2024, 1,214,934 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. For the same period, 13,470 common stock equivalents from restricted shares were anti-dilutive and excluded from the computation of diluted EPS.
For the year ended December 31, 2023, 1,560,715 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. For the same period, 201,946 common stock equivalents from restricted shares were anti-dilutive and excluded from the computation of diluted EPS.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 26, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.