KIRBY CORP — Director's Dealing 2004

Feb 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KIRBY CORP (KEX)
CIK: 0000056047
Period of Report: 2004-01-26

Reporting Person: PYNE J H (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-26	Common Stock, par value $.10 per share	A	25000	—	Acquired	119173	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-26	Employee Stock Option (Right to Buy)	$33.925	A	26032	Acquired	2009-01-26	Common Stock (26032)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.10 per share	4404	Indirect

Footnotes

F1: Restricted Stock granted under the 2002 Stock and Incentive Plan for Kirby Corporation.

F2: Acquired 459 shares during 2003 pursuant to the Kirby Corporation 401(k) Plan, at prices ranging from $23.05 to $31.43. The information reported herein is based on a plan statement dated December 31, 2003.

F3: Option is exercisable 33% after one year, 67% after two years and 100% after three years from date of grant.