LSB INDUSTRIES, INC. — Director's Dealing 2011

Nov 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LSB INDUSTRIES INC (LXU)
CIK: 0000060714
Period of Report: 2011-11-22

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-06-30	Common Stock	G	900	—	Disposed	25846	Indirect
2011-11-15	Common Stock	G	350	—	Disposed	25496	Indirect
2011-11-22	Common Stock	M	15000	$2.73	Acquired	40496	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-22	Incentive Stock Option	$2.73	M	15000	Disposed	2011-11-29	Common Stock (15000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	79389	Direct

Footnotes

F1: These shares were previously transferred from direct ownership into the reporting person's revocable trust, of which the reporting person is the settlor and trustee and holds a pecuniary interest in the trust's holdings and transactions. These shares include 546 shares which the reporting person had not previously reported beneficial ownership of which are beneficially owned by the reporting person through the reporting person's revocable trust.

F2: Incentive Stock Options ("ISO") granted by the Issuer to the reporting person. All ISOs are currently exercisable. As of the date of this report, there are no shares underlying the ISOs held by the reporting person.

F3: These 15,000 shares were acquired by the reporting person on November 22, 1011, upon the exercise of ISOs and were thereafter transferred by the reporting person into the reporting person's revocable trust. See footnote 1 above.

F4: This amount reflects the remaining shares owned directly by the reporting person following the transfer of certain shares from direct ownership into the reporting person's revocable trust. See footnote 1 above.