NATIONAL RESEARCH CORP — Director's Dealing 2007

Jan 5, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2007-01-05

Reporting Person: RAASCH JONA S (VP & Chief Operations Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-05	Employee Stock Option (Right to Buy)	$22.87	A	10363	Acquired	2017-01-05	Common Stock (10363)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	64290	Direct
Common Stock	50	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$11.00	2013-06-26	Common Stock (34091)	34091	Direct
Employee Stock Option (Right to Buy)	$16.10	2014-01-05	Common Stock (13388)	13388	Direct
Employee Stock Option (Right to Buy)	$15.46	2015-01-05	Common Stock (15330)	15330	Direct
Employee Stock Option (Right to Buy)	$17.25	2016-01-05	Common Stock (13739)	13739	Direct

Footnotes

F1: This option becomes fully exercisable on January 5, 2012.

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

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

F4: This option becomes fully exercisable on January 5, 2010.

F5: This option becomes fully exercisable on January 5, 2011.