Sec Form 4 Filing - Cornell Lance @ TRANSCEND SERVICES INC - 2012-04-23

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 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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1. Name and Address of Reporting Person Cornell Lance 2. Issuer Name and Ticker or Trading Symbol TRANSCEND SERVICES INC [ TRCR] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chief Financial Officer (Last) (First) (Middle) ONE GLENLAKE PARKWAY, SUITE 1325 3. Date of Earliest Transaction (MM/DD/YY) 04/23/2012 (Street) ATLANTA, GA30328 4. If Amendment, Date Original Filed (MM/DD/YY) 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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 Common Stock, Par Value $.05 04/24/2012 04/24/2012 M 40,000 A $ 2.1 67,884 D Common Stock, Par Value $.05 04/24/2012 04/24/2012 M 50,000 A $ 3.4 117,884 D Common Stock, Par Value $.05 04/24/2012 04/24/2012 M 20,000 A $ 9.98 137,884 D Common Stock, Par Value $.05 04/24/2012 04/24/2012 M 6,594 A $ 11.75 144,478 D Common Stock, Par Value $.05 04/24/2012 04/24/2012 S 18,000 D $ 29.49 126,478 D

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Option to Purchase Common Stock, Par Value $.05 $ 2.1 04/23/2012 04/24/2012 M 6,500 12/31/2005 11/01/2015 Common Stock, Par Value $.05 6,500 $ 2.1 133,500 D Option to Purchase Common Stock, Par Value $.05 $ 2.1 04/23/2012 04/24/2012 M 16,500 12/31/2006 11/01/2015 Common Stock, Par Value $.05 16,500 $ 2.1 117,000 D Option to Purchase Common Stock, Par Value $.05 $ 2.1 04/23/2012 04/24/2012 M 17,000 12/31/2007 11/01/2015 Common Stock, Par Value $.05 17,000 $ 2.1 100,000 D Option to Purchase Common Stock, Par Value $.05 $ 3.4 04/23/2012 04/24/2012 M 12,500 12/15/2007 12/15/2016 Common Stock, Par Value $.05 12,500 $ 3.4 87,500 D Option to Purchase Common Stock, Par Value $.05 $ 3.4 04/23/2012 04/24/2012 M 12,500 12/15/2008 12/15/2016 Common Stock, Par Value $.05 12,500 $ 3.4 75,000 D Option to Purchase Common Stock, Par Value $.05 $ 3.4 04/23/2012 04/24/2012 M 12,500 12/15/2009 12/15/2016 Common Stock, Par Value $.05 12,500 $ 3.4 62,500 D Option to Purchase Common Stock, Par Value $.05 $ 3.4 04/23/2012 04/24/2012 M 12,500 12/15/2010 12/15/2016 Common Stock, Par Value $.05 12,500 $ 3.4 50,000 D Option to Purchase Common Stock, Par Value $.05 $ 9.98 04/23/2012 04/24/2012 M 5,000 03/12/2009 03/12/2018 Common Stock, Par Value $.05 5,000 $ 9.98 45,000 D Option to Purchase Common Stock, Par Value $.05 $ 9.98 04/23/2012 04/24/2012 M 5,000 03/12/2010 03/12/2018 Common Stock, Par Value $.05 5,000 $ 9.98 40,000 D Option to Purchase Common Stock, Par Value $.05 $ 9.98 04/23/2012 04/24/2012 M 5,000 03/12/2011 03/12/2018 Common Stock, Par Value $.05 5,000 $ 9.98 35,000 D Option to Purchase Common Stock, Par Value $.05 $ 9.98 04/23/2012 04/24/2012 M 5,000 03/12/2012 03/12/2018 Common Stock, Par Value $.05 5,000 $ 9.98 30,000 D Option to Purchase Common Stock, Par Value $.05 $ 11.75 04/23/2012 04/24/2012 M 2,198 07/29/2009 07/29/2018 Common Stock, Par Value $.05 2,198 $ 11.75 27,802 D Option to Purchase Common Stock, Par Value $.05 $ 11.75 04/23/2012 04/24/2012 M 2,198 07/29/2010 07/29/2018 Common stock Par Value $0.05 2,198 $ 11.75 25,604 D Option to Purchase Common Stock, Par Value $.05 $ 11.75 04/23/2012 04/24/2012 M 2,198 07/29/2011 07/29/2018 Common stock Par Value $0.05 2,198 $ 11.75 23,406 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Cornell Lance ONE GLENLAKE PARKWAY SUITE 1325 ATLANTA, GA30328 Chief Financial Officer Signatures /s/Larry Gerdes as Power of Attorney for Lance Cornell 04/25/2012 Signature of Reporting Person Date

Explanation of Responses:
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).

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