Company: SBAC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001034054-25-000002
Chunk: 63

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 9B
Chunk 63
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, RSUs and PSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect to shares that actually vest.Stock OptionsThe Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses a combination of historical data and historical volatility to establish the expected volatility, as well as to estimate the expected option life. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model:                 For the year ended December 31,      2023 2022Risk free interest rate     3.96%  2.53%Dividend yield     1.50%  0.9%Expected volatility     30.0%  27.2%Expected lives     4.4 years  4.3 years There were no options granted during the year ended December 31, 2024.‎ 

F-31Table of Contents

 The following table summarizes the Company’s activities with respect to its stock option plans for the years ended December 31, 2024, 2023 and 2022 as follows (dollars and shares in thousands, except for per share data):                          Weighted- Weighted-Average       Average Remaining     Number Exercise Price Contractual  Aggregate  of Shares Per Share Life (in years) Intrinsic ValueOutstanding at December 31, 2021  1,899 $157.76     Granted  10 $328.99     Exercised  (233) $141.41     Forfeited/canceled  (3) $179.16     Outstanding at December 31, 2022  1,673 $161.02     Granted  20 $224.24     Exercised  (339) $132.70     Forfeited/canceled  (14) $238.10     Outstanding at December 31, 2023  1,340 $168.32     Exercised  (250) $140.18     Forfeited/canceled  (2) $197.91     Outstanding at December 31, 2024  1,088 $174.74 1.