UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Smerge, Raymond G.
2728 N. Harwood
Dallas, TX 75201
USA
2. Issuer Name and Ticker or Trading Symbol
Centex Corporation
CTX
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
December 1996
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Vice President, Chief Legal Officer and Secretary
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock, par value $0.|12/27/|M(1)| |2,000 |A |$13.50 | | | |
25 per share |96 | | | | | | | | |
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Common Stock, par value $0.|12/27/|S(1)| |2,000 |D |$37.50 |300 |D | |
25 per share |96 | | | | | | | | |
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| | | | | | |1,800 (2) |I |By Trusts |
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| | | | | | |3,480(3) |I |Centex Corp Profit Sharing |
| | | | | | | | |Plan |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option Right to Buy |$13.50 |12/27|M(1)| |2,000 |D |____(|7/13/|Common Stock|2,000 | |3,000 |D | |
| |/96 | | | | |4) |98 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) This exercise and/or sale was made pursuant to and in reliance upon the
exemption contained in Rule 16b-3.
(2) Shares held by three trusts (of which the Reporting Person is trustee) for
the benefit of three children of the
Reporting
Person.
(3) Number of shares owned as of 1/2/97 by Trustee of Centex Corporation Profit
Sharing Plan based on most recent
plan information available to Reporting Person. Number of shares has been
rounded to the nearest whole number.
(4) Shares vested over six years at the rate of 20% a year, beginning on the
second anniversary of the grant with
full vesting on
7/13/94.
SIGNATURE OF REPORTING PERSON
\s\ Raymond G. Smerge
DATE
January 6, 1997
