SEC FORM 3

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

DELGADO DAVID

(Last)

(First)

(Middle)

805 GARCIA STREET

(Street)

SANTA FE

87505

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/08/2004

3. Issuer Name and Ticker or Trading Symbol
SOURCECORP INC [ SRCP ]

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

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Division President

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock⁽¹⁾	12,750⁽²⁾	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Non-Qualified Stock Option (right to buy)⁽³⁾	⁽⁴⁾	⁽⁵⁾	Common Stock	5,000	$17.99	D
Non-Qualified Stock Option (right to buy)⁽⁶⁾	⁽⁷⁾	⁽⁸⁾	Common Stock	5,000	$23.7	D
Non-Qualified Stock Option (right to buy)⁽⁶⁾	⁽⁹⁾	⁽¹⁰⁾	Common Stock	3,000	$25.72	D
Non-Qualified Stock Option (right to buy)⁽⁶⁾	⁽¹¹⁾	⁽¹²⁾	Common Stock	5,000	$30.375	D
Warrant to purchase Common Stock⁽¹³⁾	⁽¹⁴⁾	⁽¹⁵⁾	Common Stock	35,313	$26.375	D

Explanation of Responses:

1. Restricted Stock awarded under SOURCECORP, Incorporated 2002 Long-Term Incentive Plan.

2. Consist of (i) 4,000 shares of which the restrictions shall expire on July 1, 2006; provided that on the achievement of desiganted crteria, restrictions for up to 40% shall expire on January 31, 2005 and on the achievement of other designated criteria up to any remaining restrictions shall expire on January 31, 2006, (ii) 2,000 shares of which the restrictions shall expire on January 10, 2006; provided that on the achievement of designated criteria, restrictions for 25% shall expire, with the remaining restrictions expiring 25% per quarter over each of the following three quarters; and (iii) 6,750 shares of which the restrictions shall expire on January 10, 2007; provided that on the achievement of designated criteria, restrictions of 60% shall expire on January 10, 2006.

3. This option is granted under the Compnay's 2002 Long-Term Incentive Plan.

4. This option is exercisable as to 20% of the underlying shares on May 21, 2004, 30% on May 21, 2005 and 50% on May 21, 2006.

5. This option expires on May 21, 2013.

6. This option is granted under the Compnay's 1995 Stock Option Plan, as amended.

7. This option is exercisable as to 20% of the underlying shares on February 28, 2003, 30% on February 28, 2004 and 50% on February 28, 2005.

8. This option expires on February 28, 2012.

9. This option is exercisable as to 20% of the underlying shares on March 13, 2003, 30% on March 13, 2004 and 50% on March 13, 2005.

10. This option expires on March 13, 2012.

11. This option is exercisable as to 33.33% of the underlying shares on January 24, 2002, 33.33% on January 24, 2003 and 33.33% on January 24, 2004.

12. This option expires on January 24, 2011.

13. Warrant to purchase common stock of SOURCECORP, Incorporated.

14. Consist of three separate warrant agreements, (i) a warrant to acquire 10,938 shares became exercisable as to 100% upon the achievement of certain earnings targets for the year ended December 31, 2000, (ii) a warrant to acquire 9,375 shares became exercisable on April 30, 2000 and (iii) a warrant to acquire 15,000 shares became exercisable as to 50% on December 31, 2000 and as to 50% upon the achievement of certain earnings targets for year end December 31, 2000.

15. Each of the three warrant agreements expire on March 16, 2010.

	David Delgado	01/12/2004
	** 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 5 (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).
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