The evaluation of the Center for Employment Opportunities (CEO) transitional jobs program is one of the most rigorous tests of an employment program for former prisoners in recent years. The three-year evaluation found that CEO significantly reduced recidivism, with the largest impacts occurring among a subgroup of former prisoners who enrolled shortly after release from prison. CEO substantially increased employment early on; for the recently released subgroup CEO had some positive impacts on post program employment but the effects faded over time for the overall sample. In general, CEO's impacts were stronger for those who were more disadvantaged or at higher risk of recidivism when they enrolled in the study. The evaluation includes a benefit-cost analysis, which shows that CEO's financial benefits significantly outweighed its costs under a wide range of assumptions.