Edgar Filing: CARLSON LEROY T

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

CARLSON LEROY T

2. Issuer Name and Ticker or Trading Symbol
TELEPHONE & DATA SYSTEMS INC /DE/ [TDS]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Chairman Emeritus

(Last)

(First)

(Middle)

TELEPHONE AND DATA SYSTEMS, INC., 30 N. LASALLE ST., STE. 4000

3. Date of Earliest Transaction (Month/Day/Year)
01/24/2012

(Street)

CHICAGO, IL 60602

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	01/24/2012		J⁽¹⁾		5,441.79	D	⁽¹⁾	0	I	By 401K
Special Common Shares	01/24/2012		J⁽¹⁾		2,655.56	D	⁽¹⁾	0	I	By 401K
Common Shares	01/24/2012		J⁽¹⁾		8,707.81	A	⁽¹⁾	8,707.81	I	By 401K
Common Shares	01/24/2012		J⁽¹⁾		58,915.55	D	⁽¹⁾	0	D
Common Shares	01/24/2012		J⁽¹⁾		64,041.2029	A	⁽¹⁾	64,041.2029	D
Special Common Shares	01/24/2012		J⁽¹⁾		220,073.51 ⁽⁴⁾	D	⁽¹⁾	0	D
Common Shares	01/24/2012		J⁽¹⁾		220,073.51	A	⁽¹⁾	220,073.51 ⁽⁴⁾	I	By Voting Trust
Special Common Shares	01/24/2012		J⁽¹⁾		12,961.06	D	⁽¹⁾	0	D
Common Shares	01/24/2012		J⁽¹⁾		12,961.06	A	⁽¹⁾	77,002.2629	D
Special Common Shares	01/24/2012		J⁽¹⁾		9,663.75	D	⁽¹⁾	0	I	By Wife
Common Shares	01/24/2012		J⁽¹⁾		9,663.75	A	⁽¹⁾	9,663.75	I	By Wife

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Series A Common Shares

⁽¹⁾

01/24/2012

J⁽¹⁾

56,449.2

⁽²⁾

Common or Special Common shares

56,449.2

⁽¹⁾

By Wife

Series A Common Shares

⁽¹⁾

01/24/2012

J⁽¹⁾

61,360.2804

⁽²⁾

Common Shares

61,360.2804

⁽¹⁾

61,360.2804

By Wife

Series A Common Shares

⁽¹⁾

01/24/2012

J⁽¹⁾

224,950.82

⁽²⁾

Common or Special Common Shares

224,950.82

⁽⁸⁾

By Wife

Series A Common Shares

⁽¹⁾

01/24/2012

J⁽¹⁾

244,521.983

⁽²⁾

Common Shares

244,521.983

⁽⁸⁾

244,521.983 ⁽⁷⁾

By Wife

Deferred Compensation

⁽¹⁾

01/24/2012

J⁽¹⁾

32,126.61

⁽⁶⁾

Common Shares

32,126.61

⁽⁸⁾

Deferred Compensation

⁽¹⁾

01/24/2012

J⁽¹⁾

34,921.6251

⁽⁶⁾

Common Shares

34,921.6251

⁽⁸⁾

34,921.6251

Deferred Compensation

⁽¹⁾

01/24/2012

J⁽¹⁾

76,939.588

⁽⁵⁾

Special Common Shares

76,939.588

⁽⁸⁾

Deferred Compensation

⁽¹⁾

01/24/2012

J⁽¹⁾

76,939.588

⁽⁵⁾

Common Shares

76,939.588

⁽⁸⁾

111,861.2131

Option (Right to Buy)

$ 59

01/24/2012

J⁽⁸⁾

22,170

12/15/2002

07/05/2012

Common and Special Common Shares

22,170

⁽⁸⁾

Option (Right to Buy)

$ 28.27

01/24/2012

J⁽⁸⁾

46,268.79

12/15/2002

07/05/2012

Common Shares

46,268.79

⁽⁸⁾

46,268.79

Option (Right to Buy)

$ 52.92

01/24/2012

J⁽⁸⁾

23,605

12/15/2003

07/03/2013

Common and Special Common Shares

23,605

⁽⁸⁾

Option (Right to Buy)

$ 25.36

01/24/2012

J⁽⁸⁾

49,263.635

12/15/2003

07/03/2013

Common Shares

49,263.635

⁽⁸⁾

49,263.635

Option (Right to Buy)

$ 66

01/24/2012

J⁽⁸⁾

22,475

12/15/2004

05/08/2014

Common and Special Common Shares

22,475

⁽⁸⁾

Option (Right to buy)

