SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MILNE DAVID C

(Last)

(First)

(Middle)

36 S. PENNSYLVANIA

SUITE 500

(Street)

INDIANAPOLIS

46204

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
STEAK & SHAKE CO [ SNS ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	VP, General Counsel; Secretary

3. Date of Earliest Transaction (Month/Day/Year)
05/08/2007

4. If Amendment, Date of 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

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 Stock	05/08/2007		A		1,200	D	$0⁽³⁾	15,756	D

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option	$17.14							08/04/2004⁽¹⁾	08/04/2009	Common Stock	5,000		5,000	D
Option	$15.1							06/21/2002⁽¹⁾	06/21/2007	Common Stock	2,100		2,100	D
Option	$19.75							09/14/2005⁽¹⁾	09/14/2010⁽¹⁾	Common Stock	6,000		6,000	D
Option	$17.47							02/08/2007⁽²⁾	02/08/2016	Common Stock	6,900		6,900	D
Option	$19.71							02/21/2005⁽⁴⁾	02/21/2010	Common Stock	1,574		1,574	D
Option	$16.51	05/08/2007		A		1,800		05/08/2008⁽²⁾	05/08/2017	Common Stock	1,800	$0	1,800	D
Option	$17.17							09/29/2006⁽⁴⁾	09/29/2011	Common Stock	288		288	D
Option	$17.72							02/06/2008⁽²⁾	02/06/2017	Common Stock	6,700		6,700	D

Explanation of Responses:

1. These options vest over a five year period, with 20% vesting on the date of grant and the remainder on each anniversary thereof in 20% increments.

2. These options vest over a ten-year period, with 25% vesting on the first anniversary of the date of grant and the remainder vesting on subsequent anniversaries.

3. These shares were granted to Mr. Milne under the Company's Capital Appreciation Plan, an employee benefit plan under Section 16(b)(3) that was approved by the Company's shareholders. The restriction on transfer expires three years from the date of grant.

4. These are "Reload" options granted under the Company's Employee Stock Option plan. They are fully vested on the date of grant and expire five years from date of grant.

Remarks:

	David C. Milne	05/09/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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