DECKERS OUTDOOR CORP — Director's Dealing 2011

May 25, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DECKERS OUTDOOR CORP (DECK)
CIK: 0000910521
Period of Report: 2011-03-24

Reporting Person: Clark Colin Gavin (Senior VP of Emerging Brands)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-24	Common Stock	M	60000	$26.73	Acquired	118600	Direct
2011-05-24	Common Stock	D	18057	$88.82	Disposed	100543	Direct
2011-05-24	Common Stock	D	19579	—	Disposed	80964	Direct
2011-05-25	Common Stock	S	22364	$89.00	Disposed	58600	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-24	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 May 24, 2011 of the level 1 stock appreciation rights.