NATIONAL RESEARCH CORP — Director's Dealing 2012

Feb 22, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2012-02-17

Reporting Person: MARTIN JOANN M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-17	Common Stock	M	12000	$22.61	Acquired	40500	Direct
2012-02-17	Common Stock	F	6566	$41.32	Disposed	33934	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-17	Director Stock Option (Right to Buy)	$22.61	M	12000	Disposed	2016-05-04	Common Stock (12000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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: Reflects payment of option exercise expense.