NATIONAL RESEARCH CORP — Director's Dealing 2006

Feb 14, 2006

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2005-12-31

Reporting Person: CARMICHAEL JOSEPH W (President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-08-10	Common Stock	A	6192	—	Acquired	16208	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$4.20	2006-06-01	Common Stock (10714)	10714	Direct
Employee Stock Option (Right to Buy)	$11.00	2013-06-26	Common Stock (32727)	32727	Direct
Employee Stock Option (Right to Buy)	$16.10	2014-01-05	Common Stock (12634)	12634	Direct

Footnotes

F1: This option became exercisable in 33-1/3% increments on June 1, 2002, 2003 and 2004, respectively.

F2: This option becomes fully exercisable on June 26, 2008.

F3: This option becomes fully exercisable on January 5, 2009.