NET INCOME PER SHARE

12 Months Ended

Dec. 31, 2011

NET INCOME PER SHARE

NET INCOME PER SHARE

3. NET INCOME PER SHARE

        Basic net income per share for the years ended December 31, 2009, 2010 and 2011 is computed on the basis of the weighted average number of common shares outstanding. Diluted net income per common share is computed using the "if converted method" with the weighted average number of common shares outstanding plus the effect of the outstanding stock options calculated using the "treasury stock" method. The number of stock options excluded from the diluted net income per common share computation, because their effect was antidilutive for the years ended December 31, 2009, 2010 and 2011, was 10,068,631, 6,041,964 and 5,180,905, respectively.

        The components of basic and diluted net income per share were as follows:

	Year ended December 31,
	2009		2010		2011
Net income attributable to CTC Media, Inc. stockholders	$	100,389	$	145,731	$	53,118
Weighted average common shares outstanding—basic		152,223,165		155,576,658		157,224,782
Dilutive effect of:
Common stock options and SARs		5,229,598		515,380		786,877
Weighted average common shares outstanding—diluted		157,452,763		156,092,038		158,011,659
Net income per share attributable to CTC Media, Inc. stockholders:
Basic	$	0.66	$	0.94	$	0.34
Diluted	$	0.64	$	0.93	$	0.34

        The numerator used to calculate diluted net income per common share for 2009, 2010 and 2011 was net income attributable to CTC Media, Inc. stockholders.