SBA COMMUNICATIONS CORP — Director's Dealing 2011

Dec 2, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2011-12-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-02	Class A Common Stock	M	30814	$19.68	Acquired	31836	Direct
2011-12-02	Class A Common Stock	S	30814	$41.01	Disposed	1022	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-02	Stock Options (Right to Buy)	$19.68	M	30814	Disposed	2016-03-05	Class A Common Stock (30814)	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)	$35.71	2017-03-04	Class A Common Stock (27357)	27357	Direct
Restricted Stock Units	$		Class A Common Stock (4683)	4683	Direct
Stock Options (Right to Buy)	$42.15	2018-03-04	Class A Common Stock (26111)	26111	Direct
Restricted Stock Units	$		Class A Common Stock (6009)	6009	Direct

Footnotes

F1: 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.

F2: These options are immediately exercisable.

F3: 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).

F4: 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).

F5: 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).

F6: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F7: 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).

F8: These options vest in accordance with the following schedule: 6,527 vest on the first anniversary of the grant date and 6,528 vest on each of the second through fourth anniversaries of the grant date (March 4, 2011).

F9: These restricted stock units vest in accordance with the following schedule: 1,502 vest on each of the first through third anniversaries of the grant date and 1,503 vest on the fourth anniversary of the grant date (March 4, 2011).