NATIONAL RESEARCH CORP — Director's Dealing 2012

May 7, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2012-05-04

Reporting Person: SCHORR PAUL C III (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-04	Common Stock	S	400	$48.39	Disposed	1300	Direct
2012-05-04	Common Stock	S	778	$48.30	Disposed	522	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
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 (2500)	9500	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

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.