Edgar Filing: DELIKANAKIS YANNIS

Ownership Submission

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

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

DELIKANAKIS YANNIS

2. Issuer Name and Ticker or Trading Symbol
TECHNICAL OLYMPIC USA INC [TOA]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Executive Vice President

(Last)

(First)

(Middle)

4000 HOLLYWOOD BLVD.

3. Date of Earliest Transaction (Month/Day/Year)
01/21/2005

(Street)

HOLLYWOOD, FL 33021

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction 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
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option

$ 11.45

01/21/2005

14,625

01/01/2003

01/01/2013

Common Stock

14,625

$ 0

14,625

By Wife

Employee Stock Option

$ 11.45

01/21/2005

145,750

01/01/2003

01/01/2013

Common Stock

145,750

$ 0

14,625

Employee Stock Option

$ 12.6

01/21/2005

22,500

01/01/2003

01/01/2013

Common Stock

22,500

$ 0

22,500

By Wife

Employee Stock Option

$ 12.6

01/21/2005

225,000

01/01/2003

01/01/2013

Common Stock

225,000

$ 0

22,500

Employee Stock Option

$ 13.86

01/21/2005

22,500

01/01/2004

01/01/2013

Common Stock

22,500

$ 0

22,500

By Wife

Employee Stock Option

$ 13.86

01/21/2005

225,000

01/01/2004

01/01/2013

Common Stock

225,000

$ 0

22,500

Employee Stock Option

$ 15.24

01/21/2005

22,500

01/01/2005

01/01/2013

Common Stock

22,500

$ 0

22,500

By Wife

Employee Stock Option

$ 15.24

01/21/2005

225,000

01/01/2005

01/01/2013

Common Stock

225,000

$ 0

22,500

Employee Stock Option

$ 11.45

01/21/2005

30,375

⁽¹⁾

01/01/2013

Common Stock

30,375

$ 0

30,375

By Wife

Employee Stock Option

$ 11.45

01/21/2005

303,750

⁽¹⁾

01/01/2013

Common Stock

303,750

$ 0

30,375

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
DELIKANAKIS YANNIS 4000 HOLLYWOOD BLVD. HOLLYWOOD, FL 33021	X		Executive Vice President

Signatures

/s/ Patricia M. Petersen, Attorney in Fact		01/24/2005
^**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	These options fully vest on December 31, 2009. However, these options are subject to accelerated vesting, in accordance with the following schedule, depending on whether and to what extent the Company's common stock price exceeds the average common stock price of a specified peer group at the end of each performance period. 8,404 of 10,125 vested on December 31, 2004 based on the performance period of January 1, 2002 to December 31, 2004. Up to 10,125 may vest on December 31, 2005 based on the performance period of January 1, 2003 to December 31, 2005. Up to 10,125 may vest on December 31, 2006 based on the performance period of January 1, 2004 to December 31, 2006.

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