The GEO Group, Inc. (GEO) 8-K The Geo Group Reports Fourth Quarter 2011 Results

Exhibit 99.3

Reconciliation Tables and Supplemental Disclosure

Fourth Quarter and Year-End 2011

The GEO Group’s (“GEO”) Reconciliation Tables and Supplemental Disclosure presented herein speaks only as of the date or period indicated, and GEO does not undertake any obligation, and disclaims any duty, to update any of this information. GEO’s future financial performance is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect GEO’s future financial results are discussed more fully in our reports filed with the SEC. Readers are advised to refer to these reports for additional information concerning GEO.

Reconciliation Tables and Supplemental Disclosure

Fourth Quarter and Year-End 2011

Reconciliation of Pro Forma Net Income to Net Income

(In thousands except per share data)

	13  Weeks Ended 1-Jan-12		13  Weeks Ended 2-Jan-11			52  Weeks Ended 1-Jan-12		52  Weeks Ended 2-Jan-11
Net Income	$	18,627	$	23,047		$	77,463	$	62,790
Start-up/transition expenses, net of tax		5,207		—			15,074		2,287
International bid and proposal expenses, net of tax		—		—			703		—
Net loss attributable to non-controlling interests		112		451			1,162		678
M&A Related Expenses, net of tax		—		6,668			4,129		18,187
Loss on Extinguishment of Debt, net of tax		—		—			—		4,758
Gain on Land Sale, net of tax		—		(482	)		—		(482	)
IRS Settlement, net of tax		—		(2,941	)		—		(2,941	)
Pro forma net income	$	23,946	$	26,743		$	98,531	$	85,277
Diluted earnings per share	$	0.30	$	0.36		$	1.22	$	1.12
Start-up/transition expenses, net of tax		0.09		—			0.24		0.04
International bid and proposal expenses, net of tax		—		—			0.01		—
Net loss attributable to non-controlling interests		—		0.01			0.02		0.01
M&A Related Expenses, net of tax		—		0.10			0.06		0.32
Loss on Extinguishment of Debt, net of tax		—		—			—		0.09
Gain on Land Sale, net of tax		—		(0.01	)		—		(0.01	)
IRS Settlement, net of tax		—		(0.05	)		—		(0.05	)
Diluted pro forma earnings per share	$	0.39	$	0.41		$	1.55	$	1.52
Weighted average common shares outstanding-diluted		61,780		64,697			63,740		55,989

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Reconciliation Tables and Supplemental Disclosure

Fourth Quarter and Year-End 2011

Reconciliation from Adjusted EBITDA to Net Income

(In thousands)

	13  Weeks Ended 1-Jan-12		13  Weeks Ended 2-Jan-11			52 Weeks Ended 1-Jan-12		52 Weeks Ended 2-Jan-11
Net Income	$	18,627	$	23,047		$	77,463	$	62,790
Interest expense, net		17,609		10,706			68,344		34,436
Income tax provision		12,617		10,972			47,925		39,532
Depreciation and amortization		23,509		16,015			85,341		48,111
Tax provision on equity in earnings of affiliate		701		540			2,406		2,212
EBITDA	$	73,063	$	61,280		$	281,479	$	187,081
Adjustments
Net loss attributable to non-controlling interests	$	112	$	451		$	1,162	$	678
Stock Based Compensation, pre-tax		1,270		1,106			6,113		4,639
Start-up/transition expenses, pre-tax		7,084		—			22,364		3,812
International bid and proposal expenses, pre-tax		—		—			1,091		—
M&A Related Expenses, pre-tax		—		9,693			6,308		25,381
Loss on Extinguishment of Debt, pre-tax		—		—			—		7,933
Gain on Land Sale, pre-tax		—		(801	)		—		(801	)
IRS Settlement, pre-tax		—		(3,323	)		—		(3,323	)
Adjusted EBITDA	$	81,529	$	68,406		$	318,517	$	225,400

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Reconciliation Tables and Supplemental Disclosure

