LSB INDUSTRIES, INC. — Director's Dealing 2012

Mar 13, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LSB INDUSTRIES INC (LXU)
CIK: 0000060714
Period of Report: 2012-03-09

Reporting Person: Golsen Family LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-09	Common Stock	S	3000	$39.99	Disposed	1955854	Indirect
2012-03-12	Common Stock	S	28234	$40.00	Disposed	1927620	Indirect
2012-03-13	Common Stock	S	26866	$40.07	Disposed	1900754	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	15392	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series B Preferred	$		Common Stock (133333)	4000	Direct
Series B Preferred	$		Common Stock (533333)	16000	Indirect
Series D Preferred	$		Common Stock (250000)	1000000	Indirect

Footnotes

F1: Golsen Family, L.L.C. ("GFLLC") is owned by Jack E. Golsen, chief executive officer and chairman of the board of the Issuer, through his revocable trust (43.516%), his spouse, Sylvia Golsen through her revocable trust (43.516%), his sons, Barry H. Golsen, a director and the president of the Issuer (4.323%), and Steven J. Golsen, a director of the Issuer and an executive officer of a subsidiary of the Issuer (4.323%), and his daughter, Linda F. Rappaport (4.323%).

F2: SBL, LLC ("SBL") is owned by GFLLC (49%), Barry Golsen (17%), Steven Golsen (17%), and Linda Rappaport (17%). Golsen Petroleum Corporation ("GPC") is a wholly owned subsidiary of SBL. The amount shown in Table I includes 1,616,799 shares of common stock owned by SBL and 283,955 shares of common stock owned directly by GPC, and the amount shown in Table II includes 12,000 shares of the Issuer's Series B Preferred owned by SBL and 4,000 shares of the Issuer's Series B Preferred owned directly by GPC. Voting and dispositive power over the securities held by SBL and GPC is shared by Jack E. Golsen, who is the chief executive officer and chairman of the board of the Issuer, and Barry Golsen, a director and the president of the Issuer.

F3: Each share of the Issuer's Series "B" 12% Cumulative Preferred Stock is convertible, at the option of the holder into 33.3333 shares of the Issuer's common stock. Each share is convertible as long as such is outstanding.

F4: The Issuer's Series "D" 6% Cumulative, Convertible Class C Preferred Stock is convertible at the option of the holder into the Issuer's common stock at the rate of four shares of Preferred "D" for one share of common stock. Each share is convertible as long as such is outstanding.

F5: On March 9, 2012, SBL sold a total of 3,000 shares of the Issuer's common stock at the weighted average price per share of $39.99, which is based on multiple prices ranging from $39.80 to $40.06. 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 the range.

F6: On March 12, 2012, SBL sold a total of 28,234 shares of the Issuer's common stock at the weighted average price per share of $40.00, which is based on multiple prices ranging from $39.90 to $40.18. 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 the range.

F7: On March 13, 2012, SBL sold a total of 26,866 shares of the Issuer's common stock at the weighted average price per share of $40.07, which is based on multiple prices ranging from $39.90 to $40.43. 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 the range.

F8: Of these shares, 200,000 shares of the Issuer's common stock were pledged as collateral with a bank on March 5, 2012.