LINCOLN EDUCATIONAL SERVICES CORP — Director's Dealing 2009

Apr 24, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN EDUCATIONAL SERVICES CORP (LINC)
CIK: 0001286613
Period of Report: 2009-04-23

Reporting Person: SHAW SCOTT M (Executive Vice President & CAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-04-23	Common Stock	M	65000	$3.10	Acquired	181977	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-04-23	Employee Stock Option (right to buy)	$3.1	M	23550	Disposed	2012-01-01	Common Stock (23550)	Direct
2009-04-23	Employee Stock Option (right to buy)	$3.1	M	16129	Disposed	2012-01-01	Common Stock (16129)	Direct
2009-04-23	Employee Stock Option (right to buy)	$3.1	M	16129	Disposed	2012-01-01	Common Stock (16129)	Direct
2009-04-23	Employee Stock Option (right to buy)	$3.1	M	9192	Disposed	2012-01-01	Common Stock (9192)	Direct