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: SILBERSTEIN JASON V (SVP - Property Management)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-04	Class A Common Stock	M	1560	—	Acquired	1560	Direct
2011-03-04	Class A Common Stock	F	538	$42.00	Disposed	1022	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-04	Restricted Stock Units	$	M	1560	Disposed		Class A Common Stock (1560)	Direct
2011-03-04	Stock Options (Right to Buy)	$42.15	A	26111	Acquired	2018-03-04	Class A Common Stock (26111)	Direct
2011-03-04	Restricted Stock Units	$	A	6009	Acquired		Class A Common Stock (6009)	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)	$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 (27357)	27357	Direct

Footnotes

F1: On March 4, 2011, 1,560 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: 11,875 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: 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).

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: 1,560 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).

F9: 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).

F10: 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).