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NATIONAL RESEARCH CORP Director's Dealing 2012

May 14, 2012

33341_dirs_2012-05-14_7d306025-b84c-4077-8d38-b2233ce63720.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2012-05-11

Reporting Person: WARDEN GAIL L (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-11	Director Stock Option (Right to Buy)	$49.84	A	12000	Acquired	2022-05-11	Common Stock (12000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9461	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Stock Option (Right to Buy)	$22.61	2016-05-04	Common Stock (7592)	7592	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
Director Stock Option (Right to Buy)	$34.55	2021-05-06	Common Stock (12000)	12000	Direct