X0306 4 2012-08-16 0000085974 RYLAND GROUP INC RYL 0001214358 MILNE GORDON A 3011 TOWNSGATE ROAD SUITE 200 WESTLAKE VILLAGE CA 91361 0 1 0 0 Executive Vice President Common Stock 2012-08-16 4 M 0 20000 20.99 A 127491 D Common Stock 2012-08-16 4 S 0 20000 25.688 D 107491 D Stock Options (Right to Buy) 20.99 2012-08-16 4 M 0 20000 0 D 2013-02-26 Common Stock 20000 40000 D The price reported in Column 4 is a weighted average price. The prices actually received ranged from $25.6550 to $25.73. The reporting person will provide the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range. The stock option vests in three equal installments on February 26, 2004, 2005 and 2006. /s/ Timothy J. Geckle, Attorney-in-Fact for Gordon A. Milne 2012-08-17