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Filing Details

Accession Number:: 0001181431-12-020143
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2012-03-28 13:00:00
Reporting Period:: 2012-03-27

Filing Date:: 2012-03-28
Accepted Time:: 2012-03-28 17:01:06
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1393612	Discover Financial Services	DFS	Personal Credit Institutions (6141)	362517428

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1401336	Harit Talwar	2500 Lake Cook Road Riverwoods IL 60015	Executive Vice President	No	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock	Acquisiton	2012-03-27	51,776	$14.49	398,524	No	4	M	Direct
Common Stock	Disposition	2012-03-27	51,776	$33.65	346,748	No	4	S	Direct
Common Stock	Acquisiton	2012-03-27	60,000	$18.05	406,748	No	4	M	Direct
Common Stock	Disposition	2012-03-27	60,000	$33.89	346,748	No	4	S	Direct
Common Stock	Acquisiton	2012-03-27	41,725	$18.87	388,473	No	4	M	Direct
Common Stock	Disposition	2012-03-27	41,725	$33.76	346,748	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	M	Direct
No	4	S	Direct
No	4	M	Direct
No	4	S	Direct
No	4	M	Direct
No	4	S	Direct

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Employee Stock Option	Disposition	2012-03-27	51,776	$0.00	51,776	$14.49
Common Stock	Employee Stock Option	Disposition	2012-03-27	60,000	$0.00	60,000	$18.05
Common Stock	Employee Stock Option	Disposition	2012-03-27	41,725	$0.00	41,725	$18.87

Remaning Holdings	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
0	2013-01-02	No	4	M	Direct
67,456	2014-01-02	No	4	M	Direct
0	2014-01-02	No	4	M	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	650	Indirect	By ESOP

Footnotes

This option became fully vested on January 2, 2005.
In connection with Discover Financial Services' spin-off from Morgan Stanley, this option was granted by Discover Financial Services in replacement of an option to purchase 17,623 shares of common stock of Morgan Stanley at an exercise price of $42.56.
This option became fully vested on January 2, 2009.
In connection with Discover Financial Services' spin-off from Morgan Stanley, this option was granted by Discover Financial Services in replacement of an option to purchase 43,382 shares of common stock of Morgan Stanley at an exercise price of $53.02.
This option became fully vested on January 2, 2007.
In connection with Discover Financial Services' spin-off from Morgan Stanley, this option was granted by Discover Financial Services in replacement of an option to purchase 14,202 shares of common stock of Morgan Stanley at an exercise price of $55.45.
The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $33.61 to $33.72, inclusive. The reporting person undertakes to provide to Discover Financial Services, any security holder of Discover Financial Services, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $33.80 to $33.93, inclusive. The reporting person undertakes to provide to Discover Financial Services, any security holder of Discover Financial Services, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $33.71 to $33.78, inclusive. The reporting person undertakes to provide to Discover Financial Services, any security holder of Discover Financial Services, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.