NATIONAL RESEARCH CORP - Director's Dealing 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2004-02-18

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

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-18	Common Stock	M	2950	$4.00	Acquired	37625	Direct
2004-02-18	Common Stock	S	100	$17.00	Disposed	37525	Direct
2004-02-18	Common Stock	S	1600	$16.90	Disposed	35925	Direct
2004-02-18	Common Stock	G	1000	—	Disposed	34925	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-18	Employee Stock Option (Right to Buy)	$4.00	M	2950	Disposed	2004-12-13	Common Stock (2950)	Direct

Security	Shares	Ownership
Common Stock	1500	Indirect
Common Stock	35294	Indirect

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

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.