NATIONAL RESEARCH CORP — Director's Dealing 2004

Nov 9, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2004-11-05

Reporting Person: BEANS PATRICK E (Director, CFO and Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-05	Common Stock	M	3904	$4.00	Acquired	39829	Direct
2004-11-05	Common Stock	S	3200	$16.25	Disposed	36629	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-05	Employee Stock Option (Right to Buy)	$4.00	M	3904	Disposed	2004-12-13	Common Stock (3904)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1500	Indirect
Common Stock	36655	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$7.00	2006-12-26	Common Stock (6429)	6429	Direct
Employee Stock Option (Right to Buy)	$11.00	2013-06-26	Common Stock (31364)	31364	Direct
Employee Stock Option (Right to Buy)	$16.10	2014-01-05	Common Stock (12121)	12121	Direct

Footnotes

F1: This option became exercisable in 33-1/3% increments on December 13, 2000, 2001 and 2002, respectively.

F2: This option becomes exercisable in 33-1/3% increments on December 26, 2002, 2003 and 2004, respectively.

F3: This option becomes fully exercisable on June 26, 2008.

F4: This option becomes fully exercisable on January 5, 2009.