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AT&T INC. Director's Dealing 2012

Jan 4, 2012

29786_dirs_2012-01-04_ea9e83de-349e-40eb-9bb6-e5cbdad328b3.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2011-12-30

Reporting Person: ANDERSON REUBEN V (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2011-12-30 Common Stock M 2482.8795 Acquired 33851.8795 Direct
2011-12-30 Common Stock D 2482.8795 $29.48 Disposed 31369 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2011-12-30 Phantom Deferral Shares $ M 2482.8795 Disposed Common Stock (2482.8795) Indirect

Footnotes

F1: Dividend equivalents reinvested in additional phantom shares pursuant to various BellSouth Corporation director deferral plans. Upon distribution, each phantom share is paid in cash in an amount equal to the value of one share of AT&T common stock.

F2: Pursuant to the terms of the BellSouth Corporation Directors Compensation Deferral Plan, the price of these phantom deferral units was calculated based on the average of the high and low sales prices of AT&T common stock on the NYSE on the last trading day of each of the three calendar months preceding the distribution date.