X0303 4 2009-05-01 0000085974 RYLAND GROUP INC RYL 0001403625 BASS KEITH E 24025 PARK SORRENTO, SUITE 400 CALABASAS CA 91302 1 Senior Vice President Common Stock 2009-05-01 4 M 0 10000 0 A 11264 D Common Stock 2009-05-01 4 D 0 5000 19.80 D 6264 D Restricted Stock Units 2009-05-01 4 M 0 10000 0 D 2009-05-01 2011-05-01 Common Stock 10000 20000 D Each restricted stock unit represents a contingent right to receive one share of TRG's common stock and/or the cash value thereof. The restricted stock units vest in three equal installments beginning on May 1, 2009. 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. 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. Sheri L. Markham, Attorney-In-Fact for Keith E. Bass 2009-05-05