TEJON RANCH CO — Director's Dealing 2003

Nov 12, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEJON RANCH CO (TRC)
CIK: 0000096869
Period of Report: 2003-11-12

Reporting Person: ATKINSON DENNIS (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-12	Tejon Ranch Co. Common Stock	M	2400	$23.55	Acquired	818	Direct
2003-11-12	Tejon Ranch Co. Common Stock	M	4000	$20.32	Acquired	818	Direct
2003-11-12	Tejon Ranch Co. Common Stock	M	6700	$23.1875	Acquired	818	Direct
2003-11-12	Tejon Ranch Co. Commn Stock	S	10700	$38.64	Disposed	3218	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-12	Tejon Ranch Co. Incentive Stock Option	$23.55	M	2400	Disposed	2011-12-03	TRC Common Stock (2400)	Direct
2003-11-12	Tejon Ranch Co. Incentive Stock Option	$20.32	M	4000	Disposed	2001-01-22	Tejon Ranch Common Stock (4000)	Direct
2003-11-12	Tejon Ranch Co. Incentive Plan	$23.1875	M	6700	Disposed	2009-12-06	Tejon Ranch Common Stock (6700)	Direct