LSB INDUSTRIES, INC. — Director's Dealing 2011

May 12, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LSB INDUSTRIES INC (LXU)
CIK: 0000060714
Period of Report: 2011-05-10

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-10	Common Stock	S	30000	$46.11	Disposed	2546	Indirect
2011-03-29	Common Stock	G	2000	—	Disposed	546	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	105043	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: 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 2.

F2: 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 holdings and transactions.

F3: Incentive Stock Options ("ISO") granted by the Issuer to the reporting person. All ISOs 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.

F4: These shares were sold at the weighted average price per share of $46.11, which is based on multiple prices ranging from $45.84 to $46.33. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.