TEJON RANCH CO — Director's Dealing 2006

Sep 19, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEJON RANCH CO (TRC)
CIK: 0000096869
Period of Report: 2006-09-18

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-18	Tejon Ranch Co. Common Stock	M	5000	$20.25	Acquired	16396	Direct
2006-09-18	Tejon Ranch Co. Common Stock	M	16000	$23.875	Acquired	16396	Direct
2006-09-18	Tejon Ranch Co. Common Stock	S	21000	$44.30	Disposed	16396	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-18	Tejon Ranch Co. Common Stock Incentive Plan	$20.25	M	5000	Disposed	1998-11-30	Tejon Ranch Co. Common Stock (5000)	Direct
2006-09-18	Tejon Ranch Co. Stock	$23.875	M	16000	Disposed	1998-01-25	Tejon Ranch Common Stock (16000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Tejon Ranch Co. Restricted Stock Units	$		Tejon Ranch Co. Common Stock ()	4005	Direct

Footnotes

F1: No new stock options or restricted stock units were granted. This is for information and update purposes only.