NATIONAL RESEARCH CORP — Director's Dealing 2004

Apr 8, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2004-04-06

Reporting Person: RAASCH JONA S (VP and Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-06	Common Stock	M	2500	$4.00	Acquired	68590	Direct
2004-04-06	Common Stock	S	2400	$16.70	Disposed	66190	Direct
2004-04-06	Common Stock	S	100	$16.73	Disposed	66090	Direct
2004-04-06	Common Stock	S	850	$16.70	Disposed	500	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-06	Employee Stock Option (Right to Buy)	$4.0000	M	2500	Disposed	2004-12-13	Common Stock (2500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1000	Indirect
Common Stock	100	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$5.7500	2006-12-04	Common Stock (10435)	10435	Direct
Employee Stock Option (Right to Buy)	$11.0000	2013-06-26	Common Stock (34091)	34091	Direct
Employee Stock Option (Right to Buy)	$16.1000	2014-01-05	Common Stock (13388)	13388	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 4, 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.