Edgar Filing: CARDINAL HEALTH INC

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 ^*

LOSH J MICHAEL

2. Issuer Name and Ticker or Trading Symbol
CARDINAL HEALTH INC [CAH]

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

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

(Last)

(First)

(Middle)

1711 HERON RIDGE DR.

3. Date of Earliest Transaction (Month/Day/Year)
05/11/2006

(Street)

BLOOMFIELD HILLS, MI 48302

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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	05/11/2006		M		5,223 ⁽¹⁾	A	$ 19.147	9,083	D
Common Shares	05/11/2006		F		1,479	D	$ 67.6	7,604	D
Common Shares								1,500	I	In Trust FBO Daughters ⁽²⁾

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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

Option (right to buy) ⁽³⁾

$ 19.147

05/11/2006

05/15/1996

05/15/2006

Common Shares

5,223

⁽⁴⁾

Option (right to buy) ⁽³⁾

$ 46.293

11/23/1998

11/23/2008

Common Shares

2,160

Option (right to buy) ⁽³⁾

$ 29.958

11/03/1999

11/03/2009

Common Shares

3,338

Option (right ty buy) ⁽³⁾

$ 62.5

11/01/2000

11/01/2010

Common Shares

2,064

Option (right to buy) ⁽⁵⁾

$ 62.5

11/01/2000

11/01/2010

Common Shares

1,136

Option (right to buy) ⁽³⁾

$ 63.9

11/07/2001

11/07/2011

Common Shares

2,019

Option (right to buy) ⁽⁵⁾

$ 63.9

11/07/2001

11/07/2011

Common Shares

1,893

Option (right to buy) ⁽³⁾

$ 70.01

11/06/2002

11/06/2012

Common Shares

1,843

Option (right to buy) ⁽⁵⁾

$ 70.01

11/06/2002

11/06/2012

Common Shares

1,728

Option (right to buy) ⁽³⁾

$ 59

11/05/2003

11/05/2013

Common Shares

2,842

Option (right to buy) ⁽⁵⁾

$ 59

11/05/2003

11/05/2013

Common Shares

2,242

Option (right to buy) ⁽³⁾

$ 44

07/27/2007

07/27/2014

Common Shares

210,000 ⁽⁶⁾

Option (right to buy) ⁽³⁾

$ 61.79

11/02/2006

11/02/2012

Common Shares

2,714

Option (right to buy) ⁽⁵⁾

$ 61.79

11/02/2006

11/02/2012

Common Shares

684

Phantom Stock ⁽⁷⁾

⁽⁸⁾

Common Shares

3,575

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
LOSH J MICHAEL 1711 HERON RIDGE DR. BLOOMFIELD HILLS, MI 48302	X

Signatures

J.Michael Losh		05/11/2006
^**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)	The reporting person exercised 5,223 stock options granted on May 15, 1996. Such options would have expired on May 15, 2006 if not exercised. In light of the expiration date, the reporting person exercised all such options and delivered to the Company a total of 1,479 previously-owned shares as payment of the exercise price.
(2)	The filing of this statement shall not be construed as an admission that the reportin person is, for the purpose of Section 16 of the Securities Exchange Act of 1934, as amended, the beneficial owner of these shares.
(3)	Stock option granted pursuant to the Cardinal Health, Inc. Equity Incentive Plan.
(4)	Stock option was disposed of in connection with its exercise for no additional consideration beyond the option shares.
(5)	Stock option granted pursuant to the Cardinal Health, Inc. Outside Directors Equity Incentive Plan.
(6)	Stock option granted for compensation as Chief Financial Officer on an interim basis in lieu of cash, salary, bonus or other incentive compensation.
(7)	Phantom stock held under the Company's Deferred Compensation Plan (the "Plan") was previously reported as common shares on Table 1 to Form 4 because, among other things, the Plan only permitted payment of amounts credited to a participant's Company stock account under the Plan in common shares. The Plan was amended in December 2005 to permit payment of amounts credited to a participant's account either in cash or in common shares at the election of the participant. Accordingly, shares of phantom stock held under the Plan are now reported on Table II.
(8)	Each share of phantom stock is the economic equivalent of one common share. The shares of phantom stock become payable, in cash or common shares, at the election of the reporting person, at least six months after termination from board service.

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