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 *
Quinley Michael J.
   2. Issuer Name and Ticker or Trading Symbol
Forestar Group Inc. [FOR] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President
(Last)
(First)
(Middle)
6300 BEE CAVE ROAD, BUILDING TWO, SUITE 500		 3. Date of Earliest Transaction (Month/Day/Year)
02/09/2017
(Street)

AUSTIN, TX 78746		 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
Common Stock 02/09/2017   M   13,556 (1) A $ 0 33,839 D  
Common Stock 02/09/2017   F   4,866 D $ 12.7 28,973 D  
Common Stock 02/11/2017   M   2,049 (2) A $ 0 31,022 D  
Common Stock 02/11/2017   D   2,049 (2) D $ 13 28,973 D  

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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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (right to buy) $ 17.8               (3) 02/09/2020 Common Stock 6,659   6,659 D  
Option (right to buy) $ 18.59               (3) 02/08/2021 Common Stock 14,837   14,837 D  
Option (right to buy) $ 16.11               (3) 02/14/2022 Common Stock 16,094   16,094 D  
Option (right to buy) (4) $ 18.7             02/12/2014 02/12/2023 Common Stock 14,620   14,620 D  
Option (right to buy) (5) $ 14.08             02/10/2016 02/10/2025 Common Stock 18,377   18,377 D  
Option (right to buy) (6) $ 13.43             09/25/2016 09/25/2025 Common Stock 25,650   25,650 D  
Stock Appreciation Right (7) $ 9.29               (7) 02/10/2019 Common Stock 25,381   25,381 D  
Stock Appreciation Right (7) $ 17.8               (7) 02/09/2020 Common Stock 7,817   7,817 D  
Restricted Share Units (8) (8) 02/11/2017   M     2,049   (8)   (8) Common Stock 2,049 $ 0 0 D  
Restricted Share Units (9) (9)               (9)   (9) Common Stock 12,100   12,100 D  
Restricted Share Units (10) (10) 02/09/2017   M     13,566   (10)   (10) Common Stock 13,566 $ 0 27,132 D  
Market Stock Units (11) (11)               (11) 02/11/2017 Common Stock 5,152   5,152 D  
Market Stock Units (11) (11)               (11) 02/10/2018 Common Stock 18,526   18,526 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Quinley Michael J.
6300 BEE CAVE ROAD
BUILDING TWO, SUITE 500
AUSTIN, TX 78746		       President  

Signatures

 David M. Grimm signing on behalf of Michael J. Quinley   02/13/2017
**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) Restricted share units vested 02/09/2017. Restricted stock units are being settled in stock.
(2) Restricted share units vested 02/11/2017. Restricted stock units are being settled for cash based on the fair market value on 02/11/2017.
(3) Options are fully vested and exercisable as of the date of this report.
(4) Vesting schedule for Options granted 02/12/2013 -Exercise price is $18.70: Options Exercisable 02/12/2014 - 3,655; Options Exercisable 02/12/2015 - 3,655; Options Exercisable 02/12/2016 - 3,655; and Options Exercisable 02/12/2017 - 3,655.
(5) Vesting schedule for Options granted 02/10/2015 - Exercise price is $14.08: Options Exercisable 02/10/2016 - 4,594; Options Exercisable 02/10/2017 - 4,594; Options Exercisable 02/10/2018 - 4,594; and Options Exercisable 02/10/2019 - 4,595.
(6) Vesting schedule for Options granted 09/25/2015 - Exercise price is $13.43, however, options will not be exercisable unless stock price exceeds $17.50 per share: Options Exercisable 09/25/2016 - 8,550; Options Exercisable 09/25/2017 - 8,550; Options Exercisable 09/25/2018 - 8,550.
(7) Stock Appreciation Rights (SARs) are fully vested and exercisable as of the date of this report.
(8) Restricted share units granted on 02/11/2014 will vest as follows: 2,049 on 02/11/2016; 2,049 on 02/11/2017. Restricted share units will be settled for cash based on the fair market value on vesting date.
(9) Restricted share units granted on 09/25/2015 will vest on 09/25/2018. Restricted share units will be settled for cash based on the fair market value on vesting date.
(10) Restricted share units granted on 02/09/2016 will vest as follows: 13,566 on 02/09/2017; 13,566 on 02/09/2018; 13,566 on 02/09/2019. Restricted share units will be settled with stock.
(11) Number of shares to be received upon vesting will vary depending upon performance of Company stock over the performance period.

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