SBA COMMUNICATIONS CORP — Director's Dealing 2012

Mar 6, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2012-03-04

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-04	Class A Common Stock	M	720	—	Acquired	1177	Direct
2012-03-04	Class A Common Stock	M	691	—	Acquired	1868	Direct
2012-03-04	Class A Common Stock	F	515	$47.10	Disposed	1353	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-04	Restricted Stock Units	$	M	720	Disposed		Class A Common Stock (720)	Direct
2012-03-04	Restricted Stock Units	$	M	691	Disposed		Class A Common Stock (691)	Direct
2012-03-06	Stock Options (Right to Buy)	$47.52	A	12640	Acquired	2019-03-06	Class A Common Stock (12640)	Direct
2012-03-06	Restricted Stock Units	$	A	2795	Acquired		Class A Common Stock (2795)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$19.68	2016-03-05	Class A Common Stock (20124)	20124	Direct
Stock Options (Right to Buy)	$26.2	2016-10-09	Class A Common Stock (722)	722	Direct
Stock Options (Right to Buy)	$28.54	2014-02-26	Class A Common Stock (2814)	2814	Direct
Stock Options (Right to Buy)	$32.39	2015-02-28	Class A Common Stock (5675)	5675	Direct
Stock Options (Right to Buy)	$31.09	2015-09-12	Class A Common Stock (5985)	5985	Direct
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (12626)	12626	Direct
Stock Options (Right to Buy)	$42.15	2018-03-04	Class A Common Stock (12011)	12011	Direct

Footnotes

F1: On March 4, 2012, 720 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F2: On March 4, 2012, 691 of the Reporting Person's restricted stock units were settled for an equal number of shares of Class A Common Stock.

F3: Shares withheld for payment of tax liability.

F4: 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).

F5: These options are immediately exercisable.

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: 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).

F8: Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.

F9: 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).

F10: 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).

F11: 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).

F12: 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).

F13: 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).