DAVITA INC. — Director's Dealing 2012

Jan 26, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DAVITA INC (DVA)
CIK: 0000927066
Period of Report: 2012-01-24

Reporting Person: HILGER JAMES K (Chief Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-24	Common Stock	M	10000	$52.12	Acquired	16925	Direct
2012-01-24	Common Stock	F	6480	$80.44	Disposed	10445	Direct
2012-01-24	Common Stock	S	3520	$80.6647	Disposed	6925	Direct
2012-01-24	Common Stock	M	3333	$50.37	Acquired	10258	Direct
2012-01-24	Common Stock	F	2088	$80.44	Disposed	8170	Direct
2012-01-24	Common Stock	S	1245	$80.7004	Disposed	6925	Direct
2012-01-24	Common Stock	M	1666	$46.26	Acquired	8591	Direct
2012-01-24	Common Stock	F	959	$80.44	Disposed	7632	Direct
2012-01-24	Common Stock	S	707	$80.6781	Disposed	6925	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-24	Stock Appreciation Right	$52.12	M	10000	Disposed	2012-03-14	Common Stock (10000)	Direct
2012-01-24	Stock Appreciation Right	$50.37	M	3333	Disposed	2013-02-28	Common Stock (3333)	Direct
2012-01-24	Stock Appreciation Right	$46.26	M	1666	Disposed	2014-03-02	Common Stock (1666)	Direct

Footnotes

F1: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 5, 2011 (which had been inadvertantly previously reported as effective on May 6 2011).

F2: The range of prices for the sale of these shares was $80.62 - $80.69. The filer undertakes to provide staff, the issuer or a security holder full information regarding the number of shares sold at each separate price.

F3: The range of prices for the sale of these shares was $80.69 - $80.705. The filer undertakes to provide staff, the issuer or a security holder full information regarding the number of shares sold at each separate price.

F4: Stock Appreciation Right, pursuant to the DaVita Inc. 2002 Equity Compensation Plan (as amended and restated, the "DaVita Inc. 2011 Incentive Award Plan," effective June 6, 2011), which vested 50% on the third anniversary of the grant date, 12.5% on the 45th month following the grant date, and 12.5% every three months thereafter.

F5: Stock Appreciation Right, pursuant to the DaVita Inc. 2002 Equity Compensation Plan (as amended and restated, the "DaVita Inc. 2011 Incentive Award Plan," effective June 6, 2011), which vested 25% on the first anniversary of the grant date, 8.33% on the 20th month following the grant date, and 8.33% every four months thereafter.