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AT&T INC. Director's Dealing 2012

Jan 5, 2012

29786_dirs_2012-01-05_6a9111d9-5bf9-4ed4-a92c-7e75aa67b060.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: 2012-01-03

Reporting Person: ANDERSON REUBEN V (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2012-01-03 Common Stock M 232.3882 Acquired 31601.3882 Direct
2012-01-03 Common Stock D 232.3882 $30.42 Disposed 31369 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2012-01-03 Phantom Deferral Shares $ M 232.3882 Disposed Common Stock (232.3882) Indirect

Footnotes

F1: 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.

F2: Acquired pursuant to various BellSouth Corporation director deferral plans. Each unit is converted into the equivalent value in cash of one share of AT&T common stock and distributed at the election of the reporting person.