DOUGLAS DYNAMICS, INC — Director's Dealing 2011

Mar 17, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DOUGLAS DYNAMICS, INC (PLOW)
CIK: 0001287213
Period of Report: 2011-03-15

Reporting Person: Janik James L (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-15	Common Stock	M	21839	$4.21	Acquired	233203	Direct
2011-03-16	Common Stock	S	2869	$14.18	Disposed	230334	Direct
2011-03-17	Common Stock	S	18970	$13.6348	Disposed	211364	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-15	Employee Stock Option (right to buy)	$4.21	M	21839	Disposed	2014-09-04	Common Stock (21839)	Direct

Footnotes

F1: The price in Column 4 is a weighted average price. The prices actually received ranged from $14.15 to $14.33. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing an average weighted price.

F2: The price in Column 4 is a weighted average price. The prices actually received ranged from $13.60 to $13.73. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing an average weighted price.

F3: These stock options are fully vested and can be exercised at any time.