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: STOOPS JEFFREY (Director, Chief Executive Officer & Pres)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-04	Class A Common Stock	M	4827	—	Acquired	395661	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-04	Restricted Stock Units	$	M	4827	Disposed		Class A Common Stock (4827)	Direct
2011-03-04	Stock Options (Right to Buy)	$42.15	A	97483	Acquired	2018-03-04	Class A Common Stock (97483)	Direct
2011-03-04	Restricted Stock Units	$	A	22435	Acquired		Class A Common Stock (22435)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	3950	Indirect
Class A Common Stock	3950	Indirect
Class A Common Stock	3950	Indirect
Class A Common Stock	3350	Indirect
Class A Common Stock	569863	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$8.56	2015-02-01	Class A Common Stock (43750)	43750	Direct
Stock Options (Right to Buy)	$19.1	2016-01-19	Class A Common Stock (142500)	142500	Direct
Stock Options (Right to Buy)	$28.54	2014-02-26	Class A Common Stock (142500)	142500	Direct
Stock Options (Right to Buy)	$32.39	2015-02-28	Class A Common Stock (150000)	150000	Direct
Stock Options (Right to Buy)	$19.68	2016-03-05	Class A Common Stock (194605)	194605	Direct
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (84598)	84598	Direct

Footnotes

F1: On March 4, 2011, 4,827 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F2: Includes 590 shares acquired on February 28, 2011 pursuant to the SBA Communications Corporation 2008 Employee Stock Purchase Plan.

F3: Each of the four different trusts is for the benefit of one of the reporting person's four children.

F4: These shares are owned by Calculated Risk Partners, L.P., a Delaware limited partnership ("CRLP"). The Reporting Person and his spouse control the general partner of CRLP. The Reporting Person disclaims beneficial ownership of the stock owned by CRLP except to the extent of his pecuniary interest therein.

F5: These options are immediately exercisable.

F6: These options vest in accordance with the following schedule: 37,500 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: 48,651 vest on each of the first through the third anniversaries of the grant date and 48,652 vest on the fourth anniversary of the grant date (March 5, 2009).

F8: These options vest in accordance with the following schedule: 21,149 vest on each of the first and the third anniversary of the grant date and 21,150 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: 4,827 vest on each of the first through the fourth anniversaries of the grant date (March 4, 2010).

F11: These options vest in accordance with the following schedule: 24,370 vest on the first anniversary of the grant date and 24,371 vest on each of the second through fourth anniversaries of the grant date (March 4, 2011).

F12: These restricted stock units vest in accordance with the following schedule: 5,608 vest on the first anniversary of the grant date and 5,609 vest on each of the second through fourth anniversaries of the grant date (March 4, 2011).