STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2014

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

6. STOCKHOLDERS' EQUITY

        As of December 31, 2013 and March 31, 2014, the Company's issued and outstanding share capital was as follows:

Type	December 31, 2013			March 31, 2014
Common stock issued		158,210,719			158,210,719
Less: Common stock held in treasury		(2,500,000	)		(2,500,000	)
Common stock outstanding		155,710,719			155,710,719

Stock repurchase program

        On March 4, 2013, the Board of Directors approved an open market stock repurchase program, pursuant to which the Company was authorized to repurchase up to 2.5 million shares of common stock in the market for use under the Company's 2013 Equity Incentive Plan (the "Plan"). During the period ended December 31, 2013, the Company repurchased 2,500,000 shares of its common stock at an average price of $11.89 per share for a total of $29,727. Treasury stock is accounted for under the cost method.

        The Company's certificate of incorporation authorizes the Company to issue 175,772,173 shares of common stock and, 155,710,719 shares were outstanding as of December 31, 2013 and March 31, 2014. Each holder of common stock is entitled to one vote for each share of common stock held of record on all matters on which stockholders generally are entitled to vote.

Dividends

        In 2014, the following dividends were declared and paid:

Declaration date	Per Share Dividend		Aggregate Dividend		Record Date	Payment Date
March 5, 2014	$	0.175	$	27,249	March 19, 2014	March 28, 2014

        As of March 20, 2014, dividends payable of $6,916 to Telcrest were blocked pursuant to the US sanctions imposed on Bank Rossyia described above in Note 4. As of March 31, 2014, dividends payable to Telcrest were recorded in accrued liabilities in the Company's condensed consolidated balance sheets.

        During the three months ended March 31, 2014, the Company declared and paid dividends to MTG of $10,494.

        The following table summarizes the changes in stockholders' equity during the three months ended March 31, 2013 and 2014:

	Total			CTC Media, Inc. stockholders			Noncontrolling interest
Stockholders' equity, December 31, 2012	$	762,926		$	758,323		$	4,603
Net Income		29,434			28,588			846
Other comprehensive loss		(17,856	)		(17,852	)		(4	)
Comprehensive income		11,578			10,736			842
Additional paid-in capital		649			649			—
Dividends declared		(25,024	)		(23,724	)		(1,300	)
Stockholders' equity, March 31, 2013	$	750,129		$	745,984		$	4,145

	Total			CTC Media, Inc. stockholders			Noncontrolling interest
Stockholders' equity, December 31, 2013	$	734,116		$	728,213		$	5,903
Net income		31,735			31,216			519
Other comprehensive loss		(65,478	)		(64,714	)		(764	)
Comprehensive loss		(33,743	)		(33,498	)		(245	)
Additional paid-in capital		503			503			—
Disposals of noncontrolling interests		820			—			820
Dividends declared		(27,273	)		(27,249	)		(24	)
Stockholders' equity, March 31, 2014	$	674,423		$	667,969		$	6,454