Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * MILNE GORDON A	2. Issuer Name and Ticker or Trading Symbol RYLAND GROUP INC [ RYL ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                      _____ 10% Owner __ X __ Officer (give title below)      _____ Other (specify below) Executive Vice President
(Last)          (First)          (Middle) 3011 TOWNSGATE ROAD, SUITE 200	3. Date of Earliest Transaction (MM/DD/YYYY) 3/1/2015
(Street) WESTLAKE VILLAGE, CA 91361-3027 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	3/1/2015		M		31413.0000	A	$0   (1)	146155.0000	D
Common Stock	3/1/2015		M		3220.0000	A	$0   (1)	149375.0000	D
Common Stock	3/1/2015		M		2802.0000	A	$0   (1)	152177.0000	D
Common Stock	3/1/2015		D		20685.0000	D	$45.5000	131492.0000	D

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	3/1/2015		M			31413.0000	3/1/2013   (2)	3/1/2019	Common Stock	31413.0000	$0.0000   (1)	0.0000	D
Restricted Stock Units	(1)	3/1/2015		M			2802.0000	3/1/2014   (2)	3/1/2020	Common Stock	2802.0000	$0.0000   (1)	2802.0000	D
Restricted Stock Units	(1)	3/1/2015		M			3220.0000	3/1/2015   (2)	(3)	Common Stock	3220.0000	$0.0000   (1)	6439.0000	D
Restricted Stock Units	(1)	3/1/2015		A		11868.0000		3/1/2016   (4)	3/1/2022	Common Stock	11868.0000	$0.0000   (1)	11868.0000	D

Explanation of Responses:
( 1)	Each restricted stock unit represents a contingent right to receive one share of issurer's common stock and/or the cash value thereof.
( 2)	The restricted stock units vest in three equal installments from the date appearing on the form.
( 3)	The Restricted Stock Units vest in three equal installments on March 1, 2015, 2016 and 2017.
( 4)	The Restricted Stock Units vest in three equal installments on March 1, 2016, 2017 and 2018.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
MILNE GORDON A 3011 TOWNSGATE ROAD SUITE 200 WESTLAKE VILLAGE, CA 91361-3027			Executive Vice President

Signatures
Timothy J. Geckle, as Attorney-in-Fact for Gordon A. Milne		3/3/2015
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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