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
Albright, Michael S.
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
05/31/97
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 - Finance and Administration
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.|5/20/9|M(1)| |2,000 |A |$9.4375 | | | |
25 per share |7 | | | | | | | | |
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Common Stock, par value $0.|5/20/9|S(1)| |2,000 |D |$39.375 |1,374(2) |I |Centex Corp. Profit Sharing|
25 per share |7 | | | | | | | | 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 |$9.4375 |5/20/|M(1)| |2,000 |D |____(|11/20|Common Stock|2,000 | | | | |
| |97 | | | | |3) |/97 | | | | | | |
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Option Right to Buy |$35.125 |4/1/9|A |V|23,700 |A |____(|4/1/2|Common Stock|23,700 | |23,700(5) |D | |
| |7 | | | | |4) |007 | | | | | | |
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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) Number of shares owned as of June 3, 1997 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.
(3) Shares vest over six years at the rate of 20% a year, beginning on the
second anniversary of the grant.
Options expire on the tenth anniversary of the grant
date.
(4) Shares vest over four years with 20% vesting immediately upon the date of
the grant and the remaining
options vesting at the rate of 20% a year over the next four years. Options
expire on the tenth anniversary of the
grant.
(5) Of such shares, 18,960 are not currently
exercisable.
SIGNATURE OF REPORTING PERSON
\s\ Michael S. Albright
DATE
June 5, 1997
