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: BAGWELL KURT L (President - International)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-04	Class A Common Stock	M	2233	—	Acquired	98152	Direct
2012-03-04	Class A Common Stock	M	2504	—	Acquired	100656	Direct
2012-03-04	Class A Common Stock	F	1727	$47.10	Disposed	98929	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-04	Restricted Stock Units	$	M	2233	Disposed		Class A Common Stock (2233)	Direct
2012-03-04	Restricted Stock Units	$	M	2504	Disposed		Class A Common Stock (2504)	Direct
2012-03-06	Stock Options (Right to Buy)	$47.52	A	44908	Acquired	2019-03-06	Class A Common Stock (44908)	Direct
2012-03-06	Restricted Stock Units	$	A	9931	Acquired		Class A Common Stock (9931)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$32.39	2015-02-28	Class A Common Stock (65000)	65000	Direct
Stock Options (Right to Buy)	$19.68	2016-03-05	Class A Common Stock (42166)	42166	Direct
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (39142)	39142	Direct
Stock Options (Right to Buy)	$42.15	2018-03-04	Class A Common Stock (43519)	43519	Direct

Footnotes

F1: On March 4, 2012, 2,233 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, 2,504 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 are immediately exercisable.

F5: These options vest in accordance with the following schedule: 21,083 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: 9,785 vest on each of the first and the third anniversary of the grant date and 9,786 vest on each of the second and 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: 2,233 vest on each of the first through the third anniversaries of the grant date and 2,234 vest on the fourth anniversary of the grant date (March 4, 2010).

F9: These options vest in accordance with the following schedule: 10,879 vest on the first anniversary of the grant date and 10,880 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: 2,504 vest on each of the first through fourth anniversaries of the grant date (March 4, 2011).

F11: These options vest in accordance with the following schedule: 11,227 vest on each of the first through fourth anniversaries of the grant date (March 6, 2012).

F12: These restricted stock units vest in accordance with the following schedule: 2,482 vest on the first anniversary of the grant date and 2,483 vest on each of the second through fourth anniversaries of the grant date (March 6, 2012).