X0304 4 2012-02-16 0 0001232241 JOURNAL COMMUNICATIONS INC JRN 0001239534 SMITH STEVEN J JOURNAL COMMUNICATIONS, INC. 333 W. STATE STREET MILWAUKEE WI 53203 1 1 0 0 Chairman of the Board and CEO Class A Common Stock 100 D Class B Common Stock 2012-02-16 4 F 0 14029 4.88 D Class A Common Stock 14029 767615 D Stock Appreciation Right 13.31 2017-02-16 Class B Common Stock 220000 220000 D Stock Appreciation Right 2017-02-16 Class B Common Stock 75000 75000 D Stock Appreciation Right 7.57 2018-02-15 Class B Common Stock 224000 224000 D Stock Appreciation Right 2018-02-15 Class B Common Stock 118000 118000 D The Class B Common Stock is convertible into Class A Common Stock (subject to certain limitations specified in the Issuer's Amended and Restated Articles of Incorporation) on a 1-for-1 basis at no cost Reflects payment of tax liability by withholding shares of stock incident to vesting of restricted stock previously issued. The stock appreciation right was granted February 16, 2007 to the reporting person under the Journal Communications, Inc. 2003 Equity Incentive Plan. The stock appreciation right vests and becomes exercisable in three equal annual installments on February 16, 2008, 2009 and 2010. The stock appreciation right has an escalating base value which starts with $13.31, the closing price of the Company's Class A Common Stock on the date of grant, and increases by 6% per year for each year that the stock appreciation right remains outstanding, starting on the first anniversary of the grant date. The stock appreciation right was granted February 15, 2008 to the reporting person under the Journal Communications, Inc. 2007 Omnibus Incentive Plan. The stock appreciation right vests and becomes exercisable in three equal annual installments on February 15, 2009, 2010 and 2011. The stock appreciation right has an escalating base value which starts with $7.57, the closing price of the Company's Class A Common Stock on the date of grant, and increases by 6% per year for each year that the stock appreciation right remains outstanding, starting on the first anniversary of the grant date. /s/ Russell E. Ryba, Attorney-in-Fact 2012-02-21