Corrections Corporation of America (CXW) said Monday that its Board of Directors has declared a special dividend to shareholders of $675 million, or about $6.63 per share based on the number of shares currently outstanding, in connection with the company's previously announced plan to qualify as a real estate investment trust for federal income tax purposes effective as of January 1.
The special dividend will be paid in satisfaction of requirements that the company distribute its previously undistributed accumulated earnings and profits attributable to tax periods ending prior to January 1.
The company expects to pay the special dividend on May 20 to shareholders of record as of April 19.
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