This research project examines classroom discussion in its relationship to reading as made visible through the practice of textual annotation. In order to develop a rich description of student reading/discussion processes, we targeted multiple undergraduate seminars at a liberal arts college as they encountered the first two Acts of Shakespeare's King Lear. We collected triangulated data from these class sessions including targeted reading surveys, student reading annotations, naturalistic observation of real-time seminar discussion behavior, and student reflections. Our analysis of the students' annotations relies upon reading theorist Wolfgang Iser's conceptions of interpretive gap, consistency building, and individual repertoire. Our discussion considers the theoretical implications of this local, in-depth data for the broader analysis of student reading and discussion practices.