BLACKBAUD INC — Director's Dealing 2012

Feb 29, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACKBAUD INC (BLKB)
CIK: 0001280058
Period of Report: 2012-02-27

Reporting Person: Olson Jon W (General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-27	Common Stock	M	7000	$22.34	Acquired	22200	Direct
2012-02-27	Common Stock	D	4748	$32.94	Disposed	17452	Direct
2012-02-27	Common Stock	F	849	$32.94	Disposed	16603	Direct
2012-02-27	Common Stock	M	4092	$26.79	Acquired	20695	Direct
2012-02-27	Common Stock	D	3329	$32.94	Disposed	17366	Direct
2012-02-27	Common Stock	F	265	$32.94	Disposed	17101	Direct
2012-02-27	Common Stock	S	2850	$32.21	Disposed	14251	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-27	Stock Appreciation Right	$22.34	M	7000	Disposed	2016-11-11	Common Stock (7000)	Direct
2012-02-27	Stock Appreciation Right	$26.79	M	4092	Disposed	2017-11-07	Common Stock (4092)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$28.06	2018-11-09	Common Stock (15493)	15493	Direct

Footnotes

F1: Represents shares forfeited to the company in connection with the satisfaction of tax liabilities incurred upon the exercise of stock appreciation rights.

F2: Represents a stock appreciation right which vests in four equal annual installments beginning on November 10, 2010, subject to continued employment, and shall be settled in stock at time of exercise.

F3: Represents a stock appreciation right which vests in four equal annual installments beginning on November 8, 2011, subject to continued employment, and shall be settled in stock at time of exercise.

F4: Represents a stock appreciation right which vests in four equal annual installments beginning on November 10, 2012, subject to continued employment, and shall be settled in stock at time of exercise.