LINCOLN EDUCATIONAL SERVICES CORP — Director's Dealing 2009

Dec 3, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN EDUCATIONAL SERVICES CORP (LINC)
CIK: 0001286613
Period of Report: 2009-12-01

Reporting Person: CARNEY DAVID F (Executive Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-12-01	Common Stock	M	7500	$3.1	Acquired	244949	Direct
2009-12-01	Common Stock	S	401	$21.75	Disposed	244548	Direct
2009-12-01	Common Stock	S	400	$21.80	Disposed	244148	Direct
2009-12-01	Common Stock	S	3	$21.81	Disposed	244145	Direct
2009-12-01	Common Stock	S	300	$21.88	Disposed	243845	Direct
2009-12-01	Common Stock	S	500	$21.93	Disposed	243345	Direct
2009-12-01	Common Stock	S	100	$21.94	Disposed	243245	Direct
2009-12-01	Common Stock	S	800	$21.95	Disposed	242445	Direct
2009-12-01	Common Stock	S	500	$21.96	Disposed	241945	Direct
2009-12-01	Common Stock	S	199	$21.97	Disposed	241746	Direct
2009-12-01	Common Stock	S	99	$21.98	Disposed	241647	Direct
2009-12-01	Common Stock	S	99	$21.99	Disposed	241548	Direct
2009-12-01	Common Stock	S	573	$22.01	Disposed	240975	Direct
2009-12-01	Common Stock	S	100	$22.06	Disposed	240875	Direct
2009-12-01	Common Stock	S	100	$22.07	Disposed	240775	Direct
2009-12-01	Common Stock	S	2926	$22.10	Disposed	237849	Direct
2009-12-01	Common Stock	S	200	$22.11	Disposed	237649	Direct
2009-12-01	Common Stock	S	100	$22.16	Disposed	237549	Direct
2009-12-01	Common Stock	S	100	$22.21	Disposed	237449	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-12-01	Employee Stock Option (right to buy)	$3.1	M	7500	Disposed	2012-01-01	Common Stock (7500)	Direct

Footnotes

F1: The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 29, 2009.