A data communications system and method having high spectral efficiency. The method includes encoding input digital data using a plurality of symbol waveforms. Each symbol waveform occupies a period of a composite encoded waveform and represents one or more bits of the input digital data. Each symbol waveform has a first elliptical segment and a second elliptical segment of opposite polarity. The encoding includes defining each symbol waveform so that (i) a zero crossing from the first elliptical segment to the second elliptical segment of the symbol waveform is different for each of the symbol waveforms, and (ii) an energy of the first elliptical segment of the symbol waveform is substantially equal to an energy of the second elliptical segment of the symbol waveform. An encoded analog waveform is generated, using a digital-to-analog converter, from a digital representation of the composite encoded waveform.