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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1409171	Titan Machinery Inc.	TITN	Retail-Retail Stores, Nec (5990)	450357838

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1205409	Tony Christianson	301 Carlson Parkway Suite 103 Minnetonka MN 55305		Yes	No	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2010-12-31	1,150	$19.56	393,774	No	4	S	Indirect	Adam Smith Fund, LLC
Common Stock	Disposition	2010-12-31	350	$19.56	124,450	No	4	S	Indirect	Adam Smith Growth Partners

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	Adam Smith Fund, LLC
No	4	S	Indirect	Adam Smith Growth Partners

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	5,716	Direct
Common Stock	10,859	Indirect	By Adam Smith Companies, LLC

Reported Derivative Holdings

Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	Warrant (right to buy)	$3.50	2005-02-15	2013-04-07	6,672	6,672	Indirect
Common Stock	Warrant (right to buy)	$3.50	2004-08-01	2014-08-01	6,071	6,071	Indirect
Common Stock	Stock Option (right to buy)	$4.50	2007-02-02	2017-02-02	2,667	2,667	Direct

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
2013-04-07	6,672	6,672	Indirect
2014-08-01	6,071	6,071	Indirect
2017-02-02	2,667	2,667	Direct

Footnotes

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.50 to $19.60, inclusive. The reporting person undertakes to provide Titan Machinery Inc., any security holder of Titan Machinery Inc., 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.
Reporting person owns a controlling interest in Adam Smith Fund, LLC which owns the shares. Reporting person expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the entity owning the shares.
Reporting person owns a controlling interest in Adam Smith Growth Partners which owns the shares. Reporting person expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the entity owning the shares.
Reporting person owns a controlling interest in Adam Smith Companies, LLC which owns the shares and warrants. Reporting person expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the entity owning the shares and warrants.
Reporting person owns a controlling interest in Cherry Tree Companies, LLC which owns the warrants. Reporting person expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the entity owning the warrants.