SAUL CENTERS, INC. — Director's Dealing 2012

Jun 21, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2012-06-20

Reporting Person: McCormick Thomas H (Sr. Vice Pres & Gen. Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-06-21	Series A Preferred Stock	A	200	$25.75	Acquired	2300	Direct
2012-06-20	Series B Preferred Stock	A	200	$26.59	Acquired	200	Direct
2012-06-21	Series B Preferred Stock	A	300	$26.65	Acquired	500	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	5331.539	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$33.22	2015-05-06	Common Stock (5000)	5000	Direct
Employee Stock Option	$41.82	2021-05-13	Common Stock (10000)	10000	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (10000)	10000	Direct

Footnotes

F1: The option will vest 25% per year over four years from the date of grant.

F2: Self-IRA