RYDER SYSTEM INC — Director's Dealing 2007

Feb 14, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2007-02-09

Reporting Person: RENEHAN THOMAS S (EVP- FMS Sales & Marketing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-10	Common Stock	F	135	$52.24	Disposed	17781	Direct
2007-02-12	Common Stock	F	136	$52.24	Disposed	17645	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-09	Stock Option (right to buy)	$52.48	A	19490	Acquired	2014-02-09	Common Stock (19490)	Direct
2007-02-09	Performance-Based Restricted Stock Rights	$0.00	A	3700	Acquired		Common Stock (3700)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6285	Indirect
Common Stock	96	Indirect
Common Stock	3725	Indirect

Footnotes

F1: Represents shares of common stock withheld upon the vesting of restricted stock units for the payment of the related tax liability.

F2: Reflects the disposition of 56 shares of Ryder common stock beneficially owned by the reporting person. The stock was considered escheated property and was sold by the relevant state agency at its discretion after the date of the reporting person's last Section 16 filing.

F3: The stock options vest in three equal installments on February 9, 2008, February 9, 2009 and February 9, 2010.

F4: Each performance-based restricted stock right represents a contingent right to receive one share of Ryder common stock based on the Company achieving a financial performance goal for the three-year performance period ending December 31, 2009. Performance-based restricted stock rights that do not vest will be cancelled.