TEJON RANCH CO — Director's Dealing 2004

Mar 30, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEJON RANCH CO (TRC)
CIK: 0000096869
Period of Report: 2004-03-26

Reporting Person: LYDA ALLEN E (Vice President / CFO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-26	Tejon Ranch Co. Restricted Stock Units	$	A	4005	Acquired		Tejon Ranch Co. Common Stock (4005)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Tejon Ranch Co. Common Stock Options	$		Tejon Ranch Co. Common Stock Options ()	76357	Direct

Footnotes

F1: Restricted stock units in the Tejon Ranch Nonqualified Deferred Compensation Plan, granted pursuant to the 1998 Stock Incentive Plan. 25% vests on each of the first through fourth anniversaries of the grant. Convertible to Common Stock based on employee election.

F2: No new stock options were granted. This is for information and update purposes only.