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: Cavanagh Brendan Thomas (Senior Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-04	Class A Common Stock	M	1621	—	Acquired	20786	Direct
2011-03-04	Class A Common Stock	F	591	$42.00	Disposed	20195	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-04	Restricted Stock Units	$	M	1621	Disposed		Class A Common Stock (1621)	Direct
2011-03-04	Stock Options (Right to Buy)	$42.15	A	29593	Acquired	2018-03-04	Class A Common Stock (29593)	Direct
2011-03-04	Restricted Stock Units	$	A	6810	Acquired		Class A Common Stock (6810)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$8.56	2015-02-01	Class A Common Stock (4474)	4474	Direct
Stock Options (Right to Buy)	$19.1	2016-01-19	Class A Common Stock (35000)	35000	Direct
Stock Options (Right to Buy)	$28.54	2014-02-26	Class A Common Stock (35000)	35000	Direct
Stock Options (Right to Buy)	$32.39	2015-02-28	Class A Common Stock (40000)	40000	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 (28409)	28409	Direct

Footnotes

F1: On March 4, 2011, 1,621 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 are immediately exercisable.

F4: These options vest in accordance with the following schedule: 10,000 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: 15,407 vest on each of the first through fourth anniversaries of the grant date (March 5, 2009).

F6: These options vest in accordance with the following schedule: 7,102 vest on each of the first through the third anniversaries of the grant date and 7,103 vest on the fourth anniversary 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: 1,621 vest on each of the first through fourth anniversaries of the grant date (March 4, 2010).

F9: These options vest in accordance with the following schedule: 7,398 vest on each of the first through third anniversaries of the grant date and 7,399 vest on the fourth anniversary of the grant date (March 4, 2011).

F10: These restricted stock units vest in accordance with the following schedule: 1,702 vest on each of the first and third anniversary of the grant date and 1,703 vest on each of the second and fourth anniversary of the grant date (March 4, 2011).