NATIONAL RESEARCH CORP — Director's Dealing 2005

May 16, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2005-05-12

Reporting Person: NUNNELLY JOHN N (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-12	Common Stock	M	1000	$2.19	Acquired	5800	Direct
2005-05-12	Common Stock	M	1000	$6.00	Acquired	6800	Direct
2005-05-12	Common Stock	M	1000	$3.50	Acquired	7800	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-12	Director Stock Option (Right to Buy)	$2.19	M	1000	Disposed	2009-04-14	Common Stock (1000)	Direct
2005-05-12	Director Stock Option (Right to Buy)	$6.00	M	1000	Disposed	2010-04-27	Common Stock (1000)	Direct
2005-05-12	Director Stock Option (Right to Buy)	$3.50	M	1000	Disposed	2011-04-26	Common Stock (1000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Stock Option (Right to Buy)	$8.25	2008-04-28	Common Stock (1000)	1000	Direct
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
Director Stock Option (Right to Buy)	$16.94	2014-05-06	Common Stock (1000)	1000	Direct
Director Stock Option (Right to Buy)	$16.05	2014-05-21	Common Stock (11000)	11000	Direct
Director Stock Option (Right to Buy)	$14.20	2015-05-05	Common Stock (12000)	12000	Direct