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<P align="center"><FONT size="2">As filed with the Securities and Exchange Commission on November&nbsp;25, 2002<BR>
Registration No.&nbsp;333-&#95;&#95;&#95;&#95;&#95;&#95;
</FONT>
<P align="center"><FONT size="2">SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549
</FONT>
<P align="center"><FONT size="2"><B>FORM S-8</B>
</FONT>
<P align="center"><FONT size="2">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933
</FONT>
<P align="center"><FONT size="2"><B>THE RYLAND GROUP, INC.</B><BR>
(Exact name of registrant as specified in its charter)
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>Maryland</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>52-0849948</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(State or other jurisdiction of</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(I.R.S. Employer Identification No.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Incorporation or organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>24025 Park Sorrento</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>Suite&nbsp;400</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>Calabasas, California</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>91302</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(Address of principal executive offices)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Zip Code)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>THE RYLAND GROUP, INC. 2002 EQUITY INCENTIVE PLAN</B><BR>
(Full title of plan)
</FONT>
<P align="center"><FONT size="2">(Name, address and telephone<BR>
number of agent for service)<BR>
<B>Timothy J. Geckle<BR>
The Ryland Group, Inc.<BR>
24025 Park Sorrento, Suite&nbsp;400<BR>
Calabasas, California 91302<BR>
818-223-7500</B>
</FONT>
<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B>
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" colspan="9"><HR size="4" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Proposed</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Proposed</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Amount</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Amount of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>to be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Offering</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Aggregate</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Registration</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Title of Securities to be Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Price Per Unit (4)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Offering Price (4)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Fee</B></FONT></TD>
</TR>
<TR>
    <TD valign="top" colspan="9"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Common Stock, $1.00 par value (1)(2)(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares not previously registered</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
1,300,000
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$35.97
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$46,761,000
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">$4,303</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares registered under Prior Plan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
15,432
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$35.97
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$555,090
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">N/A (1)</FONT></TD>
</TR>
<TR>
    <TD valign="top" colspan="9"><HR size="4" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">TOTAL</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
1,315,432
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$35.97
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$47,316,090
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">$4,303</FONT></TD>
</TR>

<TR>
    <TD valign="top" colspan="9"><HR size="4" noshade></TD>
</TR>

</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Shares to be offered or sold under the 2002 Equity Incentive Plan (the
&#147;<U>2002 Plan</U>&#148;) include 1,300,000 shares not previously registered,
and 15,432 shares (after giving effect to the Registrant&#146;s 2:1 stock split
effected on May&nbsp;30, 2002) previously registered for offer or sale under
the Registrant&#146;s 1992 Equity Incentive Plan (the &#147;<U>Prior Plan</U>&#148;) that
were not issued under the Prior Plan and that may be offered or sold under
the 2002 Plan (the &#147;<U>Carried Forward Shares</U>&#148;). The Carried Forward
Shares were registered on Form&nbsp;S-8 filed on December&nbsp;16, 1994 (File No.
33-56905) (the &#147;<U>Prior Plan Registration Statement</U>&#148;) and the
Registrant paid a total fee of $18,964, of which $52 related to the
unissued Carried Forward Shares. Pursuant to Interpretation 89 under
Section&nbsp;G of the Manual of Publicly Available Telephone Interpretations of
the Division of Corporation Finance of the Securities and Exchange
Commission (July</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">1997) and Instruction E to the General Instructions to Form&nbsp;S-8, the
Registrant has carried forward the registration fee for the Carried
Forward Shares. The contents of the Prior Plan Registration Statement
are hereby incorporated by reference into this Registration Statement.
