SBA COMMUNICATIONS CORP — Director's Dealing 2012

Dec 14, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SBA COMMUNICATIONS CORP (SBAC)
CIK: 0001034054
Period of Report: 2012-12-12

Reporting Person: SILBERSTEIN JASON V (SVP - Property Management)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-12	Class A Common Stock	M	44413	$32.39	Acquired	54124	Direct
2012-12-12	Class A Common Stock	S	44413	$69.28	Disposed	9711	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-12	Stock Options (Right to Buy)	$32.39	M	44413	Disposed	2015-02-28	Class A Common Stock (44413)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options (Right to Buy)	$19.68	2016-03-05	Class A Common Stock (15407)	15407	Direct
Stock Options (Right to Buy)	$35.71	2017-03-04	Class A Common Stock (27357)	27357	Direct
Restricted Stock Units	$		Class A Common Stock (3122)	3122	Direct
Stock Options (Right to Buy)	$42.15	2018-03-04	Class A Common Stock (26111)	26111	Direct
Restricted Stock Units	$		Class A Common Stock (4507)	4507	Direct
Stock Options (Right to Buy)	$47.52	2019-03-06	Class A Common Stock (27444)	27444	Direct
Restricted Stock Units	$		Class A Common Stock (6069)	6069	Direct

Footnotes

F1: Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transactions ranged from $69.26 to $69.34 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 are immediately exercisable.

F3: 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).

F4: 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).

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: 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).

F7: 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).

F8: 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).

F9: These options vest in accordance with the following schedule: 6,861 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: 1,517 vest on each of the first through third anniversaries of the grant date and 1,518 vest on the fourth anniversary of the grant date (March 6, 2012).