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RYDER SYSTEM INC Director's Dealing 2004

Feb 17, 2004

30770_dirs_2004-02-17_a1108842-2c37-4107-a685-84f25a4101fc.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-02-12

Reporting Person: LEINBACH TRACY A (Exec. Vice President & CFO)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2004-02-12 Common Stock A 2250.0000 Acquired 26699.0000 Direct
2004-02-13 Common Stock F 132.0000 $36.4750 Disposed 26567.0000 Direct
2004-02-13 Common Stock M 8500.0000 $19.3125 Acquired 35067.0000 Direct
2004-02-13 Common Stock M 45090.0000 $16.7188 Acquired 80157.0000 Direct
2004-02-13 Common Stock S 20790.0000 $36.3581 Disposed 59367.0000 Direct
2004-02-13 Common Stock S 13900.0000 $36.0300 Disposed 45467.0000 Direct
2004-02-13 Common Stock S 18900.0000 $35.8500 Disposed 26567.0000 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2004-02-12 Stock Option (right to buy) $36.8800 A 30000.0000 Acquired 2011-02-12 Common Stock (30000.0000) Direct
2004-02-13 Stock Option (right to buy) $19.3125 M 8500.0000 Disposed 2007-02-17 Common Stock (8500.0000) Direct
2004-02-13 Stock Option (right to buy) $16.7188 M 45090.0000 Disposed 2010-10-02 Common Stock (45090.0000) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 500.0000 Indirect
Common Stock 1612.0000 Indirect
Common Stock 2701.0000 Indirect

Footnotes

F1: Represents shares of restricted stock granted to the reporting person by the Company. The restricted stock vests in three equal installments on February 12, 2005, February 12, 2006 and February 12, 2007.

F2: Represents shares of common stock withheld upon the vesting of restricted stock units for the payment of the related tax liability.

F3: Includes 1,478 shares of common stock acquired by the reporting person under the Company's dividend reinvestment plan.

F4: The stock options vest in three equal installments on February 12, 2005, February 12, 2006 and February 12, 2007.

F5: The stock options vested in three equal installments on February 18, 2001, February 18, 2002 and February 18, 2003.

F6: The stock options vested in three equal installments on October 3, 2001, October 3, 2002 and October 3, 2003.