SBA COMMUNICATIONS CORP — Director's Dealing 2011

Jan 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2011-01-03

Reporting Person: SILBERSTEIN JASON V (SVP - Property Management)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-03	Class A Common Stock	M	33256	$19.10	Acquired	33256	Direct
2011-01-03	Class A Common Stock	S	33256	$41.01	Disposed	0	Direct
2011-01-04	Class A Common Stock	M	7744	$19.10	Acquired	7744	Direct
2011-01-04	Class A Common Stock	S	7744	$41.01	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-03	Stock Options (Right to buy)	$19.1	M	33256	Disposed	2016-01-19	Class A Common Stock (33256)	Direct
2011-01-04	Stock Options (Right to buy)	$19.1	M	7744	Disposed	2016-01-19	Class A Common Stock (7744)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$28.54	2014-02-26	Class A Common Stock (41000)	41000	Direct
Stock Options (Right to Buy)	$32.39	2015-02-28	Class A Common Stock (47500)	47500	Direct
Stock Options (Right to Buy)	$19.68	2016-03-05	Class A Common Stock (61628)	61628	Direct
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (27357)	27357	Direct
Restricted Stock Units	$		Class A Common Stock (6243)	6243	Direct

Footnotes

F1: The sale occurred pursuant to an existing Rule 10b5-1 plan adopted by the Reporting Person.

F2: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $41.00 to $41.03 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.

F3: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $41.00 to $41.02 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.

F4: These options are immediately exercisable.

F5: These options vest in accordance with the following schedule: 10,250 vest on each of the first through fourth anniversaries of the grant date (February 26, 2007).

F6: These options vest in accordance with the following schedule: 11,875 vest on each of the first through fourth anniversaries of the grant date (February 28, 2008).

F7: These options vest in accordance with the following schedule: 15,407 vest on each of the first through fourth anniversaries of the grant date (March 5, 2009).

F8: These options vest in accordance with the following schedule: 6,839 vest on each of the first through the third anniversaries of the grant date and 6,840 vest on the fourth anniversary of the grant date (March 4, 2010).

F9: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F10: These restricted stock units vest in accordance with the following schedule: 1,560 vest on the first anniversary of the grant date and 1,561 vest on each of the second through the fourth anniversaries of the grant date (March 4, 2010).