SBA COMMUNICATIONS CORP — Director's Dealing 2012

Nov 30, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2012-11-30

Reporting Person: Lazarus Brian D (VP & Chief Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-30	Class A Common Stock	M	3002	$42.15	Acquired	4355	Direct
2012-11-30	Class A Common Stock	S	3002	$68.83	Disposed	1353	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-11-30	Stock Options (Right to Buy)	$42.15	M	3002	Disposed	2018-03-04	Class A Common Stock (3002)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$19.68	2016-03-05	Class A Common Stock (7305)	7305	Direct
Stock Options (Right to Buy)	$31.09	2015-09-12	Class A Common Stock (454)	454	Direct
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (6313)	6313	Direct
Restricted Stock Units	$		Class A Common Stock (1441)	1441	Direct
Restricted Stock Units	$		Class A Common Stock (2073)	2073	Direct
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (12640)	12640	Direct
Restricted Stock Units	$		Class A Common Stock (2795)	2795	Direct

Footnotes

F1: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $68.82 to $68.86 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.

F2: 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).

F3: These options are immediately exercisable.

F4: 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).

F5: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F6: 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).

F7: 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).

F8: 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).

F9: These options vest in accordance with the following schedule: 3,160 vest on each of the first through fourth anniversaries of the grant date (March 6, 2012).

F10: These restricted stock units vest in accordance with the following schedule: 698 vest on the first anniversary of the grant date and 699 vest on each of the second through fourth anniversaries of the grant date (March 6, 2012).