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: Lazarus Brian D (VP & Chief Accounting Officer)

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	263	$42.00	Disposed	457	Direct
2011-03-07	Class A Common Stock	M	1686	$28.54	Acquired	2143	Direct
2011-03-07	Class A Common Stock	M	1328	$32.39	Acquired	3471	Direct
2011-03-07	Class A Common Stock	M	1786	$19.68	Acquired	5257	Direct
2011-03-07	Class A Common Stock	S	4800	$42.08	Disposed	457	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-07	Stock Options (Right to Buy)	$28.54	M	1686	Disposed	2014-02-26	Class A Common Stock (1686)	Direct
2011-03-07	Stock Options (Right to Buy)	$32.39	M	1328	Disposed	2015-02-28	Class A Common Stock (1328)	Direct
2011-03-07	Stock Options (Right to Buy)	$19.68	M	1786	Disposed	2016-03-05	Class A Common Stock (1786)	Direct
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	12011	Acquired	2018-03-04	Class A Common Stock (12011)	Direct
2011-03-04	Restricted Stock Units	$	A	2764	Acquired		Class A Common Stock (2764)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$26.2	2016-10-09	Class A Common Stock (722)	722	Direct
Stock Options (Right to Buy)	$31.09	2015-09-12	Class A Common Stock (6591)	6591	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: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $42.05 to $42.11 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: 4,000 vest on each of the first through fourth anniversaries of the grant date (February 28, 2008).

F6: These options vest in accordance with the following schedule: 2,500 vest on each of the first through fourth anniversaries of the grant date (September 12, 2008).

F7: These options vest in accordance with the following schedule: 7,303 vest on each of the first through the third anniversaries of the grant date and 7,304 vest on the fourth anniversary of the grant date (March 5, 2009).

F8: These options vest in accordance with the following schedule: 3,156 vest on each of the first and the third anniversary of the grant date and 3,157 vest on each of the second and 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: 720 vest on each of the first through the third anniversaries of the grant date and 721 vest on the fourth anniversary of the grant date (March 4, 2010).

F11: These options vest in accordance with the following schedule: 3,002 vest on the first anniversary of the grant date and 3,003 vest on each of the third through fourth anniversaries of the grant date (March 4, 2011).

F12: These restricted stock units vest in accordance with the following schedule: 691 vest on each of the first through fourth anniversaries of the grant date (March 4, 2011).