TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2012

Jan 26, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2012-01-24

Reporting Person: MEYERS KENNETH R (Director, Executive Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-24	Common Shares	J	3201.03	—	Disposed	0	Indirect
2012-01-24	Special Common Shares	J	872.59	—	Disposed	0	Indirect
2012-01-24	Common Shares	J	4441.39	—	Acquired	4441.39	Indirect
2012-01-24	Special Common Shares	J	31872.931	—	Disposed	0	Direct
2012-01-24	Common Shares	J	31872.931	—	Acquired	31872.931	Direct
2012-01-24	Common Shares	J	870.8559	—	Disposed	0	Direct
2012-01-24	Common Shares	J	946.6204	—	Acquired	32819.5514	Direct
2012-01-24	Common Shares	J	500	—	Disposed	0	Indirect
2012-01-24	Common Shares	J	543	—	Acquired	543	Indirect
2012-01-24	Special Common Shares	J	500	—	Disposed	0	Indirect
2012-01-24	Common Shares	J	500	—	Acquired	500	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-24	Deferred Compensation	$	J	15387.03	Disposed		Special Common Shares (15387.03)	Direct
2012-01-24	Deferred Compensation	$	J	15387.03	Acquired		Common Shares (15387.03)	Direct
2012-01-24	Option (Right to Buy)	$59.45	J	52942	Disposed	2017-07-02	Special Common Shares (52942)	Direct
2012-01-24	Option (Right to Buy)	$59.45	J	52942	Acquired	2017-07-02	Common Shares (52942)	Direct
2012-01-24	Option (Right to Buy)	$35.35	J	93000	Disposed	2018-08-26	Special Common Shares (93000)	Direct
2012-01-24	Option (Right to Buy)	$35.35	J	93000	Acquired	2018-08-26	Common Shares (93000)	Direct
2012-01-24	Options (Right to Buy)	$26.95	J	129400	Disposed	2019-05-20	Special Common Shares (129400)	Direct
2012-01-24	Option (Right to Buy)	$26.95	J	129400	Acquired	2019-05-20	Common Shares (129400)	Direct
2012-01-24	Option (Right to Buy)	$26.66	J	132500	Disposed	2020-05-25	Special Common Shares (132500)	Direct
2012-01-24	Option (Right to Buy)	$26.66	J	132500	Acquired	2020-05-25	Common Shares (132500)	Direct
2012-01-24	Option (Right to Buy)	$29.94	J	121200	Disposed	2021-05-13	Special Common Shares (121200)	Direct
2012-01-24	Option (Right to Buy)	$29.94	J	121200	Acquired	2021-05-13	Common Shares (121200)	Direct
2012-01-24	Restricted Stock Units	$	J	17000	Disposed	2012-12-15	Special Common Shares (17000)	Direct
2012-01-24	Restricted Stock Units	$	J	17000	Acquired	2012-12-15	Common Shares (17000)	Direct
2012-01-24	Restricted Stock Units	$	J	16700	Disposed	2013-12-02	Special Common Shares (16700)	Direct
2012-01-24	Restricted Stock Units	$	J	16700	Acquired	2013-12-02	Common Shares (16700)	Direct

Footnotes

F1: Pursuant to a reclassification exempt under Rule 16b-3 and Rule 16b-7, each Special Common Share was reclassified into one Common Share, each Common Share was reclassified into 1.087 Common Shares, and each Series A Common Share was reclassified into 1.087 Series A Common Shares, and each stock award relating to such shares was appropriately adjusted.

F2: Reporting person deferred bonuses pursuant to the Long Term Incentive Plan. The employer match vests ratably 33%, 33% and 34% per year over a 3 year period, a total of 14,613.24 shares are vested.

F3: Granted under the 2004 Long Term Incentive Plan. Options vest over a 3 year period with one-third becoming exercisable on the first annual anniversary, one-third on the second annual anniversary and one-third on the third annual anniversary.

F4: Shares held in the TDS 401(k). The number of shares fluctuates and is attributable to the price of the shares on Jan. 25, 2012.

F5: Shares held in the TDS 401(k). The number of shares fluctuates and is attributable to the price of the shares on Dec. 31, 2011.

F6: Restricted stock vests on Dec. 15, 2012.

F7: Restricted stock vests on Dec. 2, 2013.