AT&T INC. — Director's Dealing 2012

Feb 17, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2012-02-15

Reporting Person: DE LA VEGA RAFAEL (Pres. & CEO-AT&T Mobility)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-15	Employee Stock Option (Right to Buy) - SPDP	$29.87	A	1068	Acquired	2022-02-15	Common Stock (1068)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	385669	Direct
Common Stock	1469.3157	Indirect
Common Stock	41840.5054	Indirect

Footnotes

F1: Options were acquired pursuant to the AT&T Stock Purchase and Deferral Plan, where two options are issued for each share purchased by a participant's contributions. Options are exercisable upon termination of employment or one year after issuance whichever is earlier.

F2: Represents number of options granted. Reporting person may purchase one share of Issuer's common stock per option.