XNYS:RYL Ryland Group Inc Insider Activity 4/A Filing - 1/24/2012

Effective Date 1/24/2012

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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
FRISTOE DAVID L
  2. Issuer Name and Ticker or Trading Symbol
RYLAND GROUP INC [RYL]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Senior Vice President
(Last)
(First)
(Middle)
3011 TOWNSGATE ROAD, SUITE 200
3. Date of Earliest Transaction (Month/Day/Year)
01/24/2012
(Street)

WESTLAKE VILLAGE, CA 91361
4. If Amendment, Date Original Filed (Month/Day/Year)
01/26/2012
6. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/24/2012   M   1,004 A $ 0 24,390 D  
Common Stock 01/24/2012   D   502 D $16.02(4) 23,889(2)(5)(6) D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units (1) 01/24/2012   A   3,013   01/24/2012(2)(3) 01/24/2019 Common Stock 3,013 $ 0 3,013 D  
Restricted Stock Units (1) 01/24/2012   M     1,004 01/24/2012(2)(3) 01/24/2019 Common Stock 1,004 $ 0 2,009 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
FRISTOE DAVID L
3011 TOWNSGATE ROAD
SUITE 200
WESTLAKE VILLAGE, CA 91361
      Senior Vice President  

Signatures

 Sheri L. Markham, Attorney-In-Fact for David L. Fristoe   01/31/2012
** Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Each restricted stock unit represents a contingent right to receive one share of TRG's common stock and/or the cash value thereof.
(2) This Amendment is to add a footnote.
(3) The restricted stock units vest in three equal installments beginning on January 24, 2012, January 1, 2013 and January 1, 2014. 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.
(4) 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.
(5) Includes 1,957 shares held by the Ryland Retirement Savings Opportunity Plan and allocated to the account of the Reporting Person pursuant to the conversion of Series A ESOP Convertible Preferred Shares held by the Plan as required by Section 409(1)(3) of the Internal Revenue Code.
(6) This Amendment is to correct the miscalculated amount of securities benefically owned following reported transaction.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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XNYS:RYL Ryland Group Inc Insider Activity 4/A Filling

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XNYS:RYL Ryland Group Inc Insider Activity 4/A Filing - 1/24/2012
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