KIRBY CORP — Director's Dealing 2003

Dec 5, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KIRBY CORP (KEX)
CIK: 0000056047
Period of Report: 2003-12-03

Reporting Person: PYNE J H (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-03	Common Stock, par value $.10 per share	F	8582	$31.13	Disposed	81673	Direct
2003-12-03	Common Stock, par value $.10 per share	M	12500	$21.375	Acquired	94173	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-03	Employee Stock Option (Right to Buy)	$21.375	M	12500	Disposed	2004-01-18	Common Stock (12500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.10 per share	3945	Indirect

Footnotes

F1: Original option of 25,000 shares exercisable 25% after one year, 50% after two years, 75% after three years and 100% after four years from date of grant. On November 25, 2003, 12,500 shares of the option were exercised and registered in the name of Mr. Pyne's ex-wife, Kathryn W. Pyne, pursuant to a domestic relations order.