Fourth Quarter and Year-End 2011

Reconciliation of Adjusted Funds from Operations to Net Income

(In thousands)

	13 Weeks Ended 1-Jan-12			13  Weeks Ended 2-Jan-11			52 Weeks Ended 1-Jan-12			52 Weeks Ended 2-Jan-11
Net Income	$	18,627		$	23,047		$	77,463		$	62,790
Net loss attributable to non-controlling interests		112			451			1,162			678
Depreciation and Amortization		23,509			16,015			85,341			48,111
Income Tax Provision		12,617			10,972			47,925			39,532
Income Taxes Paid		(5,876	)		(9,624	)		(15,892	)		(34,475	)
Stock Based Compensation		1,270			1,106			6,113			4,639
Maintenance Capital Expenditures		(11,164	)		(6,952	)		(35,264	)		(17,244	)
Equity in Earnings (loss) of Affiliates, Net of Income Tax		789			(1,350	)		(1,563	)		(4,218	)
Amortization of Debt Costs and Other Non-Cash Interest		597			(189	)		1,745			3,209
Start-up/transition expenses		7,084			—			22,364			3,812
M&A Related Expenses		—			9,693			6,308			25,381
International bid and proposal expenses		—			—			1,091			—
Loss on Extinguishment of Debt		—			—			—			7,933
Gain on Land Sale, net of tax		—			(801	)		—			(801	)
IRS Settlement, net of tax		—			(3,323	)		—			(3,323	)
Adjusted Funds from Operations	$	47,565		$	39,045		$	196,793		$	136,024
Adjusted Funds from Operations Per Share	$	0.77		$	0.60		$	3.09		$	2.43
Weighted average common shares outstanding-diluted		61,780			64,697			63,740			55,989

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Reconciliation Tables and Supplemental Disclosure

Fourth Quarter and Year-End 2011

Business Segment Results

(In thousands)

	13 Weeks Ended 1-Jan-12		13 Weeks Ended 2-Jan-11		52 Weeks Ended 1-Jan-12		52 Weeks Ended 2-Jan-11
Revenues
U.S. Corrections & Detention	$	243,251	$	242,819	$	970,507	$	842,417
GEO Care		109,284		78,410		426,759		213,819
International Services		53,934		52,335		215,514		190,477
Facility Construction & Design		—		834		119		23,255
	$	406,469	$	374,398	$	1,612,899	$	1,269,968
Operating Expenses
U.S. Corrections & Detention	$	173,631	$	168,353	$	696,262	$	598,275
GEO Care		82,396		64,828		326,297		179,473
International Services		49,902		47,391		198,939		176,399
Facility Construction & Design		—		100		82		20,873
	$	305,929	$	280,672	$	1,221,580	$	975,020
Depreciation & Amortization Expense
U.S. Corrections & Detention	$	15,404	$	12,613	$	55,676	$	39,744
GEO Care		7,574		2,921		27,530		6,600
International Services		531		481		2,135		1,767
Facility Construction & Design		—		—		—		—
	$	23,509	$	16,015	$	85,341	$	48,111

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Reconciliation Tables and Supplemental Disclosure

Fourth Quarter and Year-End 2011

Business Segment Results (Continued)

	13 Weeks Ended 1-Jan-12			13 Weeks Ended 2-Jan-11			52 Weeks Ended 1-Jan-12			52 Weeks Ended 2-Jan-11
Compensated Mandays
U.S. Corrections & Detention		4,292,456			4,153,398			17,294,496			15,071,558
GEO Care		462,752			483,411			1,915,031			1,214,304
International Services		646,244			650,377			2,571,127			2,536,869
		5,401,452			5,287,186			21,780,654			18,822,731
Revenue Producing Beds
U.S. Corrections & Detention		50,471			53,812			50,471			53,812
GEO Care		5,906			6,120			5,906			6,120
International Services		7,149			7,147			7,149			7,147
		63,526			67,079			63,526			67,079
Average Occupancy*
U.S. Corrections & Detention		95.5	%		93.0	%		94.8	%		93.8	%
GEO Care		85.2	%		86.7	%		86.7	%		89.0	%
International Services		99.3	%		100.0	%		99.8	%		100.0	%
		94.9	%		93.2	%		94.6	%		94.3	%

* Average occupancy excludes the impact of GEO’s idle facilities.

