Glen, the 2496 does not, nor do any of the other PCI audio cards from M-Audio cards, have a headphone out. These cards are almost always used by folks that have them connected to a mixer of some kind.

PCI cards with headphone outs are somewhat rare from what I recall years ago doing the same research you are now doing. Creative Live series cards had them - along with the Platinum versions that had a great front-panel 'Live Drive' I/O bay with a headphone jack and volume knob for the headphones.

Your needs would likely be better suited by purchase of the same EMU card, or a Creative card or going outboard.