X0202 4 2007-06-05 0 0000922475 ITT EDUCATIONAL SERVICES INC ESI 0001116585 CHAMPAGNE RENE R C/O ITT EDUCATIONAL SERVICES INC 13000 NORTH MERIDIAN STREET CARMEL IN 46032-1404 1 0 0 1 Chairman of Board and Employee Common Stock 2007-06-05 4 M 0 57500 17.06 A 131340 D Common Stock 2007-06-05 4 S 0 400 113.59 D 130940 D Common Stock 2007-06-05 4 S 0 100 113.62 D 130840 D Common Stock 2007-06-05 4 S 0 300 113.65 D 130540 D Common Stock 2007-06-05 4 S 0 400 113.75 D 130140 D Common Stock 2007-06-05 4 S 0 400 113.76 D 129740 D Common Stock 2007-06-05 4 S 0 400 113.77 D 129340 D Common Stock 2007-06-05 4 S 0 400 113.87 D 128940 D Common Stock 2007-06-05 4 S 0 1300 113.90 D 127640 D Common Stock 2007-06-05 4 S 0 100 113.91 D 127540 D Common Stock 2007-06-05 4 S 0 600 113.96 D 126940 D Common Stock 2007-06-05 4 S 0 1200 114.01 D 125740 D Common Stock 2007-06-05 4 S 0 280 114.06 D 125460 D Common Stock 2007-06-05 4 S 0 133 114.08 D 125327 D Common Stock 2007-06-05 4 S 0 100 114.13 D 125227 D Common Stock 2007-06-05 4 S 0 187 114.22 D 125040 D Common Stock 2007-06-05 4 S 0 300 114.28 D 124740 D Common Stock 2007-06-05 4 S 0 200 114.29 D 124540 D Common Stock 2007-06-05 4 S 0 500 114.30 D 124040 D Common Stock 2007-06-05 4 S 0 1300 114.32 D 122740 D Common Stock 2007-06-05 4 S 0 700 114.33 D 122040 D Common Stock 2007-06-05 4 S 0 400 114.34 D 121640 D Common Stock 2007-06-05 4 S 0 1200 114.36 D 120440 D Common Stock 2007-06-05 4 S 0 2100 114.37 D 118340 D Common Stock 2007-06-05 4 S 0 600 114.39 D 117740 D Common Stock 2007-06-05 4 S 0 800 114.40 D 116940 D Common Stock 2007-06-05 4 S 0 400 114.41 D 116540 D Common Stock 2007-06-05 4 S 0 700 114.42 D 115840 D Common Stock 2007-06-05 4 S 0 1400 114.43 D 114440 D Common Stock 2007-06-05 4 S 0 400 114.44 D 114040 D Stock Option (Right to Buy) 17.06 2007-06-05 4 M 0 57500 0 D 2009-01-28 Common Stock 57500 62500 D The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 2, 2007. Represents a portion of the: (a) 60,000 shares subject to a stock option (right to buy) granted on January 26, 1999 ("1999 Option"); and (b) the increase of 60,000 shares subject to the 1999 Option pursuant to the 2-for-1 split of the ESI common stock on June 6, 2002 ("June 2002 Split"). Represents an original exercise price of $34.125 for the shares of ESI common stock subject to the 1999 Option, reduced to $17.06 pursuant to the June 2002 Split. The option vested in three equal installments on January 26, 2000, 2001 and 2002. This is the first of two Form 4s filed by the reporting person for transactions that occurred on June 5, 2007. Due to software limitations, all of the transactions that occurred on that date cannot be reported on one Form 4. Christine G. Long, Attorney-In-Fact for Rene R. Champagne 2007-06-06