NATIONAL RESEARCH CORP — Director's Dealing 2006

Jan 14, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2006-01-05

Reporting Person: HAYS MICHAEL (Director, CEO, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-01-05	Employee Stock Option (Right to Buy)	$17.25	A	11078	Acquired	2016-01-05	Common Stock (11078)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4834776	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$11.00	2013-06-26	Common Stock (38182)	38182	Direct
Employee Stock Option (Right to Buy)	$16.10	2014-01-05	Common Stock (18298)	18298	Direct

Footnotes

F1: This option becomes fully exercisable on January 5, 2011.

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

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