TEJON RANCH CO — Director's Dealing 2006

Sep 26, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEJON RANCH CO (TRC)
CIK: 0000096869
Period of Report: 2006-09-26

Reporting Person: STINE ROBERT A (Director, President / CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-26	Tejon Ranch Co. Common Stock	M	900	$23.875	Acquired	49822	Direct
2006-09-26	Tejon Ranch Co. Common Stock	M	34100	$23.875	Acquired	49822	Direct
2006-09-26	Tejon Ranch Co. Common Stock	S	35000	$44.20	Disposed	49822	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-26	Tejon Ranch Co. Incentive Stock Option	$23.875	M	35000	Disposed	2008-01-25	Tejon Ranch Common Stock (35000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Tejon Ranch Co. Incentive Stock Option	$		Tejon Ranch Common Stock ()	12587	Direct

Footnotes

F1: These shares are in the name of Robert A. and Betty C. Stine, as trustees for the Stine Family Trust.

F2: Transaction occurred per a 10b5-1 trading plan.