STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2014

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

6. STOCKHOLDERS' EQUITY

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

Type	December 31, 2013			September 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. In April 2014, the Company issued 51,447 treasury stocks upon RSUs exercise under the 2013 sub-tranche of the 2013 Equity Incentive Plan.

        The Company's certificate of incorporation authorizes the Company to issue 175,772,173 shares of common stock. As of December 31, 2013 and September 30, 2014, 155,710,719 and 155,762,166 shares were outstanding, 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
July 25, 2014	$	0.175	$	27,259	September 5, 2014	September 25, 2014

        Dividends payable to Telcrest of $20,763 for the nine months ended September 30, 2014 were blocked pursuant to the US sanctions imposed on Bank Rossyia and LLC IC Abros described above in Note 4. As of September 30, 2014, dividends payable to Telcrest were recorded in accrued liabilities in the Company's condensed consolidated balance sheets.

        During the nine months ended September 30, 2014, the Company declared and paid dividends to MTG Russia AB of $31,505.

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

	Total			CTC Media, Inc. stockholders			Noncontrolling interest
Stockholders' equity, December 31, 2012	$	762,926		$	758,323		$	4,603
Net Income		111,349			106,836			4,513
Other comprehensive loss		(47,922	)		(47,820	)		(102	)
Comprehensive income	$	63,427		$	59,016		$	4,411
Additional paid-in capital		3,326			3,326			—
Less: Common stock held in treasury		(29,727	)		(29,727	)		—
Dividends declared		(78,877	)		(73,854	)		(5,023	)
Stockholders' equity, September 30, 2013	$	721,075		$	717,084		$	3,991

	Total			CTC Media, Inc. stockholders			Noncontrolling interest
Stockholders' equity, December 31, 2013	$	734,116		$	728,213		$	5,903
Net income		92,674			89,472			3,202
Other comprehensive loss		(128,735	)		(127,833	)		(902	)
Comprehensive (loss) income		(36,061	)		(38,361	)		2,300
Additional paid-in capital		1,934			1,934			—
Treasury stock issued upon RSU exercise		612			612			—
Disposals of noncontrolling interests		820			—			820
Dividends declared		(86,357	)		(81,766	)		(4,591	)
Stockholders' equity, September 30, 2014	$	615,064		$	610,632		$	4,432