The Registrant is concurrently filing a Post-Effective Amendment No.&nbsp;1 to
the Prior Plan Registration Statement to deregister the issuance of
unissued shares pursuant to the Prior Plan.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Common Stock being registered hereby includes associated Common Share
Purchase Rights, which initially are attached to and trade with the shares
of the Registrant&#146;s Common Stock. Value attributable to such Rights, if
any, is reflected in the market price of the Common Stock.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">In addition, pursuant to Rule&nbsp;416 under the Securities Act of 1933, as
amended, this Registration Statement also covers an indeterminate number
of shares of Common Stock that may be offered or issued by reason of stock
splits, stock dividends or similar transactions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Estimated solely for purposes of calculating the registration fee
pursuant to Rule&nbsp;457(c) and (h). The proposed maximum offering price per
share, proposed maximum aggregate offering price and the amount of the
registration fee are based on the average of the high and low prices of
The Ryland Group, Inc. Common Stock reported on the New York Stock
Exchange on November&nbsp;20, 2002 (i.e., $35.97).</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">-2-</FONT>
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<P align="center"><FONT size="2"><B>PART I</B>
</FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required to be included in this Form&nbsp;S-8 Registration Statement
pursuant to introductory Note to Part I of Form&nbsp;S-8.
</FONT>
<P align="center"><FONT size="2"><B>PART II</B>
</FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</FONT>

<P align="left"><FONT size="2"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents which have been filed by the Registrant with the
Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) are incorporated
herein by reference:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">The Registrant&#146;s Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2001;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">The Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the
quarter ended March&nbsp;31, 2002;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">The Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the
quarter ended June&nbsp;30, 2002;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">The Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the
quarter ended September&nbsp;30, 2002;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">The Registrant&#146;s Current Reports on Form&nbsp;8-K filed with the
Commission on August&nbsp;9, 2002 and September&nbsp;5, 2002;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Description of Common Stock of the Registrant contained or
incorporated in the registration statements filed by the Registrant
under the Exchange Act, including any amendments or reports filed
for the purpose of updating such description.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant with the Commission
pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment which indicates that all securities
offered have been sold or which deregisters all securities remaining unsold,
shall be deemed to be incorporated by reference into this Registration
Statement and to be a part of this Registration Statement from the date of
filing of such documents.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;4. Description of Securities.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timothy J. Geckle, Senior Vice President, General Counsel and Secretary of
the Registrant, provides the opinion regarding the legal validity of the shares
of Common Stock being registered for issuance under the 2002 Equity Incentive
Plan. As of the date of this filing, Mr.&nbsp;Geckle beneficially owned
approximately 8,866 shares of the Registrant&#146;s Common Stock, and had the right
to purchase up to 130,000 shares of the Registrant&#146;s Common Stock pursuant to
outstanding stock options awarded under the Registrant's 1992 Equity Incentive Plan.
</FONT>
<P align="center"><FONT size="2">-3-</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by the Maryland General Corporation Law (&#147;MGCL&#148;), Article
Eighth, Paragraph (8)&nbsp;of the Registrant&#146;s Amended and Restated Charter
(&#147;Registrant&#146;s Charter&#148;) provides for indemnification of directors and officers
of the Registrant, as follows:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">(8) The Corporation shall indemnify its directors and officers, in all
capacities in which such directors and officers serve the Corporation, to
the fullest extent required or permitted by the General Laws of the State
of Maryland now or hereafter in force, including the advance of expenses
under the procedures and to the full extent permitted by law. The
Corporation shall indemnify other employees and agents, in all capacities
in which such employees and agents serve the Corporation, to such extent
as shall be authorized by the Board of Directors or the By-laws and be
permitted by law. The foregoing shall not limit in any manner the
authority of the Corporation to indemnify directors, officers, employees
or agents of the Corporation to the extent authorized by the Board of
Directors or the stockholders and permitted by law. The Board of
Directors may take such action as is necessary to carry out these
provisions and is expressly empowered to adopt, approve and amend from
time to time such By-laws, resolutions or contracts implementing
