AT&T INC. — Director's Dealing 2011

Apr 25, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2011-04-21

Reporting Person: ANDERSON REUBEN V (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-21	Common Stock	M	6309	$30.39	Acquired	27249	Direct
2011-04-21	Common Stock	M	6782	$23.19	Acquired	34031	Direct
2011-04-21	Common Stock	M	6462	$18.92	Acquired	40493	Direct
2011-04-21	Common Stock	F	27230	$30.485	Disposed	13263	Direct
2011-04-21	Common Stock	M	7193	$19.65	Acquired	20456	Direct
2011-04-21	Common Stock	M	10913	$19.93	Acquired	31369	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-21	Non-qualified Stock Option W/tandem Stock Appreciation Right	$30.39	M	6309	Disposed	2011-04-23	Common Stock (6309)	Direct
2011-04-21	Non-qualified Stock Option (Right to Buy)	$23.19	M	6782	Disposed	2012-04-22	Common Stock (6782)	Direct
2011-04-21	Non-qualified Stock Option (Right to Buy)	$18.92	M	6462	Disposed	2013-05-01	Common Stock (6462)	Direct
2011-04-21	Non-qualified Stock Option (Right to Buy)	$19.65	M	7193	Disposed	2014-05-01	Common Stock (7193)	Direct
2011-04-21	Non-qualified Stock Option (Right to Buy)	$19.93	M	10913	Disposed	2015-05-01	Common Stock (10913)	Direct