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: RAASCH JONA S (Vice President and COO)

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	13388	Acquired	2004-01-05	Common Stock (13388)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1000	Indirect
Common Stock	1350	Indirect
Common Stock	66090	Direct
Common Stock	100	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$4.00	2004-12-13	Common Stock (7500)	7500	Direct
Employee Stock Option (Right to Buy)	$7.00	2006-12-04	Common Stock (10435)	10435	Direct
Employee Stock Option (Right to Buy)	$11.00	2013-06-26	Common Stock (34091)	34091	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 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.