LSB INDUSTRIES, INC. — Director's Dealing 2009

May 19, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LSB INDUSTRIES INC (LXU)
CIK: 0000060714
Period of Report: 2009-05-18

Reporting Person: SHELBY ANTONIO M (Director, Exec VP-Fin/CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-05-18	Common Stock	M	35000	$1.25	Acquired	140810	Direct
2009-05-18	Common Stock	F	5771	$14.08	Disposed	135039	Direct
2009-05-18	Common Stock	M	65000	$1.25	Acquired	200039	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-05-18	Nonqualfied Stock Option	$1.25	M	35000	Disposed	2009-07-08	Common Stock (35000)	Direct
2009-05-18	Incentive Stock Option	$1.25	M	65000	Disposed	2009-07-08	Common Stock (65000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Incentive Stock Option	$2.73	2011-11-29	Common Stock (15000)	15000	Direct

Footnotes

F1: Incentive Stock Options ("ISO") and Nonqualified Stock Options granted by the Issuer to the reporting person. Only ISOs are currently held by the reporting person and all are currently exercisable. As of the date of this report, the total number of shares underlying the ISOs held by the reporting person is 15,000.