SBA COMMUNICATIONS CORP — Director's Dealing 2011

Mar 8, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2011-03-04

Reporting Person: Ciarfella Mark R (SVP - Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-04	Class A Common Stock	M	720	—	Acquired	720	Direct
2011-03-04	Class A Common Stock	F	191	$42.00	Disposed	529	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-04	Restricted Stock Units	$	M	720	Disposed		Class A Common Stock (720)	Direct
2011-03-04	Stock Options (Right to Buy)	$42.15	A	14622	Acquired	2018-03-04	Class A Common Stock (14622)	Direct
2011-03-04	Restricted Stock Units	$	A	3365	Acquired		Class A Common Stock (3365)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$33.98	2014-08-02	Class A Common Stock (25000)	25000	Direct
Stock Options (Right to Buy)	$32.39	2015-02-28	Class A Common Stock (12000)	12000	Direct
Stock Options (Right to Buy)	$19.68	2016-03-05	Class A Common Stock (29213)	29213	Direct
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (12626)	12626	Direct

Footnotes

F1: On March 4, 2011, 720 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F2: Shares withheld for payment of tax liability.

F3: These options vest in accordance with the following schedule: 6,250 vest on each of the first through fourth anniversaries of the grant date (August 2, 2007).

F4: These options vest in accordance with the following schedule: 4,000 vest on each of the first through fourth anniversaries of the grant date (February 28, 2008).

F5: These options vest in accordance with the following schedule: 7,303 vest on each of the first through third anniversaries of the grant date and 7,304 vest on the fourth anniversary of the grant date (March 5, 2009).

F6: These options vest in accordance with the following schedule: 3,156 vest on each of the first and third anniversaries of the grant date and 3,157 vest on each of the second and fourth anniversaries of the grant date (March 4, 2010).

F7: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F8: These restricted stock units vest in accordance with the following schedule: 720 vest on each of the first through third anniversaries of the grant date and 721 vest on the fourth anniversary of the grant date (March 4, 2010).

F9: These options vest in accordance with the following schedule: 3,655 vest on each of the first and third anniversaries of the grant date and 3,656 vest on each of the second and fourth anniversaries of the grant date (March 4, 2011).

F10: These restricted stock units vest in accordance with the following schedule: 841 vest on each of the first through third anniversaries of the grant date and 842 vest on the fourth anniversary of the grant date (March 4, 2011).