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

Mar 14, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2012-03-08

Reporting Person: CARLSON LEROY T (Director, Chairman Emeritus)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-08	Deferred Compensation	$	A	8845.408	Acquired		Common Shares (8845.408)	Direct

Footnotes

F1: Reporting person has deferrred bonuses pursuant to the Long term incentive plan. The employer match vests ratably at 33%, 33% and 34% per year over a 3 year period. Common share units vested at 3/8/12 were 117,004.508.