PURE CYCLE CORP — Director's Dealing 2011

Jan 13, 2011

SEC Form 4/A — Form 4/A

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2011-01-11

Reporting Person: PAR CAPITAL MANAGEMENT INC (10% Owner)
Reporting Person: PAR INVESTMENT PARTNERS LP (10% Owner)
Reporting Person: PAR Group, L.P. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-11	Common Stock	P	1982099	$2.7	Acquired	5982970	Direct
2011-01-11	Common Stock	P	1982099	$2.7	Acquired	5982970	Indirect
2011-01-11	Common Stock	P	1982099	$2.7	Acquired	5982970	Indirect

Footnotes

F1: These securities are held directly by PAR Investment Partners, L.P. ("PIP"). PAR Group, L.P. ("PAR Group") is the general partner of PIP. PAR Group disclaims beneficial ownership of these securities except to the extent of the pecuniary interest, if any, in such securities as a result of PAR Group's general partner interest in PAR Group and a contingent right to receive a performance-based advisory fee.

F2: These securities are held directly by PIP. PAR Capital Management, Inc. ("PCM") is the general partner of PAR Group, which is the general partner of PIP. PCM disclaims beneficial ownership of these securities except to the extent of the pecuniary interest, if any, in such securities as a result of PCM's general partner interest in PAR Group.