DECKERS OUTDOOR CORP — Director's Dealing 2011

Nov 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DECKERS OUTDOOR CORP (DECK)
CIK: 0000910521
Period of Report: 2011-11-01

Reporting Person: MARTINEZ ANGEL R (Director, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-01	Common Stock	M	60000	$26.73	Acquired	315476	Direct
2011-11-01	Common Stock	D	14352	$111.75	Disposed	301124	Direct
2011-11-01	Common Stock	D	21309	—	Disposed	279815	Direct
2011-11-02	Common Stock	S	24339	$112.68	Disposed	255476	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-01	Stock Appreciation Right	$26.73	M	60000	Disposed	2017-05-09	Common Stock (60000)	Direct

Footnotes

F1: Shares withheld and not issued to satisfy certain tax withholding obligations incident to the exercise on November 1, 2011 of the Level 1 Stock Appreciation Rights.

F2: The price reported in Column 4 is a weighted average price. The reporting person undertakes to provide to Deckers Outdoor Corporation, any security holder of Deckers Outdoor Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth for the sales reported on this Form 4.