SCHREINER DANIEL G 4

4 · RYLAND GROUP INC · Filed Mar 3, 2010

Form 4

Period: 2010-03-01

Senior Vice President

Transactions

Exercise/Conversion
Common Stock
2010-03-01+8,334→ 57,422.048 total
Award
Restricted Stock Units
2010-03-01+25,000→ 25,000 total
From: 2011-03-01Exp: 2015-03-01→ Common Stock (25,000 underlying)
Award
Stock Options (Right to Buy)
2010-03-01$23.27/sh+10,000$232,700→ 10,000 total
Exercise: $23.27From: 2011-03-01Exp: 2015-03-01→ Common Stock (10,000 underlying)
Disposition to Issuer
Common Stock
2010-03-01$23.27/sh−4,167$96,966→ 53,255.048 total
Exercise/Conversion
Restricted Stock Units
2010-03-01−8,334→ 16,666 total
From: 2010-03-01Exp: 2014-03-01→ Common Stock (8,334 underlying)

Footnotes (5)

[F1]Each restricted stock unit represents a contingent right to receive one share of TRG's common stock and/or the cash value thereof.
[F2]The restricted stock units vest in three equal installments beginning on March 1, 2010. When the restricted stock units vest they will be delivered to the Reporting Person 50% in common stock and 50% in a cash amount equal to the fair market value of one share of the issuer's common stock per unit.
[F3]The stock option vests in three equal installments on March 1, 2011, 2012 and 2013.
[F4]The restricted stock units vest in three equal installments beginning on March 1, 2011. When the restricted stock options vest they will be delivered to the Reporting Person 50% in common stock and 50% in a cash amount equal to the fair market value of one share of the issuer's common stock per unit.
[F5]Each restricted stock unit was the economic equivalent of one share of TRG common stock. The Reporting Person received half of his/her shares of restricted stock for cash and half for shares of TRG common stock.

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