STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2015

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

6. STOCKHOLDERS' EQUITY

        As of December 31, 2014 and June 30, 2015, the Company's issued and outstanding share capital was as follows:

Type	December 31, 2014			June 30, 2015
Common stock issued		158,210,719			158,210,719
Less: Common stock held in treasury		(2,448,553	)		(2,106,865	)
Common stock outstanding		155,762,166			156,103,854

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 half of 2015, the Company issued 51,447 and 341,688 shares of common stock from treasury upon the exercise of restricted share units, or 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 in 2015 of $6,921 were blocked pursuant to the U.S. sanctions imposed on Bank Rossyia described above in Note 4.

        The following table summarizes the changes in stockholders' equity during the six months ended June 30, 2014 and 2015:

	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			—
Common stock issued from treasury stock upon RSU exercised, net		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

	Total			CTC Media, Inc. stockholders			Noncontrolling interest
Stockholders' equity, December 31, 2014	$	417,442		$	410,424		$	7,018
Net Income		13,618			13,113			505
Other comprehensive income (loss)		6,284			6,352			(68	)
Comprehensive income		19,902			19,465			437
Common stock issued from treasury stock upon RSU exercised, net		946			946			—
Dividends declared		(28,818	)		(27,271	)		(1,547	)
Stockholders' equity, June 30, 2015	$	409,472		$	403,564		$	5,908