STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2015

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

6. STOCKHOLDERS' EQUITY

        As of December 31, 2014 and March 31, 2015, the Company's issued and outstanding share capital was as follows:

Type	December 31, 2014			March 31, 2015
Common stock issued		158,210,719			158,210,719
Less: Common stock held in treasury		(2,448,553	)		(2,375,980	)
Common stock outstanding		155,762,166			155,834,739

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 2014 and in the first quarter of 2015, the Company issued 51,447 and 72,573 shares of common stock from treasury upon the exercise of RSUs under the 2013 and 2014 sub-tranche of the 2013 Equity Incentive Plan, respectively.

        The Company's certificate of incorporation authorizes the Company to issue 175,772,173 shares of common stock. 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 2015, the following dividends were declared and paid:

Declaration date	Per Share Dividend		Aggregate Dividend		Record Date		Payment Date
March 4, 2015	$	0.175	$	27,271		March 16, 2015		March 26, 2015

        Dividends declared to Telcrest of $6,921 were blocked pursuant to the U.S. sanctions imposed on Bank Rossyia described above in Note 4. During the three months ended March 31, 2015, the Company declared and paid dividends to MTG of $10,502.

        The following table summarizes the changes in stockholders' equity during the three months ended March 31, 2014 and 2015:

	Total			CTC Media, Inc. stockholders			Non-controlling 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 non-controlling interests		820			—			820
Dividends declared		(27,273	)		(27,249	)		(24	)
Stockholders' equity, March 31, 2014	$	674,423		$	667,969		$	6,454

	Total			CTC Media, Inc. stockholders			Non-controlling interest
Stockholders' equity, December 31, 2014	$	417,442		$	410,424		$	7,018
Net Income		8,420			8,417			3
Other comprehensive loss		(14,080	)		(13,990	)		(90	)
Comprehensive loss		(5,660	)		(5,573	)		(87	)
Common stock issued from treasury stock upon RSU exercised, net		605			605			—
Dividends declared		(27,287	)		(27,271	)		(16	)
Stockholders' equity, March 31, 2015	$	385,100		$	378,185		$	6,915