STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2014

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

14.   STOCKHOLDERS' EQUITY

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

Type	December 31, 2013			December 31, 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 shares of common stock from treasury upon the exercise of RSUs 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 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.

        During 2012 and 2013, the Company's former and current employees exercised options to purchase an aggregate of 840,649 and 50,000 shares of common stock, respectively, for aggregate consideration of $4,616 and $454, respectively. See details in Note 15.

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
October 27, 2014	$	0.175		27,258		December 1, 2014		December 23, 2014
Total			$	109,024

        Dividends payable to Telcrest of $27,684 for 2014 were blocked pursuant to the US sanctions imposed on Bank Rossyia and LLC IC Abros described above in Note 4.

        During the twelve months ended December 31, 2014, the Company declared and paid dividends to MTG Russia AB of $42,006.