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Reconciliation Tables And Supplemental Disclosure

Fourth Quarter and Year-End 2011

GEO Corrections & Detention

	13-weeks		13-weeks		52 Weeks		52 Weeks
	Ended		Ended		Ended		Ended
	1-Jan-12		2-Jan-11		1-Jan-12		2-Jan-11
Revenues(In thousands)
U.S. Corrections & Detention
Federal	$	146,944	$	139,248	$	567,788	$	441,158
State		93,559		100,922		391,912		392,341
Local		1,278		1,411		4,577		1,992
Other		1,470		1,238		6,230		6,926
Total U.S. Corrections & Detention	$	243,251	$	242,819	$	970,507	$	842,417
Compensated Mandays
U.S. Corrections & Detention
Federal		2,062,053		1,851,338		8,077,595		5,995,923
State		2,199,161		2,274,089		9,096,647		9,038,252
Local		31,242		27,971		120,254		37,383
Other		—		—		—		—
Total U.S. Corrections & Detention		4,292,456		4,153,398		17,294,496		15,071,558

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Reconciliation Tables and Supplemental Disclosure

Fourth Quarter and Year-End 2011

GEO Care

	13-weeks		13-weeks		52 Weeks		52 Weeks
	Ended		Ended		Ended		Ended
	1-Jan-12		2-Jan-11		1-Jan-12		2-Jan-11
Revenues(In thousands)
Residential Treatment Services	$	37,065	$	33,799	$	146,721	$	136,876
Community Based Services		23,334		16,705		91,404		33,633
Youth Services		23,102		27,906		101,768		43,310
BI		25,783		—		86,866		—
	$	109,284	$	78,410	$	426,759	$	213,819
Compensated Mandays
Residential
Residential Treatment Services		167,259		156,745		659,689		633,467
Community Based Services		209,440		224,145		880,884		410,858
Youth Services		86,053		102,521		374,458		169,979
Total Residential Mandays		462,752		483,411		1,915,031		1,214,304
Non-Residential Units
Community Based Services (1)		205,755		40,395		754,968		82,702
Youth Services (2)		100,133		134,997		467,532		210,655
BI (3)		5,828,034		—		20,478,730		—
Total Non-Residential Units		6,133,922		175,392		21,701,230		293,357

(1) Community Based Services Non-Residential units include home confinement populations and day reporting center participants

(2) Youth Non-Residential units include education, counseling, and other outpatient treatment services.

(3) BI Non-Residential units include electronic monitoring services and ISAP participants

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Reconciliation Tables and Supplemental Disclosure

Fourth Quarter and Year-End 2011

Idle Facilities

The following table contains a list of idle facilities, which GEO is currently marketing to correctional and detention agencies.

Facility	Location	Bed Count		Prospective Customer
Great Plains Correctional Facility	Oklahoma		2,048	State & Federal
Aurora Detention Facility	Colorado		1,000	Federal
North Lake Correctional Facility	Michigan		1,740	State & Federal
Desert View Community Correctional Facility	California		650	Counties & Federal
Central Valley Community Correctional Facility	California		640	Counties & Federal
Leo Chesney Community Correctional Facility	California		318	Counties & Federal
Mesa Verde Community Correctional Facility	California		400	Counties & Federal
McFarland Community Correctional Facility	California		260	Counties & Federal
Golden State Community Correctional Facility *	California		625	Counties & Federal
			7,681

The combined carrying costs to keep the facilities idle equal approximately $0.15 per share.

* The Golden State Community Correctional Facility in California is scheduled to close on July 1, 2012.

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