STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2014

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

6. STOCKHOLDERS' EQUITY

        As of December 31, 2013 and June 30, 2014, the Company's issued and outstanding share capital was as follows:

Type	December 31, 2013			June 30, 2014
Common stock issued		158,210,719			158,210,719
Less: Common stock held in treasury		(2,500,000	)		(2,448,553	)
Common stock outstanding		155,710,719			155,762,166

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 and 155,762,166 shares were outstanding as of December 31, 2013 and June 30, 2014, respectively. 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
April 29, 2014	$	0.175	$	27,258		June 16, 2014		June 26, 2014

        Dividends payable to Telcrest of $13,842 were blocked pursuant to the US sanctions imposed on Bank Rossyia and LLC IC Abros described above in Note 4. As of June 30, 2014, dividends payable to Telcrest were recorded in accrued liabilities in the Company's condensed consolidated balance sheets.

        During the six months ended June 30, 2014, the Company declared and paid dividends to MTG Russia AB of $21,003.

        The following table summarizes the changes in stockholders' equity during the six months ended June 30, 2013 and 2014:

	Total			CTC Media, Inc. stockholders			Noncontrolling interest
Stockholders' equity, December 31, 2012	$	762,926		$	758,323		$	4,603
Net Income		63,257			60,181			3,076
Other comprehensive loss		(56,485	)		(56,357	)		(128	)
Comprehensive income		6,772			3,824			2,948
Additional paid-in capital		2,291			2,291			—
Less: Common stock held in treasury		(16,027	)		(16,027	)		—
Dividends declared		(52,235	)		(48,930	)		(3,305	)
Stockholders' equity, June 30, 2013	$	703,727		$	699,481		$	4,246

	Total			CTC Media, Inc. stockholders			Noncontrolling interest
Stockholders' equity, December 31, 2013	$	734,116		$	728,213		$	5,903
Net income		59,689			57,877			1,812
Other comprehensive loss		(22,985	)		(22,301	)		(684	)
Comprehensive income		36,704			35,576			1,128
Additional paid-in capital		802			802			—
Treasury stock issued upon RSU exercise		612			612			—
Disposals of noncontrolling interests		820			—			820
Dividends declared		(57,968	)		(54,507	)		(3,461	)
Stockholders' equity, June 30, 2014	$	715,086		$	710,696		$	4,390