provisions or such further indemnification arrangements as may be
permitted by law. No amendment or repeal of this Article&nbsp;Eighth,
paragraph 8 of the Corporation&#146;s Charter shall apply to or have any
effect on any right to indemnification provided hereunder with respect to
acts or omissions occurring prior to such amendment or repeal.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, the Registrant&#146;s By-laws contain indemnification procedures that
implement the indemnification provisions of the Registrant&#146;s Charter. The MGCL
permits a corporation to indemnify its directors and officers, among others,
against judgments, penalties, fines, settlements and reasonable expenses
actually incurred by them in connection with any proceedings to which they may
be a party by reason of their service in those or other capacities, unless it
is established that (a)&nbsp;the act or omission of the director or officer was
material to the matter giving rise to such proceedings and (i)&nbsp;was committed in
bad faith or (ii)&nbsp;was the result of active and deliberate dishonesty, (b)&nbsp;the
director or officer actually received an improper personal benefit in money,
property or services, or (c)&nbsp;in the case of any criminal proceedings, the
director or officer had reasonable cause to believe that the action or omission
was unlawful.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by the MGCL, Article&nbsp;Ninth of the Registrant&#146;s Charter
provides for limitation of liability of directors and officers of the
Registrant, as follows:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">To the fullest extent permitted by Maryland statutory or decisional law,
as amended or interpreted, no director or officer of this Corporation
shall be personally liable to the Corporation or its stockholders for
money damages. No amendment of the charter of the Corporation or repeal
of any of its provisions shall limit or eliminate the benefits provided
to directors and officers under this provision with respect to any act or
omission which occurs prior to such amendment or repeal.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MGCL permits the charter of a Maryland corporation to include a
provision limiting the liability of its directors and officers to the
corporation and its stockholders for money damages, except to the extent that
(i)&nbsp;the person actually received an improper benefit or profit in money,
property or services or (ii)&nbsp;a judgment or other final adjudication is entered
in a proceeding based on a finding that the person&#146;s action, or failure to act,
was the result of active and deliberate dishonesty and was material to the
cause of action adjudicated in the proceeding.
</FONT>
<P align="center"><FONT size="2">-4-</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted under Section&nbsp;2-418(k) of the MGCL, the Registrant has
purchased and maintains insurance on behalf of its directors and officers
against any liability asserted against such directors and officers in their
capacities as such, whether or not the Registrant would have the power to
indemnify such persons under the provisions of Maryland law governing
indemnification.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;8. Exhibits.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A list of exhibits is set forth on the Exhibit&nbsp;Index which immediately
precedes the exhibits and which is incorporated by reference herein.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;9. Undertakings.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:
</FONT>
<P align="right">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="2%"></TD>
        <TD width="98%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of
the Securities Act of 1933;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To reflect in the prospectus any facts or events arising
after the effective date of the Registration Statement (or the most
recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information
set forth in this Registration Statement;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the
plan of distribution not previously disclosed in the Registration
Statement or any material change to such information in the
Registration Statement.</FONT></TD>
</TR>

</TABLE>
<P align="right">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paragraphs (l)(i) and (l)(ii) above do not apply if the information
required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed by the Registrant pursuant to
Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that
are incorporated by reference in this Registration Statement.</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="2%"></TD>
        <TD width="98%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall
be deemed to be the initial <U>bona</U> <U>fide</U> offering thereof.</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.</FONT></TD>
</TR>

</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan&#146;s annual report pursuant to Section&nbsp;15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the Registration Statement shall
be deemed to be a new Registration
</FONT>
<P align="center"><FONT size="2">-5-</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P><FONT size="2">Statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <U>bona</U>
<U>fide</U> offering thereof.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
</FONT>
<P align="center"><FONT size="2">-6-</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Calabasas, State of California, on the 25th day
of November, 2002.
