NATIONAL RESEARCH CORP — Director's Dealing 2004

May 11, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2004-05-06

Reporting Person: MARTIN JOANN M (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-06	Director Stock Option (Right to Buy)	$16.94	A	1000	Acquired	2014-05-06	Common Stock (1000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1500	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Stock Option (Right to Buy)	$7.60	2012-05-01	Common Stock (1000)	1000	Direct
Director Stock Option (Right to Buy)	$9.60	2013-05-01	Common Stock (1000)	1000	Direct