CCA Announces Its Intention to Initiate a Quarterly Dividend of $0.20 per Share

Corrections Corporation of America CXW announced today that the Company's Board of Directors voted and approved its intention to initiate a quarterly cash dividend of $0.20 per share beginning in June of 2012. CCA will host a live webcast conference call at 2:00 p.m. eastern time (1:00 p.m. central time) on February 28, 2012 to discuss the dividend initiation and future dividend policy, as well as its capital allocation strategy. Details regarding the conference call are provided below. The decision to initiate a dividend was made after considering and evaluating, among other things, our ability to continue to fund earnings growth through new bed investments, our strong liquidity and financial position and limitations on restricted payments under our debt agreements. CCA's Board of Directors also announced its decision to terminate the Company's share repurchase program. CCA is reaffirming its full-year 2012 earnings per share guidance of $1.60 to $1.70 and first quarter 2012 earnings per share guidance of $0.32 to $0.33 provided on February 8, 2012. These estimates do not include charges of $1.4 million to $1.9 million, we expect to report during the first quarter of 2012 in connection with our refinancing activities.