</FONT>
<p align="right">
<TABLE cellspacing="0" border="0" cellpadding="0" width="50%">
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" colspan="2"><FONT size="2">THE RYLAND GROUP, INC.</FONT></TD>
</TR>
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<TR valign="bottom">    <TD nowrap><FONT size="2">By:&nbsp;&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">/s/ Timothy J. Geckle</FONT></TD>
</TR>

<TR valign="bottom">    <TD width="3%">&nbsp;</TD>
    <TD valign="top" align="left"><FONT size="2"><HR size="1" noshade width="65%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timothy J. Geckle</FONT></TD>
</TR>

<TR valign="bottom">    <TD width="3%">&nbsp;</TD>
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President</FONT></TD>
</TR>
</TABLE>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Form&nbsp;S-8
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2"><u>Signature</u></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<u>Title</u>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><u>Date</u></FONT></TD>
</TR>
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2"><u>/s/ Timothy J. Geckle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
As Attorney-in-Fact for
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">November&nbsp;25, 2002</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">Timothy J. Geckle</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
R. Chad Dreier</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Chairman of the Board, President and</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Chief Executive Officer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Principal Executive Officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2"><u>/s/ Timothy J. Geckle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
As Attorney-in-Fact for
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">November&nbsp;25, 2002</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">Timothy J. Geckle</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Gordon A. Milne</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Senior Vice President and</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Chief Financial Officer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Principal Financial Officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2"><u>/s/ Timothy J. Geckle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
As Attorney-in-Fact for
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">November&nbsp;25, 2002</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">Timothy J. Geckle</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
David L. Fristoe</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Senior Vice President, Controller and</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Chief Accounting Officer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Principal Accounting Officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">A majority of the Board of Directors:
</FONT>
<P><FONT size="2">R. Chad Dreier, Leslie M. Fr&#233;con, Roland A. Hernandez, William L. Jews, William
G. Kagler, Ned Mansour, Robert E. Mellor, Norman J. Metcalfe, Charlotte St.
Martin, Paul J. Varello, John O. Wilson
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2"><u>/s/ Timothy J. Geckle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>Timothy J. Geckle</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
As Attorney-in-Fact
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">November&nbsp;25, 2002</FONT></TD>
</TR></TABLE>
</CENTER>
<P align="center"><FONT size="2">-7-</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">EXHIBIT<BR>
<u>NUMBER</u></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">
<u>DESCRIPTION</u></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Charter of The Ryland Group, Inc., as amended (incorporated by
reference from the Registrant&#146;s Annual Report on Form&nbsp;10-K for the
year ended December&nbsp;31, 1989)</FONT></TD>
</TR>
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By-laws of The Ryland Group, Inc., as amended (incorporated by
reference from the Registrant&#146;s Annual Report on Form&nbsp;10-K for the
year ended December&nbsp;31, 1996)</FONT></TD>
</TR>
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Rights Agreement dated as of October&nbsp;18, 1996, between The Ryland
Group, Inc., and ChaseMellon Shareholder Services, L.L.C.
(incorporated by reference from the Registrant&#146;s Current Report on
Form&nbsp;8-K filed October&nbsp;24, 1996)</FONT></TD>
</TR>
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
The Ryland Group, Inc. 2002 Equity Incentive Plan (incorporated by
reference from the Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for
the quarter ended June&nbsp;30, 2002)</FONT></TD>
</TR>
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">5.0*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Timothy J. Geckle, counsel for the Registrant,
regarding the legal validity of the shares of Common Stock being
registered for issuance under the Plan</FONT></TD>
</TR>
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Counsel (contained in Exhibit&nbsp;5.0)</FONT></TD>
</TR>
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.2*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young LLP, Independent Auditors</FONT></TD>
</TR>
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">24.0*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>
<FONT size="2">* Filed herewith.</FONT>

<P align="center"><FONT size="2">-8-</FONT>
</BODY>
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{"company-data": {"conformed-name": "RYLAND GROUP INC", "cik": "0000085974", "assigned-sic": "1531", "irs-number": "520849948", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-101445", "film-number": "02839545"}, "business-address": {"street1": "24025 PARK SORRENTO", "street2": "SUITE 400", "city": "CALABASAS", "state": "CA", "zip": "91302", "phone": "8182237500"}, "former-company": {"former-conformed-name": "RYAN JAMES P CO", "date-changed": "19720414"}}
sv8
As filed with the Securities and Exchange Commission on November 25, 2002
Registration No. 333-______
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
THE RYLAND GROUP, INC.