$ 31.62

01/24/2012

J⁽⁸⁾

46,905.325

12/15/2004

05/08/2014

Common Shares

46,905.325

⁽⁸⁾

46,905.325

Option (Right to Buy)

$ 77.36

01/24/2012

J⁽⁸⁾

26,531

12/15/2005

04/20/2015

Common and Special Common Shares

26,531

⁽⁸⁾

Option (Right to Buy)

$ 37.07

01/24/2012

J⁽⁸⁾

55,370.197

12/15/2005

04/20/2015

Common Shares

55,370.197

⁽⁸⁾

55,370.197

Option (Right to Buy)

$ 38

01/24/2012

J⁽⁸⁾

61,127

12/15/2006

06/19/2016

Special Common Shares

61,127

⁽⁸⁾

Option (Right to Buy)

$ 38

01/24/2012

J⁽⁸⁾

61,127

12/15/2006

06/19/2016

Common Shares

61,127

⁽⁸⁾

61,127

Option (Right to Buy)

$ 59.45

01/24/2012

J⁽⁸⁾

36,116

12/15/2007

07/02/2017

Special Common Shares

36,116

⁽⁸⁾

Option (Right to Buy)

$ 59.45

01/24/2012

J⁽⁸⁾

36,116

12/15/2007

07/02/2017

Common Shares

36,116

⁽⁸⁾

36,116

Option (Right to Buy)

$ 35.35

01/24/2012

J⁽⁸⁾

41,500

⁽³⁾

08/26/2018

Special Common Shares

41,500

⁽⁸⁾

Option (Right to Buy)

$ 35.35

01/24/2012

J⁽⁸⁾

41,500

⁽³⁾

08/26/2018

Common Shares

41,500

⁽⁸⁾

41,500

Option (Right to Buy)

$ 26.95

01/24/2012

J⁽⁸⁾

42,200

⁽³⁾

05/20/2019

Special Common Shares

42,200

⁽⁸⁾

Option (Right to Buy)

$ 26.95

01/24/2012

J⁽⁸⁾

42,200

⁽³⁾

05/20/2019

Common Shares

42,200

⁽⁸⁾

42,200

Option (Right to Buy)

$ 26.66

01/24/2012

J⁽⁸⁾

39,900

⁽³⁾

05/25/2020

Special Common Shares

39,900

⁽⁸⁾

Option (Right to Buy)

$ 26.66

01/24/2012

J⁽⁸⁾

39,900

⁽³⁾

05/25/2020

Common Shares

39,900

⁽⁸⁾

39,900

Option (Right to Buy)

$ 29.94

01/24/2012

J⁽⁸⁾

31,400

⁽³⁾

05/13/2021

Special Common Shares

31,400

⁽⁸⁾

Option (Right to Buy)

$ 29.94

01/24/2012

J⁽⁸⁾

31,400

⁽³⁾

05/13/2021

Common Shares

31,400

⁽⁸⁾

31,400

Restricted Stock Units

⁽⁹⁾

01/24/2012

J⁽⁸⁾

7,500

12/15/2012

Special Common Shares

7,500

⁽⁸⁾

Restricted Stock Units

⁽⁹⁾

01/24/2012

J⁽⁸⁾

7,500

12/15/2012

Common Shares

7,500

⁽⁸⁾

7,500

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
CARLSON LEROY T TELEPHONE AND DATA SYSTEMS, INC. 30 N. LASALLE ST., STE. 4000 CHICAGO, IL 60602	X		Chairman Emeritus

Signatures

Julie D. Mathews, by power of atty		01/26/2012
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	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.
(2)	Series A Common Shares are convertible, on a share-for-share basis.
(3)	Granted under the 2004 Long Term Incentive Plan. Options vest over a three year period with one-third vesting on the first annual anniversary, one-third vesting on the second annual anniversary and one-third vesting on third annual anniversary.
(4)	Beneficial ownership of shares held in Voting Trust. Reporting person disclaims ownership of 190,654.95 (including 39,382.95 shares acquired pursuant to a dividend reinvestment plan) owned by wife. Includes 2764.56 shares acquired pursuant to a dividend reinvestment plan.
(5)	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. Special common share units vested at 12/31/11 were 75,225.97.
(6)	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 12/31/11 were 32,126.61
(7)	Beneficial ownership of shares held in Voting Trust. Reporting person disclaims ownership of 208,176.816 (including 43,743.816 shares acquired pursuant to a dividend reinvestment plan) owned by wife. Includes 7372.167 shares acquired pursuant to a dividend reinvestment plan.
(8)	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.
(9)	Restricted stock units vest on Dec. 15, 2012.

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