GEO Group Inc.'s board declared a 3-for-2 stock split of the company's common stock.

Shareholders on record as of April 10 will receive one additional share for every two shares held on the record date.

Following the split, the company's shares of common stock outstanding will increase to approximately 123.1 million from approximately 82.1 million.

The new shares are payable April 24, and the company expects its common stock to commence trading at the split-adjusted price April 25.