(Exact name of registrant as specified in its charter)
Maryland
52-0849948
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
Incorporation or organization)
24025 Park Sorrento
Suite 400
Calabasas, California
91302
(Address of principal executive offices)
(Zip Code)
THE RYLAND GROUP, INC. 2002 EQUITY INCENTIVE PLAN
(Full title of plan)
(Name, address and telephone
number of agent for service)
Timothy J. Geckle
The Ryland Group, Inc.
24025 Park Sorrento, Suite 400
Calabasas, California 91302
818-223-7500
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Amount
Maximum
Maximum
Amount of
to be
Offering
Aggregate
Registration
Title of Securities to be Registered
Registered
Price Per Unit (4)
Offering Price (4)
Fee
Common Stock, $1.00 par value (1)(2)(3)
Shares not previously registered
1,300,000
$35.97
$46,761,000
$4,303
Shares registered under Prior Plan
15,432
$35.97
$555,090
N/A (1)
TOTAL
1,315,432
$35.97
$47,316,090
$4,303
(1)
Shares to be offered or sold under the 2002 Equity Incentive Plan (the
"
2002 Plan
") include 1,300,000 shares not previously registered,
and 15,432 shares (after giving effect to the Registrant's 2:1 stock split
effected on May 30, 2002) previously registered for offer or sale under
the Registrant's 1992 Equity Incentive Plan (the "
Prior Plan
") that
were not issued under the Prior Plan and that may be offered or sold under
the 2002 Plan (the "
Carried Forward Shares
"). The Carried Forward
Shares were registered on Form S-8 filed on December 16, 1994 (File No.
33-56905) (the "
Prior Plan Registration Statement
") and the
Registrant paid a total fee of $18,964, of which $52 related to the
unissued Carried Forward Shares. Pursuant to Interpretation 89 under
Section G of the Manual of Publicly Available Telephone Interpretations of
the Division of Corporation Finance of the Securities and Exchange
Commission (July
1997) and Instruction E to the General Instructions to Form S-8, the
Registrant has carried forward the registration fee for the Carried
Forward Shares. The contents of the Prior Plan Registration Statement
are hereby incorporated by reference into this Registration Statement.
The Registrant is concurrently filing a Post-Effective Amendment No. 1 to
the Prior Plan Registration Statement to deregister the issuance of
unissued shares pursuant to the Prior Plan.
(2)
Common Stock being registered hereby includes associated Common Share
Purchase Rights, which initially are attached to and trade with the shares
of the Registrant's Common Stock. Value attributable to such Rights, if
any, is reflected in the market price of the Common Stock.
(3)
In addition, pursuant to Rule 416 under the Securities Act of 1933, as
amended, this Registration Statement also covers an indeterminate number
of shares of Common Stock that may be offered or issued by reason of stock
splits, stock dividends or similar transactions.
(4)
Estimated solely for purposes of calculating the registration fee
pursuant to Rule 457(c) and (h). The proposed maximum offering price per
share, proposed maximum aggregate offering price and the amount of the
registration fee are based on the average of the high and low prices of
The Ryland Group, Inc. Common Stock reported on the New York Stock
Exchange on November 20, 2002 (i.e., $35.97).
-2-
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Not required to be included in this Form S-8 Registration Statement
pursuant to introductory Note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents which have been filed by the Registrant with the
Securities and Exchange Commission (the "
Commission
") are incorporated
herein by reference:
(a)
The Registrant's Annual Report on Form 10-K for the year
ended December 31, 2001;
(b)
The Registrant's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2002;
(c)
The Registrant's Quarterly Report on Form 10-Q for the
quarter ended June 30, 2002;
(d)
The Registrant's Quarterly Report on Form 10-Q for the
quarter ended September 30, 2002;
(e)
The Registrant's Current Reports on Form 8-K filed with the
Commission on August 9, 2002 and September 5, 2002;
(f)
Description of Common Stock of the Registrant contained or
incorporated in the registration statements filed by the Registrant
under the Exchange Act, including any amendments or reports filed
for the purpose of updating such description.
