NATIONAL RESEARCH CORP — Director's Dealing 2011

May 10, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2011-05-06

Reporting Person: SCHORR PAUL C III (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-06	Director Stock Option (Right to Buy)	$34.55	A	12000	Acquired	2021-05-06	Common Stock (12000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	522	Direct
Common Stock	4103.537	Indirect
Common Stock	1014.002	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Stock Option (Right to Buy)	$22.61	2016-05-04	Common Stock (12000)	12000	Direct
Director Stock Option (Right to Buy)	$25.05	2017-05-03	Common Stock (12000)	12000	Direct
Director Stock Option (Right to Buy)	$29.87	2018-05-02	Common Stock (12000)	12000	Direct
Director Stock Option (Right to Buy)	$27.23	2019-05-08	Common Stock (12000)	12000	Direct
Director Stock Option (Right to Buy)	$26.58	2020-05-07	Common Stock (12000)	12000	Direct

Footnotes

F1: As trustee of the Paul C. Schorr III TTEE for Paul V., Carter Matson, Ainslie B. and Mars S. Schorr Trust.

F2: As trustee of the Schorr Family Trust FBO Helen Hailey Condo, Paul C. Schorr III TTEE.