SEC FORM 5

SEC Form 5

FORM 5

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Form 3 Holdings Reported.

Form 4 Transactions Reported.

1. Name and Address of Reporting Person^*

VAUGHAN CLEFTON D

(Last)

(First)

(Middle)

210 E. ELM STREET

(Street)

EL DORADO

71730

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
DELTIC TIMBER CORP [ DEL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CHIEF FINANCIAL OFFICER

3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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 at end of Issuer's Fiscal Year (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	12/31/2003		J	250	A	$0	9,359	I	By Trustee of Co. Thrift Plan⁽⁴⁾
Common Stock							10,143	D

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option⁽¹⁾⁽²⁾	$25.25						04/21/1999	04/21/2007	Common Stock	5,836		5,836	D
Stock Option⁽¹⁾⁽²⁾	$25.25						04/21/2000	04/21/2007	Common Stock	5,835		11,671	D
Stock Option⁽¹⁾⁽²⁾	$28.03						02/18/1999	02/18/2008	Common Stock	4,000		15,671	D
Stock Option⁽¹⁾⁽²⁾	$28.03						02/18/2001	02/18/2008	Common Stock	433		16,104	D
Stock Option⁽¹⁾⁽²⁾	$28.03						02/18/2001	02/18/2008	Common Stock	3,567		19,671	D
Stock Option⁽¹⁾⁽²⁾	$24.97						02/17/2000	02/17/2009	Common Stock	5,500		25,171	D
Stock Option⁽¹⁾⁽²⁾	$24.97						02/17/2002	02/17/2009	Common Stock	1,496		26,667	D
Stock Option⁽¹⁾⁽²⁾	$24.97						02/17/2002	02/17/2009	Common Stock	4,004		30,671	D
Stock Option⁽¹⁾⁽²⁾	$22.0625						02/16/2001	02/16/2010	Common Stock	5,000		35,671	D
Stock Option⁽¹⁾⁽²⁾	$22.0625						02/16/2003	02/16/2010	Common Stock	5,000		40,671	D
Stock Option⁽¹⁾⁽²⁾	$23.875						02/15/2002	02/15/2011	Common Stock	8,500		49,171	D
Stock Option⁽¹⁾⁽²⁾	$23.875						02/15/2004	02/15/2011	Common Stock	8,500		57,671	D
Stock Option⁽²⁾⁽³⁾	$29.295						02/20/2003	02/20/2012	Common Stock	9,000		66,671	D
Stock Option⁽²⁾⁽³⁾	$29.295						02/20/2005	02/20/2012	Common Stock	9,000		75,671	D
Stock Option⁽²⁾⁽³⁾	$24.31						02/20/2004	02/20/2013	Common Stock	9,500		85,171	D
Stock Option⁽²⁾⁽³⁾	$24.31						02/20/2006	02/20/2013	Common Stock	9,500		94,671	D

Explanation of Responses:

1. Options granted under 1996 Stock Incentive Plan.

2. Previously reported.

3. Options granted under the 2002 SIP.

4. Information for thrift account as of 12/31/2003

	/s/Clefton D. Vaughan	01/14/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.