SEC Form 5
FORM 5 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
  
 Form 3 Holdings Reported.
  
 Form 4 Transactions Reported.
1. Name and Address of Reporting Person*
MEYERS KENNETH R
(Last) (First) (Middle)
TDS
30 N. LASALLE ST. STE. 4000
(Street)
CHICAGO IL 60602
(City) (State) (Zip)
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)
Executive Vice President & CFO
3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2011
4. If Amendment, Date of 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
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 at end of Issuer's Fiscal Year (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Amount (A) or (D) Price
Common Shares 12/31/2011 J 545.85 A (5) 3,201.03 I By 401K plan
Special Common Shares 12/31/2011 J 20.19 A (5) 872.59 I By 401k plan
Common Shares 870.8559 D
Special Common Shares 03/31/2011 J(1) 642.117 A $25.092 19,494.6564 D
Special Common Shares 06/30/2011 J(1) 224.46 A $22.8905 31,872.9314 D
Common Shares 500 I By Wife
Special Common Shares 500 I By Wife
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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (Right to buy) $59.45 12/15/2007 07/02/2017 Special Common Shares 52,942 52,942 D
Option (Right to buy) $35.35 (2) 08/26/2018 Special Common Shares 93,000 93,000 D
Option (Right to buy) $26.95 (4) 05/20/2019 Special Common Shares 129,400 129,400 D
Option (Right to buy) $26.66 (4) 05/25/2020 Special Common Shares 132,500 132,500 D
Option (Right to buy) $29.94 (4) (4) Special Common Shares 121,200 121,200 D
Restricted Stock Units (6) (6) 05/25/2020 Special Common Shares 17,000 17,000 D
Restricted Stock Units (7) (7) (7) Special Common Shares 16,700 16,700 D
Option (Right to buy) $25.092 03/31/2011 J(1) 642.117 03/31/2011 03/31/2011 Special Common Shares 642.117 (1) 0 D
Option (Right to buy) $22.8905 06/30/2011 J(1) 224.46 06/30/2011 06/30/2011 Special Common Shares 224.46 (1) 0 D
Deferred Compensation (3) 12/31/2011 J(3) 267.397 (3) (3) Special Common Shares 15,387.03 (3) 15,387.03 D
Explanation of Responses:
1. Disposition of option and acquisition of stock under the Telephone and Data Systems, Inc. Employee Stock Purchase Plan.
2. Granted under the 2004 Long-term Incentive Plan. Options vest over a 3 year period with one-third of the number of shares becoming exercisable on Aug. 26, 2009, one-third becoming exercisable on Aug. 26, 2010 and one-third becoming exercisable on Aug. 26, 2011.
3. 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.
4. Granted under the 2004 Long-term Incentive Plan. Options vest over a 3 year period with one-third of the number of shares becoming exercisable on the first anniversary, one-third on the second anniversary and one-third on the third anniversary.
5. Voluntary reporting of shares acquired in 2011 in the TDS 401K plan. The information is based on a plan statement dated 12/31/11. The number of shares fluctuates and is attributable to the price of the shares on 12/31/11.
6. Resticted stock unit award pursuant to the Long-term Incentive Plan. Stock units will become vested on December 15, 2012.
7. Restricted stock unit award pursuant to the Long-Term Incentive Plan. Stock units will become vested on December 2, 2013.
Remarks:
Julie D. Mathews, by power of atty 01/19/2012
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
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