NET INCOME PER SHARE

3 Months Ended

Mar. 31, 2012

NET INCOME PER SHARE

NET INCOME PER SHARE

3. NET INCOME PER SHARE

        Basic net income per share for the three months ended March 31, 2011 and 2012 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 outstanding stock options calculated using the "treasury stock" method. The number of shares excluded from the diluted net income per common share computation, because their effect was antidilutive, was 4,691,163 and 4,233,472 for the three months ended March 31, 2011 and 2012, respectively.

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

	Three months ended March 31,
	2011		2012
Net income attributable to CTC Media, Inc. stockholders	$	22,792	$	32,622
Weighted average common shares outstanding—basic
Common stock		157,001,909		157,495,591
Dilutive effect of:
Common stock options		1,000,286		309,893
Weighted average common shares outstanding—diluted		158,002,195		157,805,484
Net income per share attributable to CTC Media, Inc. stockholders:
Basic	$	0.15	$	0.21
Diluted	$	0.14	$	0.21

        The numerator used to calculate diluted net income per common share for the three months ended March 31, 2011 and 2012 was net income attributable to CTC Media, Inc. stockholders.