All documents subsequently filed by the Registrant with the Commission
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment which indicates that all securities
offered have been sold or which deregisters all securities remaining unsold,
shall be deemed to be incorporated by reference into this Registration
Statement and to be a part of this Registration Statement from the date of
filing of such documents.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Timothy J. Geckle, Senior Vice President, General Counsel and Secretary of
the Registrant, provides the opinion regarding the legal validity of the shares
of Common Stock being registered for issuance under the 2002 Equity Incentive
Plan. As of the date of this filing, Mr. Geckle beneficially owned
approximately 8,866 shares of the Registrant's Common Stock, and had the right
to purchase up to 130,000 shares of the Registrant's Common Stock pursuant to
outstanding stock options awarded under the Registrant's 1992 Equity Incentive Plan.
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Item 6. Indemnification of Directors and Officers.
As permitted by the Maryland General Corporation Law ("MGCL"), Article
Eighth, Paragraph (8) of the Registrant's Amended and Restated Charter
("Registrant's Charter") provides for indemnification of directors and officers
of the Registrant, as follows:
(8) The Corporation shall indemnify its directors and officers, in all
capacities in which such directors and officers serve the Corporation, to
the fullest extent required or permitted by the General Laws of the State
of Maryland now or hereafter in force, including the advance of expenses
under the procedures and to the full extent permitted by law. The
Corporation shall indemnify other employees and agents, in all capacities
in which such employees and agents serve the Corporation, to such extent
as shall be authorized by the Board of Directors or the By-laws and be
permitted by law. The foregoing shall not limit in any manner the
authority of the Corporation to indemnify directors, officers, employees
or agents of the Corporation to the extent authorized by the Board of
Directors or the stockholders and permitted by law. The Board of
Directors may take such action as is necessary to carry out these
provisions and is expressly empowered to adopt, approve and amend from
time to time such By-laws, resolutions or contracts implementing
provisions or such further indemnification arrangements as may be
permitted by law. No amendment or repeal of this Article Eighth,
paragraph 8 of the Corporation's Charter shall apply to or have any
effect on any right to indemnification provided hereunder with respect to
acts or omissions occurring prior to such amendment or repeal.
Also, the Registrant's By-laws contain indemnification procedures that
implement the indemnification provisions of the Registrant's Charter. The MGCL
permits a corporation to indemnify its directors and officers, among others,
against judgments, penalties, fines, settlements and reasonable expenses
actually incurred by them in connection with any proceedings to which they may
be a party by reason of their service in those or other capacities, unless it
is established that (a) the act or omission of the director or officer was
material to the matter giving rise to such proceedings and (i) was committed in
bad faith or (ii) was the result of active and deliberate dishonesty, (b) the
director or officer actually received an improper personal benefit in money,
property or services, or (c) in the case of any criminal proceedings, the
director or officer had reasonable cause to believe that the action or omission
was unlawful.
As permitted by the MGCL, Article Ninth of the Registrant's Charter
provides for limitation of liability of directors and officers of the
Registrant, as follows:
To the fullest extent permitted by Maryland statutory or decisional law,
as amended or interpreted, no director or officer of this Corporation
shall be personally liable to the Corporation or its stockholders for
money damages. No amendment of the charter of the Corporation or repeal
of any of its provisions shall limit or eliminate the benefits provided
to directors and officers under this provision with respect to any act or
omission which occurs prior to such amendment or repeal.
