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Thorndike’s (1969) “three P” model of faculty grading orientations (FGOs) serves as a theoretical basis for examining faculty’s grading behavior in this study. Using data from a 2014 faculty survey I analyzed the responses of 1,742 faculty at 18 four-year, primarily teaching institutions in the U.S. to examine the relationship between FGOs and other variables and faculty’s preferences for types of learning assessment, and grades faculty assigned in their classes. I found that the Self-referenced FGO tended to generate higher grades; the role of academic disciplines in the grading process may be more prominent than previously thought; and that African American faculty tended to assign lowest grades, and Asian American faculty – highest grades among faculty of all racial/ethnic groups.