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
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Davies Dale C 		2. Issuer Name and Ticker or Trading Symbol

American Railcar Industries, Inc. [ ARII ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
S VP, CFO and Treasurer
(Last)          (First)          (Middle)

C/O AMERICAN RAILCAR INDUSTRIES, INC., 100 CLARK STREET 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/24/2012
(Street)

ST. CHARLES, MO 63301
(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

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
Stock Appreciation Rights   $29.31   2/24/2012     J      15900         (1) 2/24/2019   Common Stock   15900   $ 0   15900   D    
Stock Appreciation Rights   $20.88   2/24/2012     M         3938      (2) 4/28/2015   Common Stock   3938   $ 0   3938   D    
Stock Appreciation Rights   $16.46   2/24/2012     M         1688      (3) 9/12/2015   Common Stock   1688   $ 0   1688   D    
Stock Appreciation Rights   $14.12   2/24/2012     M         1750      (4) 5/14/2017   Common Stock   1750   $ 0   1750   D    
Stock Appreciation Rights   $16.46   2/24/2012     J         562      (5)   (5) Common Stock   562   $ 0   0   D    
Stock Appreciation Rights   $20.88   2/24/2012     J         1313      (6)   (6) Common Stock   1313   $ 0   0   D    

Explanation of Responses:
( 1)  The SARs were granted on February 24, 2012 and vest in three equal increments on February 24, 2013, February 24, 2014 and February 24, 2015, but only if the Company achieves specified performance targets for the fiscal year preceding the applicable anniversary date.
( 2)  The SARs vest in four equal increments on April 28, 2009, April 28, 2010, April 28, 2011 and April 28, 2012.
( 3)  The SARs vest in four equal increments on September 12, 2009, September 12, 2010, September 12, 2011 and September 12, 2012.
( 4)  The SARs vest in three equal increments on May 14, 2011, May 14, 2012 and May 14, 2013.
( 5)  25% of the performance based SARs granted on April 28, 2008 were canceled for no value due to certain specified performance targets not being met.
( 6)  25% of the performance based SARs granted on September 12, 2008 were canceled for no value due to certain specified performance targets not being met.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Davies Dale C
C/O AMERICAN RAILCAR INDUSTRIES, INC.
100 CLARK STREET
ST. CHARLES, MO 63301

S VP, CFO and Treasurer

Signatures
/s/ Dale C. Davies 2/28/2012
** 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.
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.
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