The MGCL permits the charter of a Maryland corporation to include a
provision limiting the liability of its directors and officers to the
corporation and its stockholders for money damages, except to the extent that
(i) the person actually received an improper benefit or profit in money,
property or services or (ii) a judgment or other final adjudication is entered
in a proceeding based on a finding that the person's action, or failure to act,
was the result of active and deliberate dishonesty and was material to the
cause of action adjudicated in the proceeding.
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As permitted under Section 2-418(k) of the MGCL, the Registrant has
purchased and maintains insurance on behalf of its directors and officers
against any liability asserted against such directors and officers in their
capacities as such, whether or not the Registrant would have the power to
indemnify such persons under the provisions of Maryland law governing
indemnification.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
A list of exhibits is set forth on the Exhibit Index which immediately
precedes the exhibits and which is incorporated by reference herein.
Item 9. Undertakings.
The undersigned Registrant hereby undertakes:
(1)     To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of
the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising
after the effective date of the Registration Statement (or the most
recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information
set forth in this Registration Statement;
(iii) To include any material information with respect to the
plan of distribution not previously disclosed in the Registration
Statement or any material change to such information in the
Registration Statement.
Paragraphs (l)(i) and (l)(ii) above do not apply if the information
required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed by the Registrant pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that
are incorporated by reference in this Registration Statement.
(2)     That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall
be deemed to be the initial
bona
fide
offering thereof.
(3)     To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.
The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the Registration Statement shall
be deemed to be a new Registration
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Statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Calabasas, State of California, on the 25th day
of November, 2002.
THE RYLAND GROUP, INC.
By:
/s/ Timothy J. Geckle
Timothy J. Geckle
Senior Vice President
Pursuant to the requirements of the Securities Act of 1933, this Form S-8
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated.
Signature
Title
Date
/s/ Timothy J. Geckle
As Attorney-in-Fact for
November 25, 2002
Timothy J. Geckle
R. Chad Dreier
Chairman of the Board, President and
Chief Executive Officer
(Principal Executive Officer)
/s/ Timothy J. Geckle
As Attorney-in-Fact for
November 25, 2002
Timothy J. Geckle
Gordon A. Milne
Senior Vice President and
Chief Financial Officer
(Principal Financial Officer)
/s/ Timothy J. Geckle
As Attorney-in-Fact for
November 25, 2002
Timothy J. Geckle
David L. Fristoe
Senior Vice President, Controller and
Chief Accounting Officer
(Principal Accounting Officer)
A majority of the Board of Directors:
R. Chad Dreier, Leslie M. Frécon, Roland A. Hernandez, William L. Jews, William
G. Kagler, Ned Mansour, Robert E. Mellor, Norman J. Metcalfe, Charlotte St.
Martin, Paul J. Varello, John O. Wilson
/s/ Timothy J. Geckle
Timothy J. Geckle
As Attorney-in-Fact
November 25, 2002
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EXHIBIT INDEX
EXHIBIT
NUMBER
DESCRIPTION
4.1
Charter of The Ryland Group, Inc., as amended (incorporated by
reference from the Registrant's Annual Report on Form 10-K for the
year ended December 31, 1989)
4.2
By-laws of The Ryland Group, Inc., as amended (incorporated by
reference from the Registrant's Annual Report on Form 10-K for the
year ended December 31, 1996)
4.3
Rights Agreement dated as of October 18, 1996, between The Ryland
Group, Inc., and ChaseMellon Shareholder Services, L.L.C.
(incorporated by reference from the Registrant's Current Report on
Form 8-K filed October 24, 1996)
4.4
The Ryland Group, Inc. 2002 Equity Incentive Plan (incorporated by
reference from the Registrant's Quarterly Report on Form 10-Q for
the quarter ended June 30, 2002)
5.0*
Opinion of Timothy J. Geckle, counsel for the Registrant,
regarding the legal validity of the shares of Common Stock being
registered for issuance under the Plan
23.1*
Consent of Counsel (contained in Exhibit 5.0)
23.2*
Consent of Ernst & Young LLP, Independent Auditors
24.0*
Power of Attorney
* Filed herewith.
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