RYDER SYSTEM INC — Director's Dealing 2011

Feb 16, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2011-02-11

Reporting Person: GREENE GREGORY F (EVP and CAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-11	Common Stock	M	3440	$0.00	Acquired	16330	Direct
2011-02-11	Common Stock	F	909	$49.39	Disposed	15421	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-11	Stock Option (right to buy)	$49.39	A	19340	Acquired	2018-02-11	Common Stock (19340)	Direct
2011-02-11	Performance-Based Restricted Stock Rights	$0.00	A	3910	Acquired		Common Stock (3910)	Direct
2011-02-11	Performance-Based Restricted Stock Rights	$0.00	M	3440	Disposed		Common Stock (3440)	Direct

Footnotes

F1: These performance-based restricted stock rights vested upon approval of the Board of Directors on February 11, 2011 based on the Company achieving a financial performance goal for the three-year period ending December 31, 2010.

F2: Represents shares of common stock acquired by the reporting person through the vesting of performance-based restricted stock rights granted on February 8, 2008.

F3: Represents shares of common stock withheld by the Company for the payment of taxes due upon the vesting of restricted stock rights granted to the reporting person on February 8, 2008.

F4: The stock options vest in three equal installments on February 11, 2012, February 11, 2013 and February 11, 2014.

F5: 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, 2013. Performance-based restricted stock rights that do not vest will be cancelled.