TEJON RANCH CO — Director's Dealing 2006

Jan 11, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEJON RANCH CO (TRC)
CIK: 0000096869
Period of Report: 2006-01-10

Reporting Person: METCALFE NORMAN J (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-01-10	Tejon Ranch Co. Restricted Stock Units	$45.30	A	447	Acquired		Tejon Ranch Co Common Stock (447)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Tejon Ranch Co Common Stock	2797	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Tejon Ranch Co. Common Stock Options	$		Tejon Ranch Co Common Stock (0)	7760	Direct

Footnotes

F1: Restricted stock units in the Tejon Ranch Nonqualified Deferred Compensation Plan granted pursuant to the Non-Employee Director Stock Incentive Plan. 447 shares vest on December 15, 2006. Convertible to common stock based on Director election.

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