TEJON RANCH CO — Director's Dealing 2005

Mar 14, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEJON RANCH CO (TRC)
CIK: 0000096869
Period of Report: 2005-03-14

Reporting Person: MULLINS DENNIS (Vice President, Sec'y, Gen.Cou)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-03-14	Tejon Ranch Co. Common Stock	J	4577	$48.05	Disposed	2755	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-03-14	Tejon Ranch Co. Common Stock Units	$48.05	J	4577	Acquired		Tejon Ranch Co. Common Stock (4577)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Tejon Ranch Co. Common Stock Options	$		Tejon Ranch Co. Common Stock ()	103146	Direct

Footnotes

F1: Conversion of 4,577 shares of restricted stock awarded under the 1998 Stock Incentive Plan to restricted stock units in the Tejon Ranch Nonqualified Deferred Compensation Plan. 25% of units vest on March 26 of each of 2005-2008. Convertible to common stock based on officer election.

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