NATIONAL RESEARCH CORP — Director's Dealing 2004

Jan 7, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2004-01-05

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-05	Employee Stock Option (Right to Buy)	$16.10	A	12121	Acquired	2014-01-05	Common Stock (12121)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1500	Indirect
Common Stock	34675	Direct
Common Stock	8471	Indirect
Common Stock	8792	Indirect
Common Stock	9023	Indirect
Common Stock	9008	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$4.00	2004-12-13	Common Stock (11250)	11250	Direct
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

Footnotes

F1: This option becomes 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.