Basic earnings per share of common stock is computed by dividing the net income attributable to The GEO Group, Inc. by the weighted-average number of common shares outstanding for the period. The calculation of diluted earnings per share is similar to that of basic earnings per share except that the denominator includes dilutive common stock equivalents such as stock options and shares of restricted stock. Basic and diluted earnings per share were calculated for the three and nine months ended September 30, 2026 and 2025 as follows (in thousands, except per share data):


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Net income	$	49,203	$	173,922	$	134,969	$	222,538
Net loss attributable to noncontrolling interests		11		18		82		68
Net income attributable to The GEO Group, Inc.		49,214		173,940		135,051		222,606
Basic earnings per share attributable to The GEO Group, Inc.
Weighted average shares outstanding		129,969		138,283		131,052		137,992
Per share amount	$	0.38	$	1.26	$	1.03	$	1.61
Diluted earnings per share attributable to The GEO Group, Inc.
Weighted average shares outstanding		129,969		138,283		131,052		137,992
Dilutive effect of equity incentive plans		2,033		1,709		1,639		2,517
Weighted average shares assuming dilution		132,002		139,992		132,691		140,509
Per share amount	$	0.37	$	1.24	$	1.02	$	1.58

For the three months ended September 30, 2026, 458,437 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 0 common stock equivalents from restricted shares that were anti-dilutive for the period.

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 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 nine months ended September 30, 2026, 543,251 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 